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If you draw correct trendlines on the daily, and only trade in the direction of the trend, you can trade just MACD and be profitable. The hard part is patience since it can be weeks at a time before your trade comes.
How's Florida brotha?
100 pips in one minute. 200 pips in thirty minutes. I guess it was bound to happen, just didn't expect it to be that quick.
iHub needs to be shut down. The other major stock forums won't harbor criminals the way iHub does.
I bet they won't sell you any at 0.0001, but you can try. When they cellar box a stock, they mostly sell you stock at 0.0002 and 0.0003, and buy at 0.0001 or not buy at all. The MMs make a whole lot of money in the cellar.
I might take up a position in NWTT soon. They are fighting the NSS fight as well and the core shareholders hold a massive position over the O/S. You can buy shares at 0.0002 now. Can't get in any lower than that.
Hi Drew,
I'm glad the naked charting is working for you. I haven't had a whole lot of time to trade due to work so I've been mostly studying charts and indicators. In May I'll be ready to daytrade the ETFs full-time and I'm going to focus on just that for a bit and then come back to Forex.
Are you trading Forex full-time now?
Hey SG,
One thing I'm finding about Forex is that it isn't just about the trading strategy. It is about the application. By application, I mean setup. There are lots of successful trading strategies out there. The correct combination of indicators and decisions can tell you when to enter a trade and when to exit. But there is no other market like Forex that has the equal emphasis on what happens minutes, hours, weeks, days, and months before the actual trade. And this is, in my opinion, a point that can not be overemphasized.
So when we talk trade strategies, I think a lot of people get the impression (as I did) that when X, Y, and Z line up, you enter the trade. But in reality, there should be a delineation between trade strategy and setup strategy. There is that which provides high probability setups and that which actually manages your trade. If anything, the setup is more important than the trade itself.
It's like a diet vs. working out. You can have a perfect workout plan, but if you don't manage your diet, the workout is useless.
It's not my fault it sucks. It can burn to the ground for all I care.
By the way, RD says those girls in his signature are your sisters. When you going to introduce us?
I expanded my scan out beyond the constraints of the $4.00-$10.00 range and it's pulling all kinds of good stuff on a daily basis. Once you and RD get back from your Monkinar this month, we can hone it in even better and really have a killer "lazy man's scan." However, I don't think it would benefit us to post it on this cesspool they call iHub so it's better to discuss it elsewhere from this point forward.
I buy into your suggestions because my mind goes blank every time I look at your signature.
Yeah, that is a lot to take in. I didn't really follow at all. After you finish the March Monkinar, we can look further into this and take advantage of the leverage with options.
It might seem riskier to some to use leverage, but when your TA is giving you an 80-90% success rate on your trades, I don't see why you wouldn't leverage more and get more bang for your buck. That's another reason I like Forex so much.
SIMG showed up on my scan. I took a look at the chart and it looks pretty good. It's coming out of a nice pullback.
Also, MPEL showed up on a more aggressive scan. If it continues on Monday, it looks good until around $7.89, then it hits a decision point.
I haven't really looked at big stocks like Apple because they really have to move a lot to make a decent percentage. However, I should probably add them to my scan and watch. They are never short on volume, so once it gets moving, inertia is strong.
As of right now, it looks like I'll be daytrading full-time come May so I'll probably be focused only on ETFs and Forex for a bit, but after that I will look more closely at some of the bigger stocks.
Nah, I don't really play in the penny stocks anymore. Too volatile and too unregulated for me. If I had a better understanding of fundamentals I might, but I trade strictly technicals and that seems to work better on the big boards.
UXG showed up today on the scan.
http://stockcharts.com/h-sc/ui?s=uxg
I'm looking at 512 tick chart which is generally 15-20 minutes per candle. I'm hoping this pullback gets to the 50EMA or so. EMA62 would be even better. Always seems to be a healthy consolidation in that range.
Did we possibly see a double top on E/U today?
I've had that problem with stockcharts in the past. No idea why.
The beauty of these stocks that are around $5.00 is that it only takes a $0.25 price different to get 5% on it, or 10% if leveraged. That's not a lot of change at all.
Yeah, it's pink sheets, so try TKGBY.PK. It's been in a nice stead downtrend and volume must have increased recently so it showed up on my scan.
TKGBY looks like a good short play right now.
Understandable. The biggest thing I've been looking for is a scanner for Ninjatrader, which it has. I'm sure they'll show off the Elliott Wave features but it's going to be over my head right now.
You're up 180 pips and it's only lunchtime? Nice!
Hey pennies,
MTPredictor is doing a 1 on 1 demo of their software for me. Their biggest claim is that it can identify Elliot Wave patterns, but it does some other things that I'm interested in, which includes scans Ninjatrader integration.
I don't know if you'd be interested or not, but if so, I'm sure they'll demo to both of us at the same time. I think it's done via GoToMeeting or something similar. They said it takes about an hour.
I'm looking for a bounce off of about 1.6232 for G/U. If it does, I will be going long on it.
Ahh, so you're looking to identify it by Wave 3 so you can ride that one, then if it stays intact, nailing the abc correction as well. Almost getting two trades for every run, rinse, and repeat.
I'm going to have to study hard because Waves 1 and 2 aren't a lot of time to digest the information before needing to jump on Wave 3.
I'm always hesitant to enter anything that's counter-trend, but in this case I will be watching real close.
Wow, thanks for the critique. I didn't even catch that wave 2 in there. I also hadn't gotten as far as the a b c corrections either. What is interesting to me is that a new wave started after another bounce off the MA50 area.
So when you're working the the retracements, are you only entering for the corrections after Wave 5 or do you also enter with Wave 3 and 5 at times?
iHub sure does have a tendency to protect the bashers doesn't it?
Hey pennies,
I think you'll be proud of me on this one and I would welcome your input. I did some basic research on Elliot Wave and been reading your posts. Figured I'd take a shot at it.
Let me preface this by saying I have a trading strategy that I am fully confident in but have had trouble applying it to Forex. I realized I needed a way to screen for the best high probability situations where I could apply it. That's what has intrigued me about your Elliot wave work. With some tweaks (thanks SG) and some studying, I think I'm now moving in the right direction.
Here's AUD/USD 512 tick chart which loosely correlates to the 15 minute chart. MAs crunched together is a sign of agreement by traders on different time frames. When the MAs crunched together on this chart, I looked for a new trend to develop, be it up or down.
Wave 1: Strong move up but not predictable enough to use. Could have gone up or down at any point.
Wave 2: Pulled back to EMA50. I have been using the EMA50 as a key pullback point. If it doesn't pullback that far then it's not strong enough for me to consider.
Wave 3: Decent move up, new high.
Wave 4: Sideways action, this is when I determined the Elliot Wave was intact and a potential entry was coming.
Wave 5: MACD and ADX turn up and tell me to enter.
Exited when MACD turned down on the last candle and took 18 pips. Not a huge amount, but that's 3.6% using my current leverage. I'll take that for one trade any day.
What do you think? Anything I missed?
You still going with the E/U short? It's been creeping up a little.
Yes, London seems to be a driver of lots of volume. And they tend to correct changes in trend from Asia the night before. It's just so hard to be during those hours. 8-12 EST seems to be a sweet spot.
SG, thanks for the recommendation of the ADX indicator to augment the MACD. I'm using it and it is greatly helping to provide extra confirmation that the move is really a move and not just ranging. I'm now limiting my entries to situations where I have confirmation from the MACD and ADX, and a pullback to touch the EMA50.
Nothing is fine tuned yet, but I definitely feel more in control of my trades. I'm focusing on nothing besides reading these indicators and general PA rhythms of the market. The rest will come in time.
Yep, this kind of thing has been done before many times.
E/U showing no signs of slowdown. Looking at the daily makes me wonder if it's pulling out of a consolidation phase and really getting read to take-off. Given how lousy the Euro is, I'm shocked. But chart sayss it has potential to move up.
Yeah, I've recently been considering my leverage and going for many less pips but with more leverage. I could take 5 pips for 0.5% account increase or I could take 5 pips for 2% increase. I suppose it makes more sense to isolate my high probability trades better and go with the higher leverage.
Once you are trading full-time, you're going to see lots more reversal opportunities too.
Yeah, I made 100 pips yesterday on the E/U drop but I just let it ride and found myself right back to my starting point. Forex is a funny thing. :)