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David--
I appreciated your informative post. I must admit, though, that some of the
things you wrote were foreign to me--I don't day-trade. Would you mind
taking a little
more time to fill in some details? I have some embarassingly basic
questions. In advance, thanks much!
>The three shorts and three longs, (5 Min), with Volume bars
>The Adv/Decline line on the NYSE (5 Min), with volume bars
>The SP&500 (5 Min)with volume bars
What is a volume bar? In TS 3.01 (yeah, I'm a dinosaur) I can show tick
volume as verticle lines under the chart, but I doubt that's what you mean.
>I set alerts for 10,000 share trades on the three longs
>and three shorts.
I presume this is a TS 4.0 feature? Do you need a data feed that
differentiates between individual trades? I can set alerts on total volume,
but I'm not aware of a way to do so on the volume of individual trades, or
even to isolate individual trades.
>>If the adv/decline line is positive, and the SP 500 is positive,
>and I get a 10,000 share trigger long, and the bid/ask spread is
>1/8 I immediately place a trade long at the ask price
>before 10,000 trade trigger if it ticked or not.
>If the adv/decline line is negative, and the SP 500 is negative,
>and I get a 10,000 share trigger sell, and the bid/ask spread is
>1/8 I immediately place a trade short at the ask price
>before 10,000 trade trigger if it ticked or not.
Trades are placed at the ask for both long and short trades? You are
entering at what the ask was prior to the 10,000 share trade?
>The trade will usually trigger a rollover. . .
What is a rollover?
>Follow the real time order flow,
>and stay your position if the order flow is in your favor,
Where do you get this? I subscribe to BMI, but am not aware of any info
on order flow. Am I missing something, or is this an additonal
subscription?
>Trade late in the day and be obstinate. Meaning, lets say you bought
>2,000 shares at 20. Its at 20 1/8 - 20/1/4. You want to sell and get
>your crummy $500 dollars. Place a sell at 20 1/4. At 4:00 you will be
>filled.
Really? The specialists will buy at the ask at the close? Any idea why?
Lastly, if you have abroker that can handle this kind of action, I'd love to
know its name. I've been using Nat. Discount. It often takes several
minutes to confirm a fill, a minute or two to cancel an order, and shorts
have to go through a live broker. Obviously unsuited for this sort of
trading.
Again, thanks for the time and trouble it takes to answer questions like
these, and for sharing knowledge no doubt won at the cost of scars. Much
appreciated.
--Chris Slaybaugh
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