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Post by Del »

Biff wrote: 19 May 2022, 14:53
Del wrote: 19 May 2022, 13:57
sweetandsour wrote: 17 May 2022, 04:26 ping
Hey, Tim....

Do you draw lines on your charts? Or at least visualize the lines in your mind?

Flat lines for Support and resistance?

Diagonal lines to identify trading channels?

It's a powerful tool of technical analysis. Just wondering if you use these.
I plot lines on my charts ... but then that's for sailing which is different than stonks.
Popeye approves.
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Post by sweetandsour »

Del wrote: 19 May 2022, 13:57
sweetandsour wrote: 17 May 2022, 04:26 ping
Hey, Tim....

Do you draw lines on your charts? Or at least visualize the lines in your mind?

Flat lines for Support and resistance?

Diagonal lines to identify trading channels?

It's a powerful tool of technical analysis. Just wondering if you use these.
I guess my very short answer to your questions is no. I look at lots of charts, read the analysts, listen to certain friends that I trust, and watch the market. The only formal training that I've had was several years ago, 2 very long days and 436 pages, which was specifically geared toward energy trading, taught by Richard Weissman, author of the books "Trade Like a Casino" and "Mechanical Trading Systems". We got really heavy into RSIs, crossovers, moving averages and the like. I presume that's what you're doing. What I'd like to have had was the computer setup that he had and demonstrated during the training sessions, if I could remember exactly what it was. I'm sure that it is completely outdated now.

I'm just now (this year) beginning to get back into actively managing my Fidelity "play account", dusting off some old books on trading, and signing up for Fidelity and other webinars. Really interested in covered calls, but nothing as risky as what you're doing.
The Indians will not bother you now, on account of ... you are touched.
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Post by Del »

sweetandsour wrote: 20 May 2022, 05:35
Del wrote: 19 May 2022, 13:57
sweetandsour wrote: 17 May 2022, 04:26 ping
Hey, Tim....

Do you draw lines on your charts? Or at least visualize the lines in your mind?

Flat lines for Support and resistance?

Diagonal lines to identify trading channels?

It's a powerful tool of technical analysis. Just wondering if you use these.
I guess my very short answer to your questions is no. I look at lots of charts, read the analysts, listen to certain friends that I trust, and watch the market. The only formal training that I've had was several years ago, 2 very long days and 436 pages, which was specifically geared toward energy trading, taught by Richard Weissman, author of the books "Trade Like a Casino" and "Mechanical Trading Systems". We got really heavy into RSIs, crossovers, moving averages and the like. I presume that's what you're doing. What I'd like to have had was the computer setup that he had and demonstrated during the training sessions, if I could remember exactly what it was. I'm sure that it is completely outdated now.

I'm just now (this year) beginning to get back into actively managing my Fidelity "play account", dusting off some old books on trading, and signing up for Fidelity and other webinars. Really interested in covered calls, but nothing as risky as what you're doing.
I use "Think Or Swim," the trading app provided by TD Ameritrade. It has so much power, and so easy to use... and it's free to learn on. They figure that if you learn on their platform, you will likely trade live on that platform. So they make it great.

It has so much power and every possible analytical algorithm.... and I don't hardly touch any of that.
====================================

To be honest, I don't use any of those fancy bells and whistles. I just stick to the basics of technical analysis, drawing lines and looking for some familiar patterns. The market is an emotional toddler, and a good parent/trader can tell when its winding itself into a tantrum or too wound up to go to bed.

For small timers like us, we have time to watch intraday movements, study stock charts, and enjoy the process while smoking a pipe.

Sophisticated analytics..... are crude. Lots of false positives and false negatives. Computers can't see patterns like humans can.

Professional like the fancy analytics because they are programmable. A buy our sell signal can be triggered when the lines cross, or a human can be alarmed to review. When they have hundreds of stocks and commodities they are watching, they need this stuff. Lots of information at a quick glance.

But as for me, it's a lot of complication with little added benefit. Master the basics first.

What I learned this week with our NVDA trade: How to watch a stock behave during the day alongside with the SP500 index.
======================================

One of my video instructors was asked "If you could only teach one trade, what would it be?"
He answered, "I would teach How to trade covered calls dynamically."

He would teach how to read the swings of the stock prices, set call prices, and even how to squeeze extra money when selling off the stock by using calls. (It's a nifty trick, but a little too clever by half if you ask me).
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Post by sweetandsour »

Del wrote: 20 May 2022, 08:57
sweetandsour wrote: 20 May 2022, 05:35
Del wrote: 19 May 2022, 13:57

Hey, Tim....

Do you draw lines on your charts? Or at least visualize the lines in your mind?

Flat lines for Support and resistance?

Diagonal lines to identify trading channels?

It's a powerful tool of technical analysis. Just wondering if you use these.
I guess my very short answer to your questions is no. I look at lots of charts, read the analysts, listen to certain friends that I trust, and watch the market. The only formal training that I've had was several years ago, 2 very long days and 436 pages, which was specifically geared toward energy trading, taught by Richard Weissman, author of the books "Trade Like a Casino" and "Mechanical Trading Systems". We got really heavy into RSIs, crossovers, moving averages and the like. I presume that's what you're doing. What I'd like to have had was the computer setup that he had and demonstrated during the training sessions, if I could remember exactly what it was. I'm sure that it is completely outdated now.

I'm just now (this year) beginning to get back into actively managing my Fidelity "play account", dusting off some old books on trading, and signing up for Fidelity and other webinars. Really interested in covered calls, but nothing as risky as what you're doing.
I use "Think Or Swim," the trading app provided by TD Ameritrade. It has so much power, and so easy to use... and it's free to learn on. They figure that if you learn on their platform, you will likely trade live on that platform. So they make it great.

It has so much power and every possible analytical algorithm.... and I don't hardly touch any of that.
====================================

To be honest, I don't use any of those fancy bells and whistles. I just stick to the basics of technical analysis, drawing lines and looking for some familiar patterns. The market is an emotional toddler, and a good parent/trader can tell when its winding itself into a tantrum or too wound up to go to bed.

For small timers like us, we have time to watch intraday movements, study stock charts, and enjoy the process while smoking a pipe.

Sophisticated analytics..... are crude. Lots of false positives and false negatives. Computers can't see patterns like humans can.

Professional like the fancy analytics because they are programmable. A buy our sell signal can be triggered when the lines cross, or a human can be alarmed to review. When they have hundreds of stocks and commodities they are watching, they need this stuff. Lots of information at a quick glance.

But as for me, it's a lot of complication with little added benefit. Master the basics first.

What I learned this week with our NVDA trade: How to watch a stock behave during the day alongside with the SP500 index.
======================================

One of my video instructors was asked "If you could only teach one trade, what would it be?"
He answered, "I would teach How to trade covered calls dynamically."

He would teach how to read the swings of the stock prices, set call prices, and even how to squeeze extra money when selling off the stock by using calls. (It's a nifty trick, but a little too clever by half if you ask me).
It's all fascinating, and I'm enjoying learning, hopefully while generating a little income. Long weekend coming now, and hopefully a good week next week for you, me, and a couple of my buddies here that couldn't stand it and bought NVDA today.
The Indians will not bother you now, on account of ... you are touched.
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Post by Del »

sweetandsour wrote: 20 May 2022, 10:37
Del wrote: 20 May 2022, 08:57
sweetandsour wrote: 20 May 2022, 05:35

I guess my very short answer to your questions is no. I look at lots of charts, read the analysts, listen to certain friends that I trust, and watch the market. The only formal training that I've had was several years ago, 2 very long days and 436 pages, which was specifically geared toward energy trading, taught by Richard Weissman, author of the books "Trade Like a Casino" and "Mechanical Trading Systems". We got really heavy into RSIs, crossovers, moving averages and the like. I presume that's what you're doing. What I'd like to have had was the computer setup that he had and demonstrated during the training sessions, if I could remember exactly what it was. I'm sure that it is completely outdated now.

I'm just now (this year) beginning to get back into actively managing my Fidelity "play account", dusting off some old books on trading, and signing up for Fidelity and other webinars. Really interested in covered calls, but nothing as risky as what you're doing.
I use "Think Or Swim," the trading app provided by TD Ameritrade. It has so much power, and so easy to use... and it's free to learn on. They figure that if you learn on their platform, you will likely trade live on that platform. So they make it great.

It has so much power and every possible analytical algorithm.... and I don't hardly touch any of that.
====================================

To be honest, I don't use any of those fancy bells and whistles. I just stick to the basics of technical analysis, drawing lines and looking for some familiar patterns. The market is an emotional toddler, and a good parent/trader can tell when its winding itself into a tantrum or too wound up to go to bed.

For small timers like us, we have time to watch intraday movements, study stock charts, and enjoy the process while smoking a pipe.

Sophisticated analytics..... are crude. Lots of false positives and false negatives. Computers can't see patterns like humans can.

Professional like the fancy analytics because they are programmable. A buy our sell signal can be triggered when the lines cross, or a human can be alarmed to review. When they have hundreds of stocks and commodities they are watching, they need this stuff. Lots of information at a quick glance.

But as for me, it's a lot of complication with little added benefit. Master the basics first.

What I learned this week with our NVDA trade: How to watch a stock behave during the day alongside with the SP500 index.
======================================

One of my video instructors was asked "If you could only teach one trade, what would it be?"
He answered, "I would teach How to trade covered calls dynamically."

He would teach how to read the swings of the stock prices, set call prices, and even how to squeeze extra money when selling off the stock by using calls. (It's a nifty trick, but a little too clever by half if you ask me).
It's all fascinating, and I'm enjoying learning, hopefully while generating a little income. Long weekend coming now, and hopefully a good week next week for you, me, and a couple of my buddies here that couldn't stand it and bought NVDA today.
I can't believe how much I have learned (and how much money I could make) just by watching a single stock with you. Thank you for inviting me into this conversation!

Part of this is timing. I've never tried trading at the bottom of a normal bear market before (the covid market was anything but normal).
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Post by Del »

sweetandsour wrote: 20 May 2022, 10:37ping!
Pull up a chart of the S&P 500. Take a good look at the candle for Fri, May 20.

Notice the long wick at the bottom. This is great news.... the market is showing its hand!

Market index got down to near 3800. Computer buyers swooped in and bought it back to 3900. If the index gets down to 3800 again, buyers will swoop back in again!

NVDA (part of the S&P) was tracking the index on Friday. If S&P gets down toward 3800, buy more NVDA.
==================================

Now take a look at the market close at 3900 on May 21. Market opened and closed at 3900 on May 19. Market opened at 3900 on May 12. Market is very comfortable at 3900 right now.

Until the market finds a new direction, it is going to trade close to 3900, mostly on the upside. 3900 is the mattress; 3800 is the floor.

NVDA will find a new mattress/floor after earnings this week. Then it will track up and down with the S&P index.
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Post by sweetandsour »

Del wrote: 21 May 2022, 20:27
sweetandsour wrote: 20 May 2022, 10:37ping!
Pull up a chart of the S&P 500. Take a good look at the candle for Fri, May 20.

Notice the long wick at the bottom. This is great news.... the market is showing its hand!

Market index got down to near 3800. Computer buyers swooped in and bought it back to 3900. If the index gets down to 3800 again, buyers will swoop back in again!

NVDA (part of the S&P) was tracking the index on Friday. If S&P gets down toward 3800, buy more NVDA.
==================================

Now take a look at the market close at 3900 on May 21. Market opened and closed at 3900 on May 19. Market opened at 3900 on May 12. Market is very comfortable at 3900 right now.

Until the market finds a new direction, it is going to trade close to 3900, mostly on the upside. 3900 is the mattress; 3800 is the floor.

NVDA will find a new mattress/floor after earnings this week. Then it will track up and down with the S&P index.
Interesting, getting into the charts. It'll be interesting this week for sure, for those holding NVDA.
Last week was a pretty wild ride, along with the last few weeks. My buddy was watching for 160 like I was, but got impatient like me and put in a limit order for 162. When it hit 160 and began the uptick you knew the big guns were buying, and it ended the day at 167. It moves so fast.
The Indians will not bother you now, on account of ... you are touched.
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Post by sweetandsour »

sweetandsour wrote: 22 May 2022, 08:20
Del wrote: 21 May 2022, 20:27
sweetandsour wrote: 20 May 2022, 10:37ping!
Pull up a chart of the S&P 500. Take a good look at the candle for Fri, May 20.

Notice the long wick at the bottom. This is great news.... the market is showing its hand!

Market index got down to near 3800. Computer buyers swooped in and bought it back to 3900. If the index gets down to 3800 again, buyers will swoop back in again!

NVDA (part of the S&P) was tracking the index on Friday. If S&P gets down toward 3800, buy more NVDA.
==================================

Now take a look at the market close at 3900 on May 21. Market opened and closed at 3900 on May 19. Market opened at 3900 on May 12. Market is very comfortable at 3900 right now.

Until the market finds a new direction, it is going to trade close to 3900, mostly on the upside. 3900 is the mattress; 3800 is the floor.

NVDA will find a new mattress/floor after earnings this week. Then it will track up and down with the S&P index.
Interesting, getting into the charts. It'll be interesting this week for sure, for those holding NVDA.
Last week was a pretty wild ride, along with the last few weeks. My buddy was watching for 160 like I was, but got impatient like me and put in a limit order for 162. When it hit 160 and began the uptick you knew the big guns were buying, and it ended the day at 167. It moves so fast.
Well, they missed the mark, but not by much. It'll bounce back.
The Indians will not bother you now, on account of ... you are touched.
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Post by Del »

I want to thank you for opening this conversation!

We started talking and texting together in the first week of May. We are in the fourth week now. I've had the best ever trading month since I started 4 years ago.

I made $6000 trading this month. ($1400 of this was trading NVDA with you. Thank you!)

My trading account was $25,000 at the beginning of May. That's 24% return in one month.... most traders hope to average 3% to 5% return per month on their total balance, so this has been something incredible.
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Post by sweetandsour »

Wow! You've done pretty well in May, when alot of folks sold and went away.

I'm not sure yet where I stand, but I think my play account right now is close to even. My buds in the know say be patient with my NVDA shares. I'm not quite there on that but we shall see if things settle down for them now.

Calls are definitely in my future. And another positive note I picked up a job today, in CO Springs in a few weeks, so that'll be some extra income. Anyway it's been fun talking trades.
The Indians will not bother you now, on account of ... you are touched.
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