This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Zoomie and Prospectus have been asking for charts. I almost don’t want to do it, because the methods I’m employing are fairly simple and repetitive. With that in mind, if you are trading stocks, sign up for the UTC. If you are trading futures, I would prefer you stay in the dark! :-) Its really changed how I view the markets. I originially signed up to see the setups she uses to trade the morning action. I mainly concentrate on very few setups. However, I continually read over her transcripts from actual trading sessions. I think that has done more to help me than anything else. There are only so many outcomes, and traders constantly do the same things at certain levels. That’s all I’m going to say on the matter. You have to subscribe to get the information. Its worth it. This post is getting so long, I feel like Prospectus.
Anyway, here’s the chart. As you can see from this 2 point range chart of the NQ, a nice low risk entry was provided. I was able to get on board as the train left the station (hat tip to Teresa Lo).
Here is the 5′ view. It didn’t really offer a low risk entry unless you shorted the breakdown. The stop was a little rich for me, so I was able to short the pullback. The range chart offered the tight stop I was looking for.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
December 1st, 2007 at 7:40 pm
Aww, there are probably enough people that are wrong for the rest of us to join you. :)
What software do you use? That’s obviously OS-X but I’m not sure what software is available…haven’t had a Mac for the last few years.
December 1st, 2007 at 7:54 pm
investor rt — linnsoft.com
December 1st, 2007 at 8:21 pm
Hey, things are looking good! You nailed it.
There are only so many combinations and permutations in the first hour. If they come to pass, trade them. If not, stand aside. Sounds simple, but after all these years, I can say for sure that the market only has a certain number of dance moves.
T.
P.S. Nice range bars. Quick question — are there any “phantom” bars in there? What I mean is if there is a gap up with no trades, there would be a blank spot where a bar should be, right?
December 1st, 2007 at 10:18 pm
Even though I wanted it, I now think you should award Teresa the “Stock Pimp 2007″ chalice. And she should put a photo of herself holding it up on her website(s).
December 1st, 2007 at 11:43 pm
Teresa: Right. Its not like the PnF charts where the gap is automatically filled. After so long not knowing the right moves, its nice to have a couple of steps. :-)
Richard: I was thinking the same thing. My only problem is whether or not she would accept it. I may have to rename the award “Player of the Year.” Its a high honor among the blogosphere, it might just rank up there with her magazine covers.
December 2nd, 2007 at 9:42 am
Thanks for posting BAT. Perhaps a christmas gift is in order from Santa of Teresa’s course. Do Canucks fans get a discount? ;)