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Sbird,
I thank you for your interest, like minded trader group is a very strong strength for trading. I am still trying to adjust in one. Problem is people start attacking each other for minor things. if 20 eyes are watching and thinking on a problem that will be better then a single person. CS board is wonder full board, but over there they are not posting trade regularly except Nacona.
Some of the participants are becoming little grumpy to share knowledge. I understand after explaining same thing again and again one gets tired of it, but they can be politely directed to the relative links. I am in debit to the group for sharing wonder full Ideas and teaching many things openly.
Over the time I have learned key is recognizing that your decision of trend is wrong and sooner you are out better it is. So my stop is usually 10 Cents in some situation it is 20 Cents.
Once it start moving in my position direction I draw a lose trend line (some time I just visualize) and then use a trailing stop. I use 5k share lot and my cost of trade is 5 $ so even if I make a penny it is 50 $ profit, with my day trading I do trade up to 10000 share and I limit my self to only QQQQ and its derivatives, now a days mostly QID and some QLD. Mostly QID because it is more liquid.
I do trade other stocks for longer period.
Three strikes and I am out.
Golden spiral is Fibonacci based program for different projections.
I use LSMA 16 for curl, some time I do forget to look at that chart.
I am using 12-6 or 6-2 CCI for some signal experiment, I have not taken full advantage off CCI 6-1.
I am always eager to learn, please share your system at your convenience.
If any thing else you want to ask please feel free to ask.
Sorry I have to answer after market close.
I thank you to Trend1 for letting us use his board.
Good luck.
I went out @ 38.01 signal is still long but I want to rethink and it reduced my loss to about 50% now 11 Cents loss is left.
This is EMA 34 resistance also.
Edit: I have bought some QQQQ Oct. 51 puts at 0.45 Cents which reduced my average cost of these puts. First small buy was 0.60 Cents. I may sell them at close today.
Trend1,
Sell should be a NERS sell but I do sell some time on Support resistance points, if trend continue I re-buy, today I ignored because of my bias and I am paying for my mistakes.
I just failed to follow my system.
Main reason to post mistakes are that we all can learn a lot from those.
NERS went on buy @ 37.92. Stop 37.75.
Farooq
sbird,
I would be glad to share if I know some thing, what exactly would you like to know?
Trading: Went long QID in the morning @ 38.58 stop was 38.48, Stop hit took a loss. There was signal to be out of trade @ 38.64 my mistake I did not took it.
Now went long @ 38.46 on hunch there was no buy signal stop is 38.36, I will lose on this one too, let's see.
Before I can post I am stopped out. Signal remain on sell from second buy to second stop out and still is.
I have a rule if I have 3 losses I do not trade for rest of the day, So I am going to take set up only now.
Farooq
I use 5 min chart with CCI 144(Intra day chat).
Daily chart setting for CCI is 12.
I have bought some as leap (5 to 8 year holding period hoping for 35). I will write some calls against common. They will be 30 % out of money calls for 3 months, to produce some income while waiting.
Farooq
W@G1 QQQQ 10/01/07 for a 10/03/07 close
51.50 bob3
51.41 DrWorm
51.00 rayrohn
50.63 frenchee
50.53 Farooq
I think beauty of NERS is small draw down. On average you can near double your earning, but lot of work.
I still think go with what you are comfortable with.
Learn NERS and paper trade it first for a month or so in real time and compare result.
Good luck.
Farooq
Out of QID long @ 39.21, 39.20. No short, signal is not short yet, Just protected my profit.
Farooq
My trades are not pure NERS, I adjusted according to my need and experience and I some time just take break. So it can be different from them. I can explain you my trades after the close. Number one job for me is making my living, I can answer only small questions during trading time.
I am long QID from 38.80, I put stop very tight and so I loose many of them but it saves me that If I am wrong I am out. Now my stop is 38.82.
Farooq
Out at 38.94 going for lunch. No position now.
I am pattern day trader, as long I am not using more margin then allowed I am ok, There is 2 time when I changed broker and that generated day trading call because of some options activity and I send the money end of story. I have a Cash account for unknowns.
There is no restriction on number of trades if account stay above 25000.00
Farooq
I will be out of my short soon and go long. Out at 38.85 from short and long from 38.86.
Out at 39.00 and short from same point stop now 39.10 target 38.80, I use trailing stop to lock profit.
Farooq
No, It was my youngest son appointment, He likes to go with me,
I bought QID again for 38.64 for same set up of yesterday.
Farooq
I am 50 years old retired Medical Doctor, Always made my living by trading and even paid my all college tuitions by trading, Trading for more then 3 decades.
1- http://investorshub.advfn.com/boards/board.asp?board_id=2462
2- No I am not a programmer.
3- I use mostly now Qoutetracker with external real time feed.
I started with e-signal, I have not seen it in years now.
I am out of QID @ 38.74 need to go to see dentist.
I trade for living and my signal is based on Modified NERS.
Signal is based on CCI, Different EMAS, RSI, MACD, and golden Spiral.
I bought at that level around 11 AM and my stop is not hit so I am still with trade, Minimum setup shows for 39.10 so I am trying to just cool here, It is 8K share position my loss is 800 and if it goes my way it will have potential of 4 to 8k profit.
I might take my profit or loss earlier if my views change.
Farooq
Long QID 38.58 stop 38.48 target 39.48.
Farooq
Long QID again @ 39.05.
Farooq
Pokersam,
That is smart, trading should not interfere with your long term views.
I was able to sell my long QID near the high of the day which left me with 10 Cents loss, I hope to buy it cheaper soon.
Farooq
Pokersam,
"but I will be on the sidelines till it happens. "
I think that is equal to throwing in towel. IMHOP
I like your honesty.
Farooq
I broke my rule for 1 day and took out stop loss, will close my position at end of the day or if I come close to my buy price.
Hi chainik,
Are you still long QID?
I bought near the close yesterday and I could be stop out today.
TIA.
Farooq
Pokersam,
Seems to me they will take me out in the opening session, I miss read the market.
It is easy to ride a trend then predicting it. I just want to go with the market. I will make money when down side will start. Today may be the last up day but market is trying to reach 54 area on QQQQ and they may fail around 53 IMHOP.
Farooq
Pokersam,
Bull market always climb wall of worry, I went long QID at close I was short QID which I covered, my stop is 39. It seems that I may be wrong.
Chart will be wrong because today's drop is because of dividend payout, 0.55 Cents on QID.
I think we are in that long bear market already look at COMP Index and all these rallies are corrections in bear market.
I agree we could now go to 1670 on S&P and about 15500 on DJIA, but chances are slim, IMHOP.
We have pretty good chance to see 52-54 on QID in few months if we do not take out current support. Weak dollar makes foreign investors fly away which could cause big drop.
I could be wrong on all assumptions and I was many times.
airedale88,
What happen if we fail to take out July highs?
Could we test 1370 - 1390 areas?
TIA.
You are correct as long as you are correct on all the following.
1- Time (how much time is needed for move to occur, 90 % trader are wrong on this) Time decay will eat your profit, many people like spread for that reason.
2- Direction of the move, 50 % usually wrong, you lose fast in option premium if it start moving other way.
3- Magnitude of the move
I hope it help.
Last Trading Day:
Trading in SPX options will ordinarily cease on the business day (usually a Thursday) preceding the day on which the exercise-settlement value is calculated.
http://www.cboe.com/Institutional/SPXSpecs.aspx#specs
I am actually wondering what is max position is allowed in SPY calls and What is max allowed in contract.
You could be right.
Expiration date is next day for all options.
My understanding was seller bought on S&P futures, SPY has hardly that big float, (I am not sure with numbers). That will create monster short squeeze on SPY stock.
S&P 500 futures definitively settle in the morning.
I think S&P option settlement period is in the morning with future settlement and they settled European style.
They provide the floor for September expiration and they will be exercised on Thursday night, JMHOP.
I agree and in this year we can see S&P 10 % higher. If Fed wants to keep it higher then 99% chance is it will be higher.
Fed has to deal with inflation.
W@G1 QQQQ 09/17/07 for a 09/19/07 close
49.22 DrWorm
47.72 Farooq
Doc great wage.
Farooq
I think it created a floor underneath at the same time if we break it or even crack it then we will see a real crash we have never seen before. Although nothing is impossible but I think this not going to happen. I will keep some out of money puts for insurance, because I know I don't know many things.
I think spread was created for fed action, if Fed do not cut it will provide a big support.
I think we might visit 1410-1430 on SPX this week.
What are your views about spread and market this week?
Farooq
I think trade will be closed after Fed announcement.
Do I, at times, sound a little negative.
Yes.