Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Elliot charting site
Thanks for the link, Charts1. Wow! Iriarte's charts are intricate.
I get your points when you say don't depend on other wave interpretations and don't let other traders influence my personal trading decisions.
Great advice.
Elliot waves charting
Charts1, thanks for the advice...
I read the basic rules of Elliot waves.
When I try to draw waves on charts for triple zeros and other sub-pennies, I get locked. Those charts are so different visually from other stocks, especially when the price doesn't move for months.
Truthfully, I can't say I'm sold on the viability of Elliot Waves. However, if so many traders follow it, then I want to see how other traders think and, thus, how they will influence my trade.
But I also need to know that I'm in the ballpark. Having a charting site can provide guidance.
suggest ONLINE FREE charting website for elliot waves...
Can anyone suggest an online free charting website that can plot the elliot wave lines for any stock.
I look at numerous charts and when I try to find the waves, it seems rather subjective. I think if you get 10 people to draw the lines on the same chart, you'll get 10 different patterns.
So I want a "higher power" that will do that automatically for me. Plus saves time.
suggest ONLINE FREE charting website for elliot waves...
Can anyone suggest an online free charting website that can plot the elliot wave lines for any stock.
I look at numerous charts and when I try to find the waves, it seems rather subjective. I think if you get 10 people to draw the lines on the same chart, you'll get 10 different patterns.
So I want a "higher power" that will do that automatically for me. Plus saves time.
suggest ONLINE FREE charting website for elliot waves...
Can anyone suggest an online free charting website that can plot the elliot wave lines for any stock.
I look at the suggested triple zero charts and when I try to find the waves, it seems rather subjective. I think if you get 10 people to draw the lines, you'll get 10 different patterns.
So I want a "higher power" that will do that automatically for me, even for non-trips. Plus saves time.
correction: considering RPTP call options - but the spreads are wide... liking that it seems to have held over it's support
considering RPTP call options - but the spreads are wide... liking that it seems to have held near it's resistance
looking to see if OPTT will bottom out on Tuesday - jumping in between 1st and 2nd support levels
hoping to gain on today's pullback... let's see what Monday brings... it closed today near its first support level.
earnings next week - getting closer to a support level after retracting from quick gains
END finally looking like it has bottomed... hoping it will rise soon and fast
there are a million things wrong with cnbc
also taking a look at aeti - seems to have bottomed from recent highs so hopefully some momentum will rise - looking for smaller spreads and higher volume
trading is in my blood, meaning I can't get it out of my system
family not involved in the market
Bounces, Shorting, Breakouts
Bounce plays as your major focus... interesting. I've been looking into that.
Also considering shorting after major breakouts for stocks $5 to $10. I know shorting is very risky, especially with short squeezes. However, I like dealing with stocks that have already moved/broken out (no waiting game), then trading on their likely pullback.
My past trades, however, have been momentum trades for breakouts. But I think my mistake was buying late into the move and then getting out during head fakes, only to see the stock go back up. (fakes are the most frustrating!!)
Hey, maybe I should consider a 3 trade succession for volatile stocks... breakout, short, then bounce. -- If only the stock would agree to stick to the program. --
I wouldn't mind trading all day. The only reason I haven't put off my other projects is because the trading hasn't paid off yet. Of course, I'm just beginning. So, I'm trying to find a balance between the two as to time.
By the way, when I mentioned "seasoned trader," I meant in terms of experience, not age.... lol.
Thanks Randall for your advice.
I hear regularly from seasoned traders that day trading takes years to master. Especially when you consider that trading is mostly a solitary endeavor for most of us, and we don't automatically share our experiences. That's why I'm so thankful for the boards and the advice that can help shorten the time to mastery.
So I will be devoting more time to learning about all risks involved (sub-pennies & day trading in general), and to cater a strategy to my lifestyle. It seems that no matter how seasoned a trader may be, he will always be fighting a battle with the market. And then there is the "smart money" that controls so much of it, and the SEC and other agencies that allow so much fraud....
I guess I am a bit impatient, but I'm improving in that dept.
Trading has been in my blood, so there is no stopping for me. I'm still seeking a strategy for my personal threshold. Then,... like you said, "Make rules and follow them."
Wow! Lots of great advice.
"The goal for beginners should not be win the most possible. It should be staying around long enough to develop a trading style which meets you personal cash & experience wants and needs." I agree completely.
I understand that triple zero has been used by many traders for years. My previous post may make it sound like I think it's simple. But I certainly don't take likely the risky nature of it. I admit that I should have fined tuned my previous trades on paper before using my funds.
Thanks for the many links. I'll read them over.
Want to maximize returns with smallest uptick with smallest amount of capital and smallest amount of trades.
Also, want to do what only a small part of day trading community does. I sometimes think that what everyone else is doing (pennies 50 cents to $5) is long-term not profitable. At least, that's what I keep reading as to 90% of day traders losing money. And to not trade with the herd (even though the triple zeros require a herd in a way).
Plus, I tried a few of those 50 cent to $5 trades and results were dismal - getting late into the momentum (assuming I can find a moving stock before it's run is over), dealing with whipsaws, and never truly knowing the direction for even the next 1-2 minutes. Even my trading of basic option contracts long term is not where I want it to be.
I told myself, why fight for the 10 to 50% trades if I can focus on a 200% trade when the .0001 goes to .0002 (not to mention if it goes higher). Plus, I am not glued to the screen as much, since I have other things going on as to income/business setup. I'd feel comfortable with limit and stop orders.
Of course, I know it comes with more risk, but I thought I would just have to learn all the risks involved, establish a strategy, and go from there.
thanks for the clarification
You make a lot of great points...
Points I did not consider as to the spread for triple zeros.
As to the R/S announcement (or lack thereof), I'm surprised the powers that be allow this to be the case for the pinkies.
Well, it seems I've still have a lot of details to learn.
Will check out the R/S and the other boards.
Thanks.
still trying to develop/find my strategy...
I am new to day trading and am still trying to develop/find my strategy. I welcome all the advice I can get. Please don't hesitate to make my business yours... Thanks.
I read a couple threads about the R/S issues. How they give you a decline in profit percentage potential per uptick, how the stock sells off on the announcement, and an instant loss when the stock settles.
My goal is to buy in when all indications point to the run - definitely before the run and try to avoid all R/S's through stock research.
I assume the R/S have to be announced by the company weeks ahead of time to the shareholders (though I have to confirm this). So I figure... 1) My due diligence would weed out those planning an R/S. 2) And I would update my already placed sell limit order to sell at breakeven if details change - fighting to beat the sell off. 3) Plus, I will try to be in the trade for less than a month, using less than 10-15% of my trading portfolio.
I will read up on the R/S board. I'm sure there are more kinks in my plan. Thanks for the advice.
thanks again for your insight
thanks for the info on triple zero float
re:
"I have no idea how O/S or float has anything to do with price changing."
My logic was that the less the shares, the easier it is for the stock price to rise, since it would need less buyers to create an effective run. (Similar to what I was told for trading stocks 50 cents to $5 - to trade floats under 100 million shares.)
re: float for triple zero stocks
I understand your points. Thanks for the insight.
Also, from the share info listed on a financial site, I am given what the MINIMUM float is. Then I can speculate that it may be considerably more when that info is updated.
If the listed minimum float is extremely high, that number can help me further number down my picks from the stocks with adequate volume - given your volume suggestions.
I still want an idea of what number of shares I should stay away from. What is considered ridiculously too many shares for a .0001? What is considered an average range?
ideal float range for triple zero stocks...
Cintrix, thanks for such a quick reply.
As to your answer.....
TA? Trading Assistant?
Are you stating that when I see a triple zero's outstanding and floating stocks amount on a financial site, that it may be an outright lie? I thought those numbers would be monitored by the OTC exchanges and the SEC.
Also, I'm thinking there has to be some guideline if I see current high volume on a .0001 that I believe will run soon. (I would not purchase a triple zero that has no bids and adequate volume.) If a financial research site states that a triple zero has 6 billion shares, is that "too much," average, etc. vs 20 billion shares for example?
With penny stocks (50 cents to $5), I was told to day trade under 100 million float. So I was wondering what the guideline/range is for the triple zeros that have much larger floats.
Of course, I will assume reality may be different, but at least I need guidelines when researching the stocks.
Please clarify your comment.
What's ideal float range for triple zero stocks??
What should the ideal float range be for triple zero stocks, especially $.0001?
I notice many triple zeros have billions of shares.
If possible, please also give numbers for ideal outstanding share ranges vs ideal float share ranges.
What's ideal float range for triple zero stocks??
What should the ideal float range be for triple zero stocks, especially $.0001?
I notice many triple zeros have billions of shares.
If possible, please also give numbers for ideal outstanding share ranges vs ideal float share ranges.
What's ideal float range for triple zero stocks??
What should the ideal float range be for triple zero stocks, especially $.0001?
I notice many triple zeros have billions of shares.
If possible, please also give numbers for ideal outstanding share ranges vs ideal float share ranges.