Weinstein Trading and Fading

Quote from mikea59:

The old B7 signal. So, that would be your gap-up setup :)

If market gaps-up and continues to rise past ... exit when you see ... set your stops at ... (plz, feel free to fill in the "gaps")
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Hi Mike,

I use a combination of price and volume to find areas that I think stocks will retrace all or part of their move.

In much the way a market maker fades the public so do I. Nothing really all that special about it. You just figure out where the train is expected to stop and reverse and walk on to the tracks a little past that. Normally the train doesn't run me over (but sometimes it does....)

As you can see by my losing trades I use a very wide stop loss. Wider than most would feel comfortable with.


Best to you

Robert
 
Quote from Robert Weinstein:

XCO + 202

WRC + 576

SNDA + 1175

OIS + 1016

KSS + 986

IVZ + 315

HOS + 737

GR + 70

GNK + 8
GNK 28 CALL OPTIONS + 515 (IB ran out of shares to borrow so I shorted the near month ITM calls as a sub)

GES + 2124

COG + 324

CLR + 903

ANSS + 11 (exited early so that I would not go into closing with this one )

ANF + 314

Scalped

SINA + 43

+ 9326 Day
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I was there when he did all this, and not only did he manage 12 trades at once, he also conducted a lesson in temporal lobectomy, while juggling a bowling ball, a sword and a duck feather. :D :D :D

Mr. W., thank you for raising the bar for tomorrow!
 
Quote from Robert Weinstein:

Hi Mike,

I use a combination of price and volume to find areas that I think stocks will retrace all or part of their move.

In much the way a market maker fades the public so do I. Nothing really all that special about it. You just figure out where the train is expected to stop and reverse and walk on to the tracks a little past that. Normally the train doesn't run me over (but sometimes it does....)

As you can see by my losing trades I use a very wide stop loss. Wider than most would feel comfortable with.


Best to you

Robert
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Too bad May didnt have 32 days this year! Nice way to start the month
 
Quote from Robert Weinstein:

Start of a new month and the biggest thing today on the news is the GM bankruptcy happening today.

The news surely was not news as it was expected and in fact the market is trading higher in premarket trading.

To say that I had a LOT of signals would be an understatement. Once they started coming at me they kept coming and coming through the whole day. At times I had up to 12 trades on at once. Total craziness to be sure. For as many trades as I did have on I made only one mistake that I know of and it was a pretty small one. Otherwise it was a very smooth day in terms of getting the job done on a very busy day.

If I had more monitors and more eyes and hands I think I could have made more money but otherwise I am real happy with how the trading day went. It sure does set a fast pace for June.

Still short ASIA and TSRA options. Didn’t even look at them in the morning hours and by this afternoon it did not appear that I should add to the positions and left them alone.

All trades are based on B7 signal

XCO + 202

WRC + 576

SNDA + 1175

OIS + 1016

KSS + 986

IVZ + 315

HOS + 737

GR + 70

GNK + 8
GNK 28 CALL OPTIONS + 515 (IB ran out of shares to borrow so I shorted the near month ITM calls as a sub)

GES + 2124

COG + 324

CLR + 903

ANSS + 11 (exited early so that I would not go into closing with this one )

ANF + 314

Scalped

SINA + 43

+ 9326 Day
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Hehehe

(sorry to pollute, but I HAAAD to do it.....and tried to pollute your blog first but it still will not let me comment).
 
After yesterdays gains I drove to the office with a little extra spring in my step.

The day started out on the slow side but I was watching SLT and it was trading higher in pre-market trading. I waited until the bell rang and then started to short it. It quickly became obvious that it was not going to be moving very much and that to get any real return I would have to wait and hold until tomorrow. i did try to scalp some shares but even that was difficult to do when my average price was about one penny short of the lower part of the area it was trading. I did wait and short more shares on the moves higher and was able to scalp a few shares for a penny but then it moved against me a few cents and I decided to just let it be. Today is also the 7th day higher with many of the days gapping up which is not that big of a surprise considering its an Indian and Australian stock.

SLT + 13 Still short most of the shares going into tomorrow.

I had some nice trades today with SHLD leading the pack. I traded SHLD several times and that worked out well.

SHLD B7, B7+, 2265

WAT + 2172

Traded LM much of the day in that I watched it move against me very slowly for about half the day. It never really broke and the only shares that I covered with to make the small amount that I did was right after the bell when I put some shares up near BE. Will be looking for LM to open lower tomorrow as well.

LM + 6

GDP + 1569

COO + 143

+ 6170 Day
+ 15496 Week / Month
 

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Pretty slow day today

closed out of LM and SLT that I carried over from yesterday. I also tried to trade AGEN and while it went well IB totally was a failure with it. IB wanted to price AGEN at .0001 increments and that made using the DOM impossible. I ended up manually (first time in over a year) entering in orders to cover. Also IB at times when I wanted to short didn’t have shares available on and off. Total nightmare and feel very fortunate that I was able to make any gains from the trade.

SLT + 92

LM + 885

AGEN + 209

+ 1186 Day
+ 16682 Week / Month
 

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Pretty slow day today

closed out of LM and SLT that I carried over from yesterday. I also tried to trade AGEN and while it went well IB totally was a failure with it. IB wanted to price AGEN at .0001 increments and that made using the DOM impossible. I ended up manually (first time in over a year) entering in orders to cover. Also IB at times when I wanted to short didn’t have shares available on and off. Total nightmare and feel very fortunate that I was able to make any gains from the trade.


Hi, Bob
Thanks much for sharing your experience. Would you explain what the DOM is.
 
Today started out well and then it changed.

I had a couple good trades and then I was totally run over by a MAC truck. Well at least it felt like I was ran over. I did totally cover so I am flat other than my swing trades

CPRT + 995

MAC - 3898

AGEN + 140

- 2762 Day
+ 13920 Week / Month
 

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Quote from Frankbd05:

Pretty slow day today

closed out of LM and SLT that I carried over from yesterday. I also tried to trade AGEN and while it went well IB totally was a failure with it. IB wanted to price AGEN at .0001 increments and that made using the DOM impossible. I ended up manually (first time in over a year) entering in orders to cover. Also IB at times when I wanted to short didn’t have shares available on and off. Total nightmare and feel very fortunate that I was able to make any gains from the trade.


Hi, Bob
Thanks much for sharing your experience. Would you explain what the DOM is.
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Hello Frank,

a DOM = Depth of Market. IB calls it BookTrader but its the same thing that many brokers call a DOM or Ladder.

It has basically three main columns. BID, Last Price and ASK. In each column it has a number to represent each.

I like trading with a DOM because I can point and click my orders in very fast and very accurately.

Best to you

Robert
 
Today started out really well pre-market with the SnP up nicely.

I expected to get some good trades. I started the day off with trading RTI and that went well the first time. It then climbed to new highs and I started trading it again and it kept going and going. I did fade the move and I also started to cover and the price moved higher. This happened a couple of times and my average did move higher and higher but it really felt like it “knew” what my ave was as it would go to that price or one cent above it on the pull backs. Frustrating for sure. Still short through the weekend.

RTI + 1849

I also traded CTRP and was very conservative in entry. I did get my profit target so all in all it was a good trade.
CTRP + 851

Tried to make something happen with STEC but RTI took my attention away and so I just closed it out to focus on RTI. Wanted to look at the options for a swing trade but couldn’t both trade RTI and STEC options.
STEC + 16

+ 2717 Day
+ 16637 Week / Month
 

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