I have a career question and since folks here understand our trading goals I thought this might be a good place to ask. I'm currently in a job that I absolutely hate and over the past year or so the stress that the job itself causes and the fact that I don't like it is starting to take a "serious" toll on my health - "blurry" vision in one eye, muscle pain requiring physicaby sonicwave - Trading Discussion
Thanks for the help guys. I was pretty clueless if I was doing what I was taught or not. I will do my best to incorporate the knowledge! Hope everyone is trading well!by sonicwave - Trading Discussion
BCT, I saw those signals...how did you know that those signals were going to break through the choppy trading that preceeded them? I had seen many daily signals slightly earlier in May that did not work due to choppiness.by sonicwave - Trading Discussion
Yes it does. Kinda that's what I was thinking too, but was lacking confidence in my thought process. Thanks for the quick response!by sonicwave - Trading Discussion
I have a general doubt about trading during the recent up move during the "latter" part of May. I am a big chart trader (Daily and 233). According to the market calendar, it says to expect heavy profit taking in latter half of May. Since, stocks are generally trending up I assumed this meant "heavy profit taking" would mean down. Recently, we've had a nice up move. Was itby sonicwave - Trading Discussion
Thanks for the quick reply. I will check them out. I took WSB online 1-5 and will go through my notes, but that term sounds new to me. Is it on a page in the manual?by sonicwave - Trading Discussion
Thanks for your response! What do you mean by "IVR/IVS" ?by sonicwave - Trading Discussion
Hope everyone had a nice weekend. Throwing out a question. Just curious, any big chart traders having a hard time dipping into this market in the past month? I feel like the YM is losing volatility and is setting up for a big move. The NQ is much more active and seems easier to play. Since the two aren't moving in concert well together should I be on the sidelines?by sonicwave - Trading Discussion
I think it all depends on what kind of charts you like to make decisions off of and which charts you use to make a more precise entry. GW advises using big charts for earnings / splits, but many folks here use intraday charts and use them well. I think scanning helps quite a bit especially if you look at a lot of stocks. If you find it useful then go ahead and use it!by sonicwave - Trading Discussion
Bct, I'm on the left coast...1pm is our closing time we are 3 hours behind. Thanks I will keep that in mind.by sonicwave - Trading Discussion
Bct, 1) I check charts for decisions after the close, thats what I meant by 1pm. 2) I bought May because I wanted time but didnt want to stay in the trade for longer than a few days and saw that time value decay on longer time options didnt help much.by sonicwave - Trading Discussion
I appreciate everyone taking the time to look at the trade and provide me with their insights!by sonicwave - Trading Discussion
I have a question about selling losers when trading using big charts. Recently I got into a trade on LL as follows: Monday 3/17 1pm I review Daily charts and identified a FP up on LL and decided if I find nice action entry I will get in following day Tuesday 3/18 12:17pm bought May '14 105 Call stock at 105.35 Tuesday 1pm after the close, I looked at the chart and decided to stay in Wedneby sonicwave - Trading Discussion
I currently have a nice, steady F/T job that pays the bills and then some. However, it causes a lot of stress and I work late at night till 8pm or 9pm on more than a few occasions - maybe at least 1-2 times per month. I have a w+o basket near completion but not trading it too consistently. Has anyone been in a similar boat? I was wondering if you sought out maybe an easier gig to transitiby sonicwave - Trading Discussion
Hey guys, Thought I would tack on to everyone here. I took the basic and advanced class. I have not taken RTP. I am interested in learning about DE and proper exit strategy. Question: Do you think it is worthwhile for me to travel and take the new Survivor Weekend classes? For me to do so, I will fly from coast to coast so it would not be as simple as a weekend driving trip. Thby sonicwave - Trading Discussion
Do you guys feel like the transition has begun and we should be using more short-term charts? Over the past couple of weeks I have found that the QQQ is trading in a tight range from 89 to 91. There are "stock specific" plays out there, but to follow the rules I need to trade "with" the market. Anyone else having a hard time with this or know of a good solution? Thanks aby sonicwave - Trading Discussion
I have a general question about the bid-ask spread on options. When you are going to make a purchase what is the maximum difference for the bid-ask spread that you would consider acceptable? There are some stocks with nice movement that consistently have bid-ask spreads well north of $0.30 but usually around $0.50 to $0.75. Should I consider these stocks as non-tradeable? Thanks!by sonicwave - Trading Discussion
Thanks for the reply. I am kind of familiar with Trader's Accounting. I think they do seminars I have listened to before. I guess it is not as big an issue to incorporate as I thought earlier. I had thought I heard that you could get a 20% tax instead of ordinary tax if you became a "trader". Also, I was exploring the notion of moving to Puerto Rico since the taxes there are now alby sonicwave - Trading Discussion
I would like recommendations for books or websites that are good sources for starting a trading business to take advantages of tax benefits. Thanks, Pradeepby sonicwave - Trading Discussion
My stop was going to be the opening price of the candle. Your question is one that I was hoping would be answered. The longer term charts were coming off support and moving nicely.by sonicwave - Trading Discussion
I am posting a trade that I closed today. I would like any feedback from the experienced folks. Thanks in advance. QIHU 4 hour chart Entry: 1/28 @ 1040am PST (will be 140pm for east coasters) Stock Price: $93.81 1 Mar 95 Call @$9.80 Exited this morning not sure about time exactly, but like 830am PST (1130am EST) Exited at like $11.60 A small profit but I was Happy in Seattle.by sonicwave - Trading Discussion
Thanks for the quick replies - you guys are awesome!by sonicwave - Trading Discussion
Thanks for posting your models Robert. I have a question about running the scans at 4 hour buckets. Should the scans work the same as the daily ones? I have noticed that the signals don't work. I was wondering if I could check to see if anyone else was running into the same issue. Thanks in advance!by sonicwave - Trading Discussion
Thanks for posting this. I think it will really help me on days when I am in a jam and don't have as much time to spend on charts.by sonicwave - Trading Discussion
Wow that really helps me quite a bit. I see a nice signal on LEN for the 4 hour chart and wasn't since it is an interest rate sensitive stock!by sonicwave - Trading Discussion
Would you stay in a trade even though the next FOMC announcement is coming up tomorrow? Also, curious to know if you would hold through major earnings moves like Apple and/or Google?by sonicwave - Trading Discussion
I agree Robert. With the On Demand feature you don't even need to practice for 1 full year, because you can replay the days much faster especially if you are a big chart trader. I have found that practice is what allows me to develop discipline. Fyi, I am not an "expert" student and still struggling so please take my two cents for what it's worth. I have been doing this for apprby sonicwave - Trading Discussion
I am looking at some of the trades posted here and had the following question for Big Chart traders. After entering a trade on the 233 min or Daily chart as decision chart, on the following candle there is a big pullback going in the opposite direction below my entry price BUT the candle isn't closed yet. Do I need to wait on the Decision chart for the candle to close before making an EXIT deby sonicwave - Trading Discussion
Usually I won't look for a play immediately after earnings like the open right after it is announced. I will see the earnings history for the past 3-4 years for that quarter and see how the stock has behaved in the past. Usually, when a stock beats probabilities lean towards a drift higher. You can google it "PEAD" - Post earnings announcement drift. Again, if you want to follow GW'by sonicwave - Trading Discussion
Hi Darcy, I'm curious to learn about your thought process for "choosing" trades. Out of your trading plan and and expected gains/trades etc...Why did you choose to do this trade? I ask because GW says that the pullback often experienced after a split is not "necessarily" the idea portion of a split to trade. Thanks in advance.by sonicwave - Trading Discussion