Stock Market

[Psycnosis]

Learn RSI

I already use BBs, and I do enter counter-trend when price makes a significant move outside the BBs (top or bottom). I was more curious about your RSI stuff since I've never found RSI to be of any use, unless it's coupled with other indicators (perhaps BB). Seriously, this is all out of curiousity. Personally, I think price and volume are sufficient to make decent trades

-awais

 

[O-Ace]

Just checking up on how you big shot traders are doing

-awais

 

[steveny]

I am in the midst of changing brokers so my account has to be doormat for a period of time to allow trades to settle before they can make the switch. I should not be even watching as it is driving me nuts seeing all the trades go by that I am not making $ on.

 

[O-Ace]

Steve, who you switching to?

-awais

 

[steveny]

Scottrade for now but I may switch again later.

 

[O-Ace]

Scottrade for now but I may switch again later.

I haven't heard good things about Scottrade.

-awais

 

[steveny]

What should I look out for?

 

[Psycnosis]

1133 was the money trade today.

 

[O-Ace]

1133 was the money trade today.

Definitely. I saw it too, but had to leave for work so couldn't take it. I don't like leaving taking positions I can't monitor.

-awais

 

[O-Ace]

What should I look out for?

From what I've heard from several people, their service just sucks. Crappy fills and slow quotes. What exactly are you looking to do, swing trade options? stocks?

-awais

 

[steveny]

From what I've heard from several people, their service just sucks. Crappy fills and slow quotes. What exactly are you looking to do, swing trade options? stocks?

-awais

And daytrade options and stocks too. I don't like the fact that options can not be traded from their streamer. I do like the commission rates they have though.
I am starting up a real-estate company and think I may just sell covered calls for a while so I can get this real-estate thing off and running.

 

[O-Ace]

steve, check out www.interactivebrokers.com They have better commission on options and their service is way better than Scottrade.

Btw, I'm also getting my broker's license this May You going into residential, commercial or both?

-awais

 

[steveny]

steve, check out www.interactivebrokers.com They have better commission on options and their service is way better than Scottrade.

Btw, I'm also getting my broker's license this May You going into residential, commercial or both?

-awais

Both. Congrats on getting your broker's license. I have thought about doing that as well. Isn't there a rule about having to use mark to market if you are licensed? If so have you figured out the cost of doing so?

 

[O-Ace]

Both. Congrats on getting your broker's license. I have thought about doing that as well. Isn't there a rule about having to use mark to market if you are licensed? If so have you figured out the cost of doing so?

Oops...I should have been more clear. I meant real estate broker's license. I'm not sure about the mark-to-market for brokers, but since I trade futures, they're mark-to-market anyway.

-awais

 

[steveny]

interactivebrokers looks pretty good I will have to do some more digging through their site. I see that option orders can be directly routed to the exchange I prefer. That alone could be a huge plus. They state an order can be edited for a small fee. Does this include partially executed orders?

 

[O-Ace]

I closed my account with them last month, so am not up to date on their fees, but I think the fee gets credited to you if the modified order gets hit. It's something like that.

-awais

 

[Jinkers]

Im very new to this and I'm working off the CME delayed chart, so my info is old, but based on that chart, I see a short opportunity for the ES at 1143 at 12:45 (thats the current time of the chart, its delayed), did it happen?

 

[O-Ace]

Im very new to this and I'm working off the CME delayed chart, so my info is old, but based on that chart, I see a short opportunity for the ES at 1143 at 12:45 (thats the current time of the chart, its delayed), did it happen?

Nope; I think ES hit 1146+ later on (I'm at work, so don't have charts). What were your reasons for entering short at 1143?

-awais

 

[Jinkers]

It was a strong signal from RSI, but I didn't wait the 15 minutes (delayed chart only refreshes in 15 minute blocks) for it to come back down and break back through 70 which would have been a real signal, I just guessed that it was as high as it was going based on what I've seen in the past.

 

[Jinkers]

Yeah, I see it at 1144.x so far and the real signal hasn't been given yet, I shouldn't have guessed at it. BTW this is my first day even looking at the charts, for what its worth.

 

[Jinkers]

I'll wait for the chart, and post (even though you've already revealed what happens) when my ACTUAL signal would have been reached.

Edit: holy crap the RSI is past 80! At 1147 right now (1:30) on the chart and signal hasn't been reached, I shouldn't have said that so far in advance.

 

[Jinkers]

THERES my signal, short 1145 at 2:00.

 

[Psycnosis]

My signal was short @ 1147 @3:00

 

[dgp]

And for $19.95 you can subscribe to my newsletter and find out what my signal to sell was....hehehe

 

[O-Ace]

Psycnosis, where are you expecting ES to go in the short-term (next 2 weeks). We've had a nice run-up without any pullbacks.

-awais