3SOF

Quote from: Ares on February 17, 2007, 04:55:36 AM
Hi Wrangler,

The commission that I entered is a round trip. 9.95 + ECN fees to buy and another 9.95 + ECN fees to sell. Just rounded off the numbers for easier calculation.

With regards to my broker, I use Tradefreedom. It's a direct access broker where you could trade pre and post market if you want. You could also place a buy on the bid and sell at the offer. Looking forward to your comments about my analysis.

Thanks again,
Ares

Ares,

You might want to switch to www.interactivebrokers.com for the kind of trading you're doing. Trading 1000 or more it's about the same as TradeFreedom's pricing but for smaller trades no one beats them. Last I checked, stock trades were a penny a share but with a minimum $2 commission. So you could buy just 200 shares of a stock for $2! (Duh!) 300 for $3 and so on. I've done this a few times but mostly trade 1000 shares at a time with another account - mentioned below.

Not only are their fees low but they also have many different order types - some that are held on their servers (and therefore invisible to Level II) until your conditions are met. Then they're fired off to the market maker. This allows one to use order types that market makers just don't offer. Neat!

Most of the order types I haven't bothered to read their help on as I only have about 5K with IB whereas the bulk of my money is with BMO - in an RRSP trading account. That's where I do most of my trading. Their's is a web browser based trading platform - if we can call it that - and it's a pain in the ass compared to IB but, alas, IB doesn't (yet) handle RRSP accounts.

One order type that I sure wish BMO offered is a One Cancels All. With this order type you could enter a position and then bracket it with a Stop Loss below and a Hard Sell above. If/when either one is triggered the other one is cancelled. Double neat!

Another bonus is that Medved Quotetracker interfaces with IB so you can do your trades directly in Quotetracker if you like. Click on the stock you want to trade and click Buy or Sell. Easy peasy. Come to think of it TradeFreedom interfaces with Quotetracker too doesn't it.

I have to go to work so I'll wrap this up now.

JELB

Hi JELB,

I'm glad you checked out 3SOF.
I think I'm a better driver than you (Of course, that's just my opinion)
I just finished sending my application for the transit supervisor position.
After having a losing streak (due to emotions - not the method) I had to give myself a break.
I did check out Interactive Brokers but I was turned off by the pattern day trading rule in there.
You are right, I still have to read that book that you recommended for me to read.
I've thought about it a few times but still haven't got into it.

I know that you hold stocks overnight and at a longer term.
Check out Terliso's 3 Magic Lines.
It's a very simple approach, but it rocks.

Regarding technical analysis, check out the posts of Melf Elf,Aussietrader,and Setravis.

David Randolf provides fundamental analysis that you should check out.

In the short time that I've been active here at 3SOF, Ive received nice posts from Wrangler, Rickjust,JKN,Quasi,Lucas Scott and many others.
It feels good being in this community.

There's a lot of really good traders with lots of experience in here.
I hope you will learn a lot from here too.
I still am, still continuously learning.

Happy trading John - I'll see you around (who knows when).
Saeed should check out this site too.

Ares

Quote from: Ares on March 10, 2007, 09:57:10 PM
The more posts I read from other 3SOF members the more confirmations I get.

This would be my most recent ideal set up:

Going in with upside momentum.

Active in the premarket.

Price above the weekly 200,50, and 8 moving averages.
Price above the previous week's high.
Price pulled back for 3 days
The 3rd day being a reversal candle ( Doji, Takuri,Inverted hammer,etc.)
Positive net price (open above the previous day's close)
Preferably the open is below the previous day's high (not a gap up)
Trading at least 25 cents above the open.
Market makers lining up at the ask (Ask side thicker than the bid side)
Level 2 showing more risk going long than short.
Multiple timeframes uptrending and trading close to the day's high.
Bid refreshing with 100 shares.
Ax near or at the best offer.
Time and sales print lots of green
Spread is tight or locked.
Block trades of more than 25,000 shares on the green gets printed
Ax leaves the offer.

Indicators that I would like to see are:

1 Tight Bollinger Band being broken with big volume.
2 MACD crossing at or above the centerline.
3 Stochastics crossing up.
4 RSI pointing up.

If I don't see an upside momentum opportunity, then I'll go with the alternative - buying close to perceived support.

1 Momentum low
2 Shakeout
3 Bear traps

I really should keep this in mind before I pull the trigger next time.

cmgi in at 2.29

It's hard to ignore those block trades on the green with multiple time frames trending up and a nice level 2 set up.

Good luck long term holders.
Out cmgi at 2.45
It looks like it's still going higher but I have to get out while demand is still there for the day.

Watchlist: cmgi,mvis,asti,

echo is down quite a bit and I'm looking at 11.00 to 11.10 support area.

In cmgi at 2.36

out cmgi at 2.44

profit: 2.44 - 2.36 = 0.08

 Poll 
Question: Has level 2 helped you in your trading experience? yes  4 (57.1%)
no  3 (42.9%)
level 2 is useless and confusing  0 (0%)
Level 2 is irrelevant to me because I'm a long term holder/swing trader.  0 (0%)
 
Total Voters: 7

Based in my previous trades, these are what I've observed.

Breakout entry - entering on breakout and going in with momentum has a potential of losing a lot if it turns out to be a bull trap (since we're buying close to the high of the day)

Momentum low entry -  seems less risky as long as it is close to a strong support area.

Price low entry - seems to miss out the bottom.

Using ECHO as the most recent example. (Above $10 which is above my limit)

Yesterday's close = 18.61


Perceived Support = 11.47,11.40,11.10,11.00

Open = 11.53
Current low = 11.50
Current high = 12.59

Watch List: cmo,idev,asti,ano,artx,avrx,cmgi,nxg,ont,rno,spex,tags,mvis,idsa

Active:cmgi

Gainers:

Losers:vocl,cvtx

I was checking out the 3sof chat but no one was there. I ended up going to the 30plus_friendly room.
I was surprised with the new look of the 3sof webside yesterday.
I was just wondering who else is using the 3sof chat.

Watching for a bounce at support if these tanks.

TSTC = 8.00, 7.70
VOCL = 3.40,3.27,3.19
IDSA = 7.00,6.41,6.29,5.92

ECHO did it again with a momentum low entry of 11.80,reached a high of 12.59, an exit of 12.35(momentum high) would have been good. Still above my limit.
I would only like to trade stocks below $10 for now.

Watchlist:TGEN,CMGI,HOKU,RNO,NFI,RFMD,TSTC,ABAT

rfmd support areas:6.25,5.88
resistance:6.54