brownsfan019

If you can share how you arrived at these numbers, I would love to see them. As soon as you translate it into math, I am onboard!

Tin, What a GORGEOUS looking stock for the candlestick trader. Wow, this is nice. This would be one for the watch list for me, that's for sure. Just look at those levels being respected and producing great candle signals. Could get a possible long here if we get a nice hammer or something at this new support/old resistance. Great find!

Ok, so in an iron condor what are the potential risks and rewards? Reward is what you collect NOW? Correct? Is the risk in theory unlimited?

Tin, Can you explain the theory behind the credit spread itself? I faintly recall this strategy but could use a refresher for sure!

Any reason or just a gut feel?

Here's an after the fact look at a really, really nice buying opportunity: Too bad we weren't watching goog then. Here's a look at the current price action: GOOG is in a little box here, perhaps the pre-earnings is keeping this consolidated till after the close today. Should be interesting after the close.

As much as GOOG is in the news, thought we could discuss it in the swing trading forum. If we are looking for stock/option plays that move, this thing could be one for the watchlist. Google's earnings are after the close, so we'll see what this puppy does. Anyone playing earnings on this? Tin - how about an option play? What about a straddle or something that is not purely one direction?

http://www.cnbc.com/id/21016815/site/14081545/ Just saw this advertised - could be interesting. Looks like this one will be going on the DVR.

If it's in your biz plan mc, then yes. If not, then no.

My concern with this chart is the immediate overhead resistance. Weak risk/reward in my opinion. So it could be a valid hammer, but I would be cautious with those resistance levels right above you. Either take the trade and be very cautious with these levels or consider passing on this one for now.

James, There is very, very little data here to make a suggestion. Candlestick analysis is not just about what I call 'hammer hunting'. If I ever write a book, that will be in the book for sure. Maybe even the title of the book - Dangers of Hammer Hunting. I can see it now. What I am trying to say is that all I see here is a hammer that closed below one moving average and above another. Is that playable? Maybe. I need more of the chart and you need to explain what your trading plan is. Does this hammer fit your profile of a legit hammer? I'd be concerned about closing below the one MA, but that also looks like a very quick MA as well.

Something I will have to take note of too then. Never thought about WRB's on the daily, but I'd venture a guess that they may be pretty strong on a daily chart.

Tin, I've never looked at WRB's into a daily chart analysis. Interesting observation, let's see if that provides some support here or not. From a traditional candlestick perspective, I prefer s/r levels with 'candle clusters'. Not sure if I read that term somewhere or not, but basically looking areas where price had respected previously a number of times and windows. Don't underestimate the power of windows on a daily. That link to a window explanation is pretty good. That site is not bad either for candlestick analysis. I used to visit it when trading stocks.

Good points Tin. I can see why focusing on a some etf's a few stocks is a good way to go. There's only so much time in a day to do your analysis and set your plays up. I think if I did the stock thing again it would be similar to yours here with the etf's and some stocks. I would want to scan for high volume and % gainers/decliners as well. I think there's some possible plays for stocks that can break out, create new support/resistance and then give a nice candle signal to take the trade. Kind of like the post here. Granted that was a cheap stock, but as soon as the volume moved into it and it broke, there were 2 chances to get long.

Good luck with it James and hopefully you'll still contribute some ideas here. It may be redundant, but I think you'll get some good feedback here on particular trades, setups, etc. if you post charts and such here as well.

OAC - I get what you are saying. There are many, many ways to trade the markets and for me, I just trade what I see. I don't go into a day with any bias and just let it go. But, I can see the validity in doing homework the night before and structuring your plan based on what you've seen to provide the ground work for the current day.

I noticed on PS today that many tables have 0 players as they wait to get filled. If we set a day and time, there's a good chance we could all get in on the same table. The catch would be which table. We could set a day and time and I can come back here a few minutes before and announce which table is empty and where we can try to play. That's the best idea I've got. Anyone interested? If so, list your preferred days and times, preferably in EST.

Yeah, 50 looks like a key level on this one. This is the kind of stuff that drove me nuts on stocks - you really have to watch your stuff on each one and treat each one individually; whereas watching the indexes is more straightforward in my eyes. The work with stocks can be intense, esp if you do not just focus on a basket and if you throw options into the mix... oh boy... lotsa work. That's probably what's holding me back on getting back into the stock trading - knowing that I have to build some sort of scans, baskets of stocks, etc. and then watch them each and every day. Like you said here, if this breaks the 50 level, there could be some good buying coming in. But, you have to be ready when that happens. Miss it and you could be kicking yourself for months.

Jerry, There is this TL chat room - http://www.traderslaboratory.com/forums/misc.php?do=flashchat I don't think it will support live, streaming charts, but there is a chat room right here on TL. Awhile back it had people in there daily but it died off for whatever reason. If there's enough interest, you guys could just use that for the time being.

We discussed some options here - http://www.traderslaboratory.com/forums/f110/favorite-swing-trading-softwares-2616.html Not all are web based though. I would say that prophet.net is a good option for paid web based services. For just charts that are free, I like quote.com and stockcharts.com.

And after looking at it more, a reversal into a buy could work well here too. We know there's some overhead resistance here, but if it busts through, you'll want to be long. If not, we can keep playing this 'box' or 'channel' type formation. Closer timeframe chart: Longer timeframe with possible resistance highlighted: So we see possible immediate resistance @ 49.50 or so. If it can bust through that level, then I'd be looking at 52 and 55 as the next possible zones. We may see after today or tomorrow that it could not bust through this overhead resistance that we exit long and possibly short again. Some may be thinking this is futile, but as long as the trades are making money, I am ok with that. When this busts and if we are in it, we'll be even more happy.

Well Tin, this guy just didn't have the gusto we needed. 273 saw a window that I did not see and it bounced right off that. Closing the trade per yesterday's price action yielded a small profit, but nothing to write home about. I think you'll see with candles that there are many singles and doubles hit and then you get that home run or grand slam on occasion as well. The key is to keep swinging. I absolutely hate baseball analogies but they seem to work so well. I've tried to make football ones work and they just don't have the same follow through.

Ironically Reaver, geo did not realize he was spamming for us as well. I'm not about to condone spamming, but since he was willing to do this for TL at no charge, that was awfully nice of him. He is so obtuse that he didn't even realize what he was doing. :hmmmm:

Interesting chart Tin, thanks for sharing. Keep us posted on this trade as I am curious how these option plays operate. If you feel like divulging entry level, profit target, etc.

VV - I am game. You can probably guess my screenname over there as well. Maybe it's time for a new screenname for me. I like the 5/10 no limit. I seem to be doing well with that lately. Last night for example, I went to a table with $1k and left with $17k. That was fun. Of course I have no idea how the real money tables are played and what to expect there, but it's been fun on the play money tables.