8/01/07 General Trade Log / Idea Sharing

[brownsfan019 17]

Guys, throw up a volume based chart and see if that makes a difference of your view of this 'bad chop'.

[GCB 10]

Its not just bad...its awful

 

Keep your powder dry, though. The market has had some amazing selloffs in the last 30 minutes...and beyond.

 

 

To the close... and beyond!

[AbeSmith 10]

Hello gentlement. This 200sma seems to be a strong support area right now. Am I using the right input data (Last)?

[GCB 10]

Hello gentlement. This 200sma seems to be a strong support area right now. Am I using the right input data (Last)?

 

There are several ways to do it. None are "right." But last is probably the one you want because it is the most common. It just means use the close of the bar, I gather.

 

Not sure whether the 200 has much of an effect on a 5 minute chart. Not saying it can't, I've just never heard of anyone using it.

 

 

The price action is so schizo now.

[GCB 10]

YM just moved 140 points in 18 minutes. :woah:

[AbeSmith 10]

There are several ways to do it. None are "right." But last is probably the one you want because it is the most common. It just means use the close of the bar, I gather.

 

Not sure whether the 200 has much of an effect on a 5 minute chart. Not saying it can't, I've just never heard of anyone using it.

 

 

The price action is so schizo now.

 

Thanks Gary. That's what I meant, the one that was most often used. I notice some of the old timer floor traders they interviewed on CNBC they metion the 200 sma several times. One said that, I think he said S&P went below the 200sma, so I figure some floor traders pay attention to that. And today I noticed that the 200sma was a major support area:

[AbeSmith 10]

Sorry, I attached the wrong image. This one is the one I wanted to show:

[notouch 10]

Seeing how price reacts around these major reference points is a valuable tool for short term and long term traders.

[AbeSmith 10]

YM just moved 140 points in 18 minutes. :woah:

 

I think that was due to Disney.

[AbeSmith 10]

Seeing how price reacts around these major reference points is a valuable tool for short term and long term traders.

 

Thanks Notouch. That's good to know.

[TinGull 10]

did I dream it or did YM move about 250 points in 30 minutes?

[notouch 10]

The big move up at the end started with extreme versions of your jackhammer candles on the 5 and 15 minute charts. Keeping cool and waiting for your set ups works well in this environment I find.

[notouch 10]

I think that was due to Disney.

 

I love this quote:

 

``At some point people finally decided unless everything in the world suddenly goes bad here, this is a good time to get in,'' Ernie Ankrim, who helps manage about $200 billion as chief investment strategist at Russell Investment Group

 

Who needs a reason?

[TinGull 10]

HA!! Nice quote.

[brownsfan019 17]

Abe - first, it's nice of you to share your charts with everyone for a visual. Second, GET SNAG IT already!!! Seriously, it will save you so much time!! You should be able to take your screenshot, draw your rectangles (and clean looking ones) in about 30 seconds. I have a feeling it's taking you a bit longer with whatever software you are using.

 

I know how time consuming chart annotating can be and just trying to save you some of that precious time!

[AbeSmith 10]

Abe - first, it's nice of you to share your charts with everyone for a visual. Second, GET SNAG IT already!!! Seriously, it will save you so much time!! You should be able to take your screenshot, draw your rectangles (and clean looking ones) in about 30 seconds. I have a feeling it's taking you a bit longer with whatever software you are using.

 

I know how time consuming chart annotating can be and just trying to save you some of that precious time!

 

Thanks Brownsfan. It is $40 though. Once I become a successful professional trader I will be able to purchase such luxuries, but until then I have to be careful how I spend my money.

[MrPaul 10]

Thanks Brownsfan. It is $40 though. Once I become a successful professional trader I will be able to purchase such luxuries, but until then I have to be careful how I spend my money.

 

It's free and fully functional for 30 days here:

 

http://www.techsmith.com/download/snagittrial.asp

[notouch 10]

What's wrong with using the save chart as image functionality built in to most charting apps?

[brownsfan019 17]

What's wrong with using the save chart as image functionality built in to most charting apps?

 

Depending on the amount of annotations, notes, etc. SnagIt can be a very nice tool to have for 40 bucks. And the uses beyond just trading are impressive with SnagIt.

[notouch 10]

Any good charting package should have the ability to add notes and arrows and circles and whatever else.

 

For other uses I prefer Adobe Photoshop.

[brownsfan019 17]

Most charting packages have something; however my point is that most are clunky and not user friendly. And for a quick chart annotation, Adobe is way overkill where you can hit your printscreen button and SnagIt takes the screenshot and off you go. It's quick and easy. That's it. It's 40 bucks and it does so much that can make documenting trades, etc. much easier. And if 40 bucks for SnagIt is expensive, Adobe is going to be way out of the question.