December 13, 2011

Charts of Interest - $GLD $SPY $VXX $AMZN $CAT$VMW $WYNN

        Some charts are holding key moving averages and support. Others look like shit. I see equally the same amount of long set ups as I do short set ups, at least in the 200 names on Quote list.  The inverse ETF's even look like shit to me. I have moved away from day trading to swing trading in the last couple of years, personally. But this is a day traders market in my opinion. I don't feel comfortable holding on the long or short side at this time. For me Cash is best and all I can really do until something changes. 

GLD AB=CD Still working on the C to D leg. 
SPY Daily
 Spy Weekly Ascending Wedge
 Spy Monthly Range
 VXX Triangle

    Fuck it, Day trading, I love trading the high beta names with big ranges. I prefer catching points on smaller shares, then cents on thousands of shares. My main monitor has the 1min, 5min and either a 30min or Daily, along with the level II and position manager. The other three screens are filled with the 5min charts of as many high betas I can fit. 
       Talking with @SteelerTrader this evening and it sounds like he prefers to use the first 15min range. I prefer the first 30min range. 9 times out of 10, I will sit on my hands the first 30min and wait for the range to develop. 
      I'm either short thru the first 30min low or long thru the first 30min high. On the 1 and 5min charts are what I love to day trade off of. I use almost the same moving averages as I do on the daily time frame and the same way, mainly as trailing stops. The idea is to use the 50 period in determining the trend and the 10/21 as trail stops. 
       To me there is no reason set targets, your just going to limit your upside. Why I use trailing stops. The most lucrative days for me are when stock trades down in the morning, sideways, then follow thru to the downside in the afternoon. I haven't day traded in almost two years so I could just be off my rocker, or it's just me missing trading 08. Obviously hindsight is 50/50. I just noticed some nice looking 5min charts today. If this bear starts to get some legs, I might just have to saddle up and start piking again. If that's the case I'll start hangin in @GtoToy's Chat Room.
VMW  Trend Day

Charts of Interest - $KEX $NUAN $ULTA $ROST $PRGO