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The catman trading set-up by Doug Penny (catman)



MTrader Class (C) copyright MTrader  June 3, 2004
[09:45] <catman> First of all how did trades go this morning
[09:45] <catman> ?
[09:46] <catman> Beads did fine I know.  doubled her goal
[09:46] <easy> not trading...I am commuting during the critical hour and cannot babysit position.
[09:46] <easy> Did you ask me?
[09:46] <catman> I made one trade off Ken's nvda call for 40 + cents
[09:47] <catman> I did easy and everyone else too
[09:47] <KenWolff>  great
[09:47] <catman> I actually entered at 22.60
[09:48] <catman> OK lets discuss trading set ups
[09:48] <catman> first of all there is a great deal of personal taste and choice here
[09:49] <catman> Ken trades off a level one screen, and therefore doesn't need the screen space that I do
[09:49] <catman> I can trade off level one, and have done it, but I ain't as good as him and I am more comfy looking at charts
[09:49] <catman> sooooooooo
[09:50] <catman> I set up 2 21" monitors of of a single computer with an Appian Gerinomo multi monitor card for my trading computer
[09:50] <catman> the only program on this computer is RT3
[09:51] <catman> I have another utility computer that has the chatroom, email etc on it
[09:51] <easy> what is RT3?
[09:52] <catman> I have 4 level 2 screens (2 on each monitor) display and 4 charts displayed (one for each level 2)
[09:52] <catman> Real tick 3 Easy
[09:52] <catman> trading platform by Townsend Analyitics
[09:52] <catman> one broker using it is Terranova-MB
[09:53] <easy> can you drag your mouse from screen 1 to screen 2 fast& accurate?
[09:53] <catman> then I have 4 more mini charts  overlayed (2 on each monitor)
[09:53] <catman> don't need to
[09:54] <catman> each level2, each chart takes 1/4 of the monitor
[09:54] <catman> all are visible all the time
[09:54] <easy> Cat, how do you enter trade commands ?
[09:54] <catman> the mincharts are about 1/8 of a screen and are laid in the corners
[09:55] <catman> just a sec Easy and I'll cover that
[09:55] <catman> so I am looking at 4 level 2 and 8 charts all at a very complet picture of what is happening
[09:56] <catman> additionally on the utility computer I have Interactive brokers trading platform is a level one display with about 40 stocks on it
[09:56] <catman> I trade from this screen..........point and click
[09:57] <catman> extremely fast fills
[09:57] <catman> I can get 4 trades off in a couple of seconds
[09:57] <dan409>  basket trades cat ?
[09:57] <catman> seldom dan I usually just click individual stocks
[09:58] <dan409>  ok thx
[09:58] <catman> I appreciate your questions, because it will help me make sure I am getting the picture across
[09:59] <catman> so all iin all i have a ton of data displayed
[09:59] <KenWolff>  so you trade with Interactive Brokers catman??
[10:00] <catman> Yes I use Terranova-MB for intermediates and IB for daytrades
[10:00] <catman> the reason is:
[10:00] <dan409>  cat...can you tell us what type of charts you are using ? what are you looking at specificaly ? when you get a chance...don't mean to interrupt you're wonderful class
[10:01] <catman> when I started commissions were higher.  IB's commission was only a penny per share and I was trading 100 shares so that meeant I never had to consider commissions in my trades
[10:01] <catman> shoooa Dan just a sec
[10:02] <KenWolff>  good idea catman...
[10:02] <catman> I could get 10 cent gain and have  lunch money on a 100 share trade after commissions
[10:02] <catman> It made a huge difference in my growth as a trada
[10:03] <catman> the less you have to worry about, the better you will trade imo
[10:03] <catman> OK, Dan's question
[10:03] <KenWolff>  smart...
[10:03] <catman> here is how my charts are set up
[10:04] <catman> I use a one minute candle stick for the stock with the pivot and support and resistance lines shown.  I have 3 studies superimposed:  5 min MA, 15 min MA and %K
[10:05] <catman> after you get used to looking at all these lines they really tell a story
[10:06] <catman> add in watchin the NAZ (line chart on one of the mini charts) and the NAZ and S&P emini and you can darn near call the market as well as Ken
[10:07] <catman> and you can take his calls and refine entries and exits a bit to maximize potential
[10:07] <catman> does that help at all Dan?
[10:08] <dan409>  sure does cat
[10:08] <dan409>  I will just have to get used to all the lines I guess....they are so intimidating at first
[10:08] <catman> I have a couple of pictures of my set up which I will be glad to email you if you DCC me your email addresses
[10:09] <dan409>  reat
[10:09] <dan409>  great
[10:09] <catman> they are Dan.............but very soon they begin to make sense
[10:10] <catman> But you have to have a platform that allows all this data, not all brokers provide this
[10:10] <dan409>  I use RT3 also
[10:11] <catman> Gimmie does too.....Whale and Ken use a REDI platform that they really like
[10:12] <catman> some folks like Cybertradr
[10:12] <dan409>  Cat...between Ken's calls gimmie's advisory and monitoring and you're own system....sounds like you have the perfect setup
[10:12] <catman> I don't believe it is perfect Dan, but it works well for me
[10:12] <easy> cat  - on 'computer 2' what are you doing?
[10:13] <dan409>  That is what I have been trying to implement also
[10:13] <catman> chat room. email, browser IB trading platform
[10:13] <catman> and remarkably I am usin INtel P3 500 mhz chips
[10:14] <catman> they still can process that mountain of data
[10:14] <dan409>  wow
[10:15] <catman> the latest rt3 upgrade 7.7 is forcing me to go to P4 chips though it seems
[10:15] <catman> any other questions?
[10:15] <dan409>  glad to see you unpgraded the Commodore 64 cat
[10:15] <catman> lol
[10:16] <catman> I are ole fashinoned Dan
[10:16] <dan409>  lol
[10:16] <dan409>  cat can you explain how you use those 3 lines ?
[10:17] <catman> shoooa
[10:17] <dan409>  ma's and %k
[10:18] <catman> we already  know the action of stocks with the pivot and support and resistance lines, the MAs an%k act as adjucts to those studies   and Are largely used to pinpoint tops and bottoms
[10:18] <catman> let's say the 5 MA crosses the 15MA now on msft'
[10:18] <dan409>  ok
[10:18] <catman> and they are both turning up
[10:19] <catman> and %K has just formed a V bottom.   Alert:  potential entry point.
[10:19] <catman> so we enter
[10:20] <catman> as long as the 5ma stays above the 15ma, the stock will tend to continue to climb
[10:20] <catman> so we get a 30 cnet climb
[10:20] <easy> what is %K cat?
[10:20] <dan409>  ahhh good info
[10:20] <catman> the 5ma them begins to turn toward the 15ma and %K forms a v top   Alert:  exit
[10:21] <catman> that is how I use them in a nutshell Dan
[10:21] <catman> [13:22] <easy> what is %K cat?
[10:22] <catman> I am not a T/A type Easy, but eith Phil can give you an answer, or maybe Cathy  or you can google it
[10:22] <catman> I just know what it does for me
[10:22] <catman> ah am a simple country trada with a remarkably low IQ
[10:23] <KenWolff>  very true
[10:23] <catman> lol
[10:24] <catman> other questions?
[10:24] <KenWolff>  How do you pick your stocks to watch??
[10:25] <dan409>  I wait for Ken's advisory
[10:25] <catman> as you know I concentrate on what I call the Herd  csco intc msft QQQ and lately I have added NVDA
[10:25] <catman> then I keep a wary eye on the Chartroom -------Phil always bears watching and on Ken's calls
[10:26] <catman> I also pay close attention to Dan's news posts
[10:26] <dan409>  I don't
[10:26] <catman> lol
[10:27] <catman> Dan has been responsible for a couple of good after hours trades for me in the last month
[10:27] <catman> When Whale is around I watch him closely too
[10:28] <dan409>  good deal cat
[10:28] <catman> his nonPC calls are even better than his nonPC remarks
[10:29] <catman> in other words, I try to use all the information that is made available to me
[10:29] <catman> I never look at public bullitin boards
[10:30] <catman> any thing else I may answer?
[10:30] <dan409> you monitor and follow gimmie's routine in the morning ?
[10:30] <catman> if you need help with RT3, I will do my best to help
[10:30] <catman> yes every morning Dan
[10:30] <dan409>  I know you do cat... I was wondering if easy did
[10:30] <catman> also here is something that Beads and I both do each morning"
[10:31] <dan409>  oo
[10:31] <catman> oh, sorry Dan
[10:31] <easy> When I am ready I will certainly let you know.
[10:31] <catman> we call our best estimate of the high and low for the day for the Herd..........just as an exercise to practice what Ken has taught
[10:32] <easy> I can barrely watch oone stock in real time.
[10:32] <catman> be patient Easy
[10:32] <sobek> sorry to interject, but if you want definitions / descriptions / interpretations of T/A terms see the following reference source: Tecnical   Analysis >From A to Z by Steven B. Achelis, Mc Graw-Hill Co.
[10:32] <catman> Thanks a bunch Trada Sobek
[10:32] <KenWolff>  thanks sobek
[10:33] <sobek> It's a really good book and Phil has a copy, I believe b/c he will reference it
[10:34] <catman> Phil sings opera too Sobek know
[10:34] <KenWolff>  LOL
[10:34] <sobek> never knew if he was jking or not
[10:34] <sobek> jking=joking
[10:35] <catman> no he does for real.......dynamite metzosaprano
[10:36] <catman> anything else........problems with eating disorders or lovelife questions?
[10:37] <KenWolff>  thanks for all the good info catman..
[10:37] <easy> This was great, thank you.
[10:37] <catman> sure
[10:37] <KenWolff>  although I didn't understand a thing...
[10:37] <catman> oh good........I was afraid I may have slipped up and made sense
[10:38] <KenWolff>  Nope.. you didn't ... good job
[10:39] <KenWolff>  thank you very much catman!!!
[10:39] <catman> you are most welcome




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