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Originally posted by New-born baby
Best to ya!
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Dude! Ya had the plan; it was a good plan! Doubts happen to the best of us. Think about what it was that made you feel different once you were ready with the trigger button. That's what you have to fight. The setup was valid long; it met the conditions of entry; you were ready to fire and hesitated. That is the precise thing that you must take control of and whip.
Best to ya!
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Gun shy
Spike,
You are correct! (As usual!). Thank you!
Does LLY have anything left in the tank? Is the target still $61.60?Comment
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You're welcome.Originally posted by New-born baby
I think it has more potential in the tank. Note the word potential. And also note that today (the day after the turn up) is the ideal time to chase an entry. Now that you've missed it, you should probably go back into ambush for another opportunity.
But it has the potential for higher: Channel short on the weekly has just failed. The channel from that short day has actually been pointing up for a few weeks now - didn't notice that before, but that is a particularly interesting bullish channel phenomenon. One expects a channel from a high to be downward sloping. The fact that this one started out upward and remained so is nicely bullish.
One might buy intraday S1 or S2 or intraday pattern, but you've missed the perfect chase entry. And in my book, chasing a missed 'channel chase entry' is not the ideal situation so I'd pass on the trade and wait for a channel long for it. Shouldn't take long....
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Gm: Long!
You read that right. Take GM LONG from here--for now.
Dr. Kerkorian wants 10% of GM stock at $31. We are headed right into a divy on 9 May. If you buy now and hold for a few hours/days, you may see some price appreciation. In any case, you have free insurance that the price won't drop below $31 as long as Dr. K keeps his bid in for $31. I am just looking for .50-$1, that's all.
Yesterday, GM formed a gapping cup. (It will fill in nicely once the euphoria is over, and we could play it short later. But for now, we are going to play it long). My play: buy GM for a daytrade. Look for an intraday entry at support once it has opened.
Personally, I hope Dr. K can save the company, but let's be realistic: it is going to take a LOT of work and many months and years, if it is even possible. The whole culture inside GM needs to be changed.Comment
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6 May 2005: SNA
SNA is working on forming a nice chart.
Looks like an opportunity for a profitable swing trade. This thing is just starting the second wave up. It might warrant a closer look.
Click on chart, then click on chart again to enlarge.Comment
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News Driven Stocks
Here's some hot picks for Monday, May 9
WAL--Walmart, nice retail numbers (TGT-Target reports this week, too) All the retailers' boats out to float higher because of the WAL report.
RIMM-has reached a milestone: 3million subs to their "Crackberry." Has been trading in a range near 70 for 6 months. Look for a nice $2-4 pop today.
Takeover candidates:
HON--Honeywell; should be hot today.
AMTD--Etrade wants them.
MCIP--Quest wants them.
I think you'll see a good move out of these today.Comment
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NewBorn,
That was a nice call on AMTD. They're up 2.72 in the pre-market on the rumor which I think now is not a rumor anymore. Did you get any of AMTD earlier in the pre-market?THE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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No
I have Scottrade as my broker until I can get my $$ out of Canada (hopefully today). Answer: no. They don't do pre/post market. I am moving over to Interactive Brokers as fast as I can.Originally posted by skiracer
Ameritrade has more room to move. You watch: she's going to be on fire from the opening bell for the first half hour/hour. Quick daytrade, pick up a few hundred.
I think RIMM is going to be moving again, too. We'll see.Comment
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Wow, are you kidding?!! That is just pitiful, dangerous, ignorant, and insane!Originally posted by New-born baby Good plan to go to IB. You won't be disappointed. Like I've said before, until one experiences direct access one doesn't know what one is missing. Not only an edge with entries and exits, but the ability to exit a position after-hours or pre-market if you have to. I mean come on, this is 2005 Scottrade. Managmenet must be living under a rock. 
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Scottrade does offer post market trading (I never tried it though), but not pre market trading.Originally posted by New-born baby
Does IB offer a web-based trading platform? or you have to load its software on your PC to trade?Comment
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Yep, they sure do. You can even try an easy, no fuss, no details provided demo here http://www.interactivebrokers.com/en/software/demo.php# (you will need to get the free Java software for it to run). They provide a link to it on the page I quoted. I use both the web-based platform and the stand alone TWS platform and there is no noticeable difference in speed of execution.Originally posted by yaoyaoComment
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NVEC on fire today
a chance for you traders out there to grab a quick buck, maybe?
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trading site suggestions
Hey, I'm new to this site, reading this thread about switching from Scottrade. I have my account with Scottrade because they're cheap and I'm new and want to keep cots down until I build a bigger warchest to work with. Have beeen frustrated with Scottrade a bit lately as I gain more experience. Besides IB, any suggestions for trading sites that are cehap and offer streaming info and quotes? Level II?Comment
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frankie,
Not sure you'll get as good bang for the buck than IB, but for reliability and speed I can recommend http://www.mytrack.com/ but market orders are $12.95 and limit orders $15.95. But great direct access.
But frankly, frankie, IB is a great choice imho cuz it's not only cheap (penny a share and a buck each way per option contract) but it's very quick execution and reliable. Cost isn't everything, so base your decision on a blend of cost and speed and reliability. IB is all of those and hence the best choice for both the newbie and pro trader.Comment
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