Trading advice needed

Originally posted by praetorian2
Stick with emc and aol for suggestions. Very easy specialists to read, and there is plenty of island liquidity and the 10 min bar range is usually still at least .4 or so.. Too bad glw is too thick now to trade. TXN and MU are also ok.
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I have just spotted GLW as a possible trading candidate. I was wondering what you meant by it being too thick to trade now? Thanks.
 
Kevin,

Remember, their are different trading styles for different people. Your problem sounds like you are trading a style that doesnt suit you. After a while, I learned that the ride-the-momentum / breakout approach just doesnt suit me. (I always entered right at tops and bottoms; it seems that you have the same problem)

After a good whooping, and some time to contemplate my situation, I decided to try spoting pivot points instead of going with momentum. It works very well for me. Breakouts and what not work wonders for some people, but not for me!

You gotta find what works for you.
 
What I mean is that glw trades way too thick in the bids and offers. There seems to be someone for 20k shares every penny. It's like trading agr/a. It just doesn't move enough to make it worthwhile cause the daily range is rarely more than 2. The difference between that and say MO (which I trade quite frequently all day) is that MO has .6-1.5 pt surges every now and then, and you can pick off the specialist and follow. Glw won't move unless the futs really get jiggy, and even then, there are sellers after about a quarter. I prefer stocks that have air pockets of no buyers or sellers, so the specialists know this and can move it to the other side of that pocket to unload. I doubt this is the case with glw.
 
Fellows:

Please elaborate more about "reading the specialist". I have read Farrell about this for scalping, but please tell me more about predetermining big moves using the specialist

Thanks AGAIN!

Kevin
 
Just a warning that no one has posted some specialist are a**holes. AOL and GLW are high on my list of dangerous stocks. IF they get a huge order they gap the market down to their level and a new bid/ask forms. For a daytrader who has a .10 cents stop it's pretty frustrating to have a stock gap .50 cents on you and start heading lower.

There are other specialist that will bring a market gradually down to a huge order or just fill that order away from the inside bid/ask keeping the market more orderly.

rtharp
 
Highest on that list are aza and aas. Both i've had gap 3 points on me before on less than 5k shares in under a minute. I didnt' even know what hit me. But they're legally allowed to do that.I've found glw to do that often when it was in the 60's, but you just avg there, and get out flat. But that's why you keep a notebook so you know not to trade those.
 
kevink

From what I understand, Farrell's strategy of scalping NYSE stocks is obsolete with decimilization now in place. There was a guy on this forum doing it, but he says he's unable to anymore.
 
Kevin,

Sorry but I was unable to get a reply to you this weekend.

I'm not familiar with MyTrack. Can you send me a zipped screenshot of your daytrading screen layout. I'd like to see exactly what you are looking at and relying on when trading intraday; what information displays, L2, charts, indicators, etc.

Go to Profile and send a blank email; I'll get you an address where an email attachment can be sent.
 
Pre

did AZA do this before or after the merger announcement with JNJ? He doesn't trade the same anymore as he used to. The volume has skyrocketed.

GLW still does some pretty serious gaps and AOL too. Just be careful.
rtharp
 
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