Thursday, July 17, 2008

SWEET HG in MEE Short

7 comments:

VT Castle said...

Nice work on MEE - I traded BTU similarly today.

Question for you: my daytrading skills are only hitting 70/30 in the profit range, so where would you suggest I read up to sharpen the skills? Aside from your blog of course.

Stewie said...

VT. please elaborate. give me examples etc.

VT Castle said...

OK examples:

1) What are some key indications of a trade you look for in an intraday trading pattern? Do you base this off of sentiment or does the chart tell you something?

I'm looking for any way to reduce risk if I can. Is there a fundamental set of rules you trade by when it comes to the chart itself?

2) What is your best ways to determine a head fake in an intraday chart reversal? Take your MEE chart for example - any way you knew those blips were headfakes and not a true reversal?

Basically, I'm lookin for a way to review my fundamentals b/c I've been out of the daytrading game for a while.

Thanks man!

VT

Stewie said...

for me. I will explain my rational during the MEE trade and hope you find insight s in it.

I have been tracking MEE bear flag for a couple of days now. Check out my previous post called"bear Flags". MEE was setting up and i knew it was a matter of time. i had on my screen and was waiting till i saw a SELLOFF in commodities and i know that MEE once it gets going, it DROPS hard. So once i saw CRUDE start tanking, i jumped in MEE fast and big and used the 1 min. an my initial HG entry. those little rallies on the chart didn't scare one bit, they looked tame to me. they were not buying spike but more corrective counter trend action. i.e. choppy wiggle higher on low volume. my intra day patterns in strongly trending stocks are purely HGs. been trading this method for years have have gotten to be an 'expert' at it. HGs do not work in chopy mrkts so i know to avoid trading them. I chopy mrkt i trade "double Bottom" trades. if you are not familair with Double Bottom trades, look thru my archives. hope this helps.

Anonymous said...

Stewie,

Why did you short at $74.6 and not at $75.47 when it touched the 20 EMA?

anarco said...

Awesome trade (and great day) Stewie. Congrats!
I noticed that the charts you post are from stockcharts.com. Is that the software package that you you for your daytrading? Also, you mentioned about monitoring CRUDE during your MEE trade. Which charting package do you use for futures (it is my understanding that stockcharts does not offer this).
Cheers,

Stewie said...

anarco: i use scottrader from my day trading. use stockcharts.com to track my watchlists. I do not track futures mrkts. i just track USO and that's what i meant by crude oil. USO is a great proxy for crude.

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