Weinstein Trading and Fading
- Thread starter Robert Weinstein
- Start date
I didnââ¬â¢t expect much on a down day like today.
I didnââ¬â¢t get much either. I traded a gap up (in part due to the hugely negative texture of the day) and another quick scalp.
I will be spending much of this week getting up to speed on fixed income and looking to add methods of protecting against higher interest rates as it appears to me that higher rates are in Americans not to distant future.
MEDX + 832
ERY + 57
+ 890 Day / Week
+ 42854 Month
I didnââ¬â¢t get much either. I traded a gap up (in part due to the hugely negative texture of the day) and another quick scalp.
I will be spending much of this week getting up to speed on fixed income and looking to add methods of protecting against higher interest rates as it appears to me that higher rates are in Americans not to distant future.
MEDX + 832
ERY + 57
+ 890 Day / Week
+ 42854 Month
Quote from QQQBALL:
having a Stud month
Hello QQQBall,
Thanks for your post.
Its been a pretty good ride so far. Even with last Thursday speedbump I will be possibly looking at the best month this year.
Today has the makings for giving out some gains as well.
Best to you
Robert
First day of watching and actually trading the 10 year Treasury Futures.
I have been spending a lot of time reading about fixed income and wanted to just do a couple of quick scalps and I find that the market is very huge and very thick. I can see why so many spend their days in the fixed income area and it does appear that money is to be made. I am very glad to be adding that tool to my workbench.
ZN- sept 10yr + 36
PCS was a small scale short on a gapping stock. Down days (at least during the open) really make for good markets to be shorting strong stocks.
PCS + 682
APA was news related. They released a press release saying that they were guiding lower and I quickly hit the sell button to try to scalp a few pennies. Ended up doing it twice with both times using very small size.
APA + 120
As I talked about in my previous post I am becoming anti bearish with INTC and shorted some AUG 14 puts. I will add to them if INTC falls further.
Still watching GE. I am of the feeling that GE will have enough influence with President Obama that President Obama will back off advocating any major changes in GE in regards to GE capital. It may take a week or two but I think this will turn into another one of the comments made that will just go away. Not unlike how business trips to Vegas are no longer evil.
+ 840
+ 1730 Week
+ 43694 Month
I have been spending a lot of time reading about fixed income and wanted to just do a couple of quick scalps and I find that the market is very huge and very thick. I can see why so many spend their days in the fixed income area and it does appear that money is to be made. I am very glad to be adding that tool to my workbench.
ZN- sept 10yr + 36
PCS was a small scale short on a gapping stock. Down days (at least during the open) really make for good markets to be shorting strong stocks.
PCS + 682
APA was news related. They released a press release saying that they were guiding lower and I quickly hit the sell button to try to scalp a few pennies. Ended up doing it twice with both times using very small size.
APA + 120
As I talked about in my previous post I am becoming anti bearish with INTC and shorted some AUG 14 puts. I will add to them if INTC falls further.
Still watching GE. I am of the feeling that GE will have enough influence with President Obama that President Obama will back off advocating any major changes in GE in regards to GE capital. It may take a week or two but I think this will turn into another one of the comments made that will just go away. Not unlike how business trips to Vegas are no longer evil.
+ 840
+ 1730 Week
+ 43694 Month
Lots of shares today
I ended up spending much of the afternoon scalping AM back and forth. I kept a few shares short for tomorrow and will be looking for a pullback after today big run up.
AM + 1100
Traded a few contracts again of the T bond futs. Again just scalping it and getting used to how the contracts trade.
ZN + 43
SONC + 747
MGM was actually a long for me. I donââ¬â¢t normally go long stocks in day trades but MGM gave a window to scalp it for a few cents and I grabbed it fast.
MGM + 466
Tried to get something going with AES but walked away.
AES + 40
+ 2397 Day
+ 4128 Week
+ 46091 Month
I ended up spending much of the afternoon scalping AM back and forth. I kept a few shares short for tomorrow and will be looking for a pullback after today big run up.
AM + 1100
Traded a few contracts again of the T bond futs. Again just scalping it and getting used to how the contracts trade.
ZN + 43
SONC + 747
MGM was actually a long for me. I donââ¬â¢t normally go long stocks in day trades but MGM gave a window to scalp it for a few cents and I grabbed it fast.
MGM + 466
Tried to get something going with AES but walked away.
AES + 40
+ 2397 Day
+ 4128 Week
+ 46091 Month
If you're fading stocks like AM, how do you guarantee that a burst of flow doesn't come in and thump you? Are you making discretionary trades based on the time and sales and depth of book while counting on retail flow to dive in and take your offer?
Who exactly is offering liquidity on a name like this on a day like this? I guess it's on the NYSE, so the specialist firm; however, I am not fully seeing how you can be comfortable in a stock whose book could be blown out by one massive trade, like at 3:30 there.
Who exactly is offering liquidity on a name like this on a day like this? I guess it's on the NYSE, so the specialist firm; however, I am not fully seeing how you can be comfortable in a stock whose book could be blown out by one massive trade, like at 3:30 there.
Yippie !!
Ok, maybe not the most professional words to come out of the mouth of a stock speculator but that was a quote from the chat room of what I said when I was short LM as it feel over $1 a share in about a minute. News hit the wire that a fund was not increasing its stake in the stock after it had been reported that they were. This of course must have been a great payday for whoever planted the story but it was great for me as well. The timing was especially awesome as I put out a tweet on twitter that I was shorting it at 26.65 and it just made it above that point when it broke. That of course was luck but it was still fun. I had some covering bids in that where hit with lightning speed when the news was breaking. I also covered some shares manually by discretion and that worked out well to give me a much better than normal profit. I also had pretty good size with LM so that helped as well. LM could be the highest single trade intraday trade I have had this year. I made more last week with another stock but that was over several trades during the day.
LM + 6441
AM was my carry over from yesterday and some was actually covered in after hours last night and some in premarket this morning. I covered the rest during the open and did pretty well with it.
AM + 608
BBBY was a scalp for a couple of hours in the morning.
BBBY + 573
SINA B7 + 203
CERN was a quick scalp + 17
I shorted WLT near the end of the day and will hold it overnight + 12
+ 7857
+ 11985 Week
+ 53948 Month
Ok, maybe not the most professional words to come out of the mouth of a stock speculator but that was a quote from the chat room of what I said when I was short LM as it feel over $1 a share in about a minute. News hit the wire that a fund was not increasing its stake in the stock after it had been reported that they were. This of course must have been a great payday for whoever planted the story but it was great for me as well. The timing was especially awesome as I put out a tweet on twitter that I was shorting it at 26.65 and it just made it above that point when it broke. That of course was luck but it was still fun. I had some covering bids in that where hit with lightning speed when the news was breaking. I also covered some shares manually by discretion and that worked out well to give me a much better than normal profit. I also had pretty good size with LM so that helped as well. LM could be the highest single trade intraday trade I have had this year. I made more last week with another stock but that was over several trades during the day.
LM + 6441
AM was my carry over from yesterday and some was actually covered in after hours last night and some in premarket this morning. I covered the rest during the open and did pretty well with it.
AM + 608
BBBY was a scalp for a couple of hours in the morning.
BBBY + 573
SINA B7 + 203
CERN was a quick scalp + 17
I shorted WLT near the end of the day and will hold it overnight + 12
+ 7857
+ 11985 Week
+ 53948 Month
Quote from NoDoji:
I was honored to have been present during this event, learning firsthand in real time what a truly professional trader says upon hitting a home run.
Hello NoDoji,
LOL, It doesnt happen very often but it sure is exciting when the price moves so fast in your direction that it literally moves off the DOM and you don't know what the price is.
After you pointed it out in the chat I HAD to include it in my journal.....LOL
Best to you and have a great Friday !
Bob
Hello,
This is a nice thread. I think it would be more helpful if you could post some logic as to why you made the various trades. Just posting up some numbers doesnt really help.
I did reverse engineer a few of your trades and concluded one of your main strategies is Bulkowski's inverse dead cat bounce. This is where price gaps up and turns right around as outlined in the attached link.
This simple high probability strategy does work fairly well.
http://thepatternsite.com/idcb.html
This is a nice thread. I think it would be more helpful if you could post some logic as to why you made the various trades. Just posting up some numbers doesnt really help.
I did reverse engineer a few of your trades and concluded one of your main strategies is Bulkowski's inverse dead cat bounce. This is where price gaps up and turns right around as outlined in the attached link.
This simple high probability strategy does work fairly well.
http://thepatternsite.com/idcb.html