Trading Strategies for Swing Trading and Daytrading

Harry

I belive the man meant High of Day,only on 15 min chart...correct me if wrong! Yes, that one about the stops is what gave me a lot of headache, on his web Tony says that stop should be placed below the LOD of the day before the trade BUT on that sketch it also "states" that the up day should open gap down and then reverse. And what if it gaps a little up what is not so odd nowdays...since gaps are more like rule then exception.

I paper traded the system for the past couple of days and have found that many of them would be not "playable" due to the R/R that is too low. If it opens up , and the LOD before is too far away then you can forget about the trade, especially in this market.:confused: please correct me if wrong.

One more thing, Tony also uses intraday S/R levels in his plays but he is a discretionary trader; you and me have no experience that could match his so we cannot be discretionary traders. That makes it so hard for me cos I know I should have detailed written rules for the setup. BUT how big of a gap is acceptible? Acording to R/R ratio? Yes but if I use that I have to be certain about my target which also confuses me for now. Is it the next MA? Resistance? BB? Could be anything, Hitman told me I should use a little more realistic targets...Hrmm

Cheers
 
Originally posted by Harry
@neo
...@ddefina
Do you mean last 15-minute-bar of yesterday ?
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Yes, yesterday's 15-minute bar. I'm not familiar with how Tony does it, this is just my method.

Re Stops at low of day. On a pure swing trade I place a protective stop at the low of the Previous day and ride it out. But if I'm managing it intraday, I bring it in tighter. Tony will have to comment on his method.
 
@ddefina
Maybe I'm just having language problems ... what do you mean with "yesterday's 15-minute-bar" - a day has a lot of 15-minute-bars in it ... :confused: ... sorry

Harry
 
Originally posted by Harry
@ddefina
Maybe I'm just having language problems ... what do you mean with "yesterday's 15-minute-bar" - a day has a lot of 15-minute-bars in it ... :confused: ... sorry

Harry
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The final 15-minute bar of yesterday. See my EMLX chart where the line is drawn. Its on the high of the previous days' final 15-minute bar.
 
Thank you - that's what I meant with my posting at about 1 hour ago :) .

Have a nice day - I'm going to sleep soon ...

Harry
 
ddefina,

After being filled place a tight stop about 1% below price and trail up as the stock rises.

Not sure I follow your logic on this Dave. Using the example of EMLX a 1% stop would have been a paltry .02. Depending on your execution software, most place trailing sell-stops at the Bid, which means if the bid wiggles only .02 you're stopped out. That would take about 2/100 of a second to happen, even in a rising stock, particularly a volatile stock like EMLX. Did you really mean one percent?
 
Originally posted by Magna
ddefina,

After being filled place a tight stop about 1% below price and trail up as the stock rises.

Not sure I follow your logic on this Dave. Using the example of emlx a 1% stop would have been a paltry .02. Depending on your execution software, most place trailing sell-stops at the Bid, which means if the bid wiggles only .02 you're stopped out. That would take about 2/100 of a second to happen, even in a rising stock, particularly a volatile stock like emlx. Did you really mean one percent?
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I visually place stops and just guessed at 1%, but that is 25 cents I believe on a $25 stock. I give it wiggle room depending on the stock, and move the stop up about 45% of the bar and then really tighten it if things don't look good. These are my only semi-discretionary trades during the day, so I tried to quantify it with a %. I was going to run a test on emlx for October and see what the potential was using this method. I'll post the results later.
 
On a 30 min bar chart, using an 8 period fast stochastic.

When the stochastic reading rises from under 15% to over 50%, place a buy one tick/cent above the high of the bar that produced the over 50% reading. Vice versa for short. Stop can be LOD or low of trigger bar.


there you go-

tear it apart.....
 
Tony,

I typically use strategies similar to Bottom Fisher and Sky Scraper for most of my stock trading. Reading your posts and the material on your site have helped me a lot.

I am curious to know if near term market direction influence your plays. Let's say that the market is trending up and short term technicals are positive, would you still consider a Sky scraper setup.

Thanks for sharing your insight.

--Ravi
 
ddefina,

1%...that is 25 cents I believe on a $25 stock

Right about that. Yikes, my math is slipping on the weekend. Better get some more rest... :)
 
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