StockFetcher Forums · General Discussion · DayTrading Downturns / Stops<< >>Post Follow-up
SFMc01
272 posts
msg #56968
Ignore SFMc01
11/24/2007 8:09:19 PM

Has anyone determined any chart patterns ... minute by minute ... that they have found are very indicative of an important daily downturn for that stock?

For example, suppose I have bought a stock with the hope/intention of making a buck in the next hour or so. I know and have placed a money management stop loss, but, there's no need to lose all that if there are some minute-by-minute patterns which usually indicate that the stock has turned down.

I'm not looking for perfection, although that would be nice. I'd be satisfied with someone sharing experience where they indicate that whenever they see a certain pattern, it seems like the stock continues down 75% of the time.

Any thoughts on this?

nikoschopen
2,824 posts
msg #56973
Ignore nikoschopen
11/24/2007 11:31:06 PM

OMG, day trading is so @#$%^!! (so I'm reminded by everybody I encounter). It comes as a surprise that somebody has the balls to even ask about day trading. LOL

Sorry in advance for sounding like a pompous basta, but what ure asking comes more from experience than patterns. Only patterns a day trader should familiarize are price and time. Where's the next support/resistance, is the trendline still intact, why the hell is it taking so long to break out or break down, blah, blah, blah. In addition, I suggest that you get a firm hold on them 5-, 15-, and 30-minute charts really well.

The following chart illustrates my buy/sell activities on any given day. Can you see why I bought or sold at particular point in time?



B: Buy
(B1.1 means first purchase; B1.2...B1.x means subsequent "averaging down" or "averaging up" before the whole position is liquidated.)
S: Sell
H: Short
C: Cover


TheRumpledOne
6,358 posts
msg #56979
Ignore TheRumpledOne
modified
11/25/2007 12:16:25 PM

If a stock falls below the previous day's midpoint, it is usually toast for the day.

Conversely, if a stock rises above the previous day's midpoint, it is usually on it's way up.

It doesn't matter what chart interval(s) you look at... it's all about price!





luc1grunt
622 posts
msg #56994
Ignore luc1grunt
11/25/2007 8:50:05 PM

I trade patterns for AAPL everyday (thanks Rump, I took that advice a couple years ago) as well (to some extent) QCOM, SNDK, GOOG, and RIMM, and have a good win % with an average r/r of 3:1.

All I trade is patterns with an eye on S/R/P and of course volume. If the patterns do not appear, don't rush the trade.

Watch the 1 and 5 minute double tops, double bottoms, triangles (all). Confirmation is critical or you will get you ass handed to you. Don't call tops or bottoms. Descending triangles are the most effective in my opinion for shorts....and usually plunge rapidly when confirmed.

I also ride the trends and keep an eye on fib retracements on big legs.

Too easy. In fact the "ease of use" is why I continue to profit steadily from this while all the other indicators are slowly going by the wayside.

I would love to see TROs use of his "horizontal lines" in real time though!

Swings are a bit different. I'm rambling....good Scotch.

Happy trading. :)

luc1grunt
622 posts
msg #56995
Ignore luc1grunt
11/25/2007 8:54:41 PM

I recall making spooz calls with Niko one day while I was logged on as a guest (forgot to login). I made the same calls based on the above and very effective. I don't trade futs though. Niko made some great calls.

I am wondering though...Niko, why not a quick short on the breakdown of the DB on your chart you posted? Once confirmed, it looked like a high probability setup.

Grunt.

nikoschopen
2,824 posts
msg #56996
Ignore nikoschopen
11/25/2007 9:32:44 PM

I am wondering though...Niko, why not a quick short on the breakdown of the DB on your chart you posted? Once confirmed, it looked like a high probability setup.

Grunt


Like you, I mistakenly took it as a double-bottom and doubled down at 2625 following the initial buy at the bottom channel at 2925. But it was taking longer than I thought so I bailed out at 2775, which was essentially a break-even point between the two buy points. At this time, I called it quits for the day.

luc1grunt
622 posts
msg #56997
Ignore luc1grunt
11/26/2007 7:01:20 AM

I realized it was late on the chart after I responded. It was good watching you make calls on the chat a while back.

I just realized the chat is no longer in use (I don't use SF during the trading day). Why did it get dropped?

EWZuber
1,373 posts
msg #57012
Ignore EWZuber
11/26/2007 4:20:21 PM

This is the kind of set up I look for. The COMP Hourly Chart was dead up against ST resistance and overbought.
Moving to the 5 minute chart for a precise short entry. The entry point is shown on this chart as pattern support is violated and confirmed by a stochastic fast line cross below the slow line.

http://img30076.pictiger.com/images/13206244/

http://img30076.pictiger.com/images/13206309/

SFMc01
272 posts
msg #57037
Ignore SFMc01
11/26/2007 9:38:28 PM

Thanks everone. I sincerely appreciate all inputs.

TRO-What do you treat as midpoint in the above posting? Midway betwen Open & Close? Midway betwen High & Low?

Thanks

StockFetcher Forums · General Discussion · DayTrading Downturns / Stops<< >>Post Follow-up

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