Peek Over Corey’s Shoulder to his Trading Screens

Jan 16, 2009: 2:45 PM CST

With more than a few requests to see what I see each day, and my interest in seeing how others set-up their trading machinery, I though it would be beneficial to readers for me to share a portion of what I stare at all day and allow you to take a peek over my shoulder.

My broker and chart software provider is TradeStation, though I often post on the blog using StockCharts.com.

For now, take a peek over my shoulder to my “Day Trading” set-up that I use to trade primarily the Dow Mini and DIA, though I’m showing a capture of the S&P 500 here (so as not to show my current positions):

In short, I focus primiarly on the 5-min timeframe and look for targets/confluences on the 15 and 30 minute frames.  I frequently will play off the structure on the daily chart to play swings in a target direction using the 5-min chart.

I use the following indicators, some of which I have customized:

“Floor Trader Pivots”  (dotted lines)
Candle Charts
20 period EMA
50 period EMA
200 period SMA
Bollinger Bands
“3/10 Oscillator” (blue oscillator)
Custom ADX (showing as red and green line)

I’m also watching the TICK and TRIN along with the Breadth (net advancers and decliners).  I have a separate screen for trading execution (which I often manage with bracket and OCO/OSO orders) and RadarScreen scanning (second monitor, though I’m not showing the Trade Execution module).

Finally, here is a quick photo of my main trading computer set-up:

I’m using a Dell 8-gig RAM (a monster), 64-bit Windows computer with a 24-inch widescreen main monitor with a 21-inch montior I have in a vertical position for additional use with TradeStation and applicable news as needed.  It comes in hand for browsing websites after market hours.

I also have two additional computers not used for trading and my primary laptop which I use for the blog and email.  I use the most powerful computer only for Trading and Analysis and do anything else on other computers which is sort of paradoxical but essential – I’ve waited so long to get such a powerful machine and I love it, though I only can use it for a couple of programs.  That’s discipline!

I currently don’t have a need for much else as my style of trading – though mainly daytrading – is more relaxed than aggressive intraday strategies – I usually take around 5 trades a day and hold them sometimes for an hour or longer depending on the set-up and price structure.

I’d be happy to see other system set-ups if readers are willing to share them in the comments section and I feel it might be beneficial to us all.

Corey Rosenbloom
Afraid to Trade.com

33 Comments

33 Responses to “Peek Over Corey’s Shoulder to his Trading Screens”

  1. Max Says:

    Thanks….I am new to trading and appreciate all the info on how others do it.

  2. Corey Rosenbloom Says:

    Thanks Max – best wishes as you begin your trading journey!

  3. Chance Says:

    Hi Corey, why don’t you disclose positions or gain/losses?

    Great blog, you’re encouraging me to dive into tech analysis as part of my trading arsenal.

  4. Corey Rosenbloom Says:

    Chance,

    I did that initially but it was too much work and encouraged hecklers – if you did well, people would heckle you out of jealousy and if you posted losses, people would heckle you to make fun of you. It was very discouraging.

    Besides, I’m keeping the focus on education and examples of set-ups/market commentary rather than making it my personal trading journal. There are plenty of those out there.

  5. Stan Says:

    Thanks Corey, this is actually really helpful to see. I also use TS so it is interesting to see how you’ve set up the system for your needs. I’ve been reading your site for a while but I’ve never commented until now. Thanks for doing what you do, I’ve learned a lot from you.

    Best,
    Stan

  6. Corey Rosenbloom Says:

    Hey Stan,

    Thank you for your first comment! Glad to have you aboard.

    TradeStation is amazing in its customization, strategy testing, and commission structure.

  7. Matt SF Says:

    Hey Corey,

    Been following you for about week, and I enjoy the charts and research.

    I sent an email with a trading screenshot using QuoteTracker.

  8. position_trader Says:

    Hi Corey,

    Appreciate all your effort as always!! A couple of questions if you dont mind….

    a) Have you ever backtested 3-10 oscillator divergences? If yes, I would love to know the results!!

    b) Also, what exactly is the custom ADX?? I am guessing you have made some changes to the normal ADX. I cant remember ever seeing this on any of your plots!

    Thanks!!

  9. DaveW Says:

    Hi Corey,
    Have been aware of you for several months but my interest has increased over the past week or so. Picked you up from Grace Cheng’s site and references to you from Phil Davis’ writings. Thanks for the posts, as a stuent of the market and charting I’ve enjoyed your lessons.
    Cheers, Dave

  10. Corey Rosenbloom Says:

    Matt,

    Thanks for responding. I’ll try to get a link up to show your screencap per your request. Thank you for sharing.

    UPDATE: I have uploaded the screencap you sent and posting the link here so others can see your screen as well.

    If other readers would like to share links to their setups, please share.

  11. Corey Rosenbloom Says:

    PT,

    A) I haven’t been able to get the code for successful divergence testing – it’s far more difficult to program than it is to eyeball so I’d love it if there were any gifted EasyLanguage programmers out there who might be willing to share or try to develop divergence code.

    B) The Custom ADX uses a slightly different formula but more specifically it colors the line Red if it registers above 30 and blue if it registers below 15, which give me signs of “trend” and “compression”

  12. Corey Rosenbloom Says:

    Dave,

    I’m so glad to have you aboard and thank you for your kind words. I appreciate your support which is what keeps me posting!

  13. Charlie C. Says:

    Hey Corey!!

    That’s a cool setup. I’ve been wondering how things were set up for you. Do you have a UPS (uninterrupted power supply) setup too?

    The blog is excellent and I have book marked a lot of different areas for reference! Keep up the great work!

  14. Corey Rosenbloom Says:

    Hey Charlie!

    I have a battery back-up/UPS that powers the trading console and main monitor. I also have a laptop as a second back-up that stays fully charged and TS trading desk phone number/info by the computer. You bring up a good point that often goes unspoken – redundancies/back-up devices.

    Thank you so much for all your support!

  15. Han Says:

    Hey Corey,

    As always, excellent work. This is a very informative post.

    I was wondering if TradeStation allows you to control which ticker your viewing across the various windows with a single input. In other words, can you enter “SPX” in one field and have all your periodicities/views update to SPX?

    On another note, I found today’s action on 5-min XLF to be interesting and was hoping you might analyze it. In particular, we gapped up on BofA news but had a sharp sell off in Financials mid-morning. Would you say the action between 9:45 and 10:30 was a bear flag, an ascending triangle, a symmetrical triangle or none of these? I was actually watching UYG at the time and to me it looked more like an ascending triangle than what XLF is showing. The action around 3-4pm was puzzling as well.

    By the way, the link above (#10, to Matt’s set up) is not working. Where can I send a screenshot of my set up?

  16. toad37 Says:

    Hey Corey,
    What a helpful post. I don’t want to ask too many questions, but I am trying hard to set up a system of my own using the various available indicators. When you are daytrading, are you mostly scalping or letting the various indicators tell you when to take a profit or loss?
    Thanks
    Toad

  17. Dominick Says:

    Corey, excellent post. I always wondered what your setup looked like. It is very generous of you to share it with us. Just a few questions. Why is the monitor on the right virtical? Personal preference? Also have you ever considered running another monitor to provided added desktop space? Even with a 21″ monitor the chart windows appear a little cramped. However if it is simple personal preference I can understand that.
    I know you always use and explain the 20 & 50 EMA, 200 SMA and the 3/10 in your posts, but can you enlighten us on how you use the other indicators?(particularly the Bollinger Bands). I suppose they also build confidence and give you that edge you speak about so you end up on the right side of the trade? Thanks again, I know it is a lenghty question and the response would take time but I am probably not the only one wondering and any help is always appreciated.

  18. Corey Rosenbloom Says:

    Han,

    Yes, which is another reason I love TS. Not only do all linked windows switch to the symbol you typed in, but you can link up a page – similar to the one I have on the right monitor – where you can put up a number of stocks and switch timeframes in one click across all charts.

    I’ll try to post on XLF perhaps in conjunction with the DIA in the intraday post this weekend.

    Hmm. I may have to upload to another server. Feel free to send it to me at corey AT afraid to trade DOT com (no spaces) and I’ll try to upload it and link to it. Alternatively, if you have a Flickr account or other image hoster, you can upload there and then share the link here.

    Oh, and I would consider the morning action on XLF a bear flag (or ABC Elliott corrective wave) provided you truncate the shooting star tail. You get parallel trendlines that form a 45 degree angle.

    Of course, it well-exceeded its ‘measured move’ target.

  19. Corey Rosenbloom Says:

    Toad,

    I used to be governed by indicators but now it’s more the analysis and price structure that drives entry and exit.

    In other words, the 3/10 only gives me a clue as to a possible move (as in new momentum highs often lead to new price highs yet to come) so I’m looking to buy the first pullback after a new momentum high particularly if we come into logical support via a moving average or Fibonacci ratio… or perhaps form a bull flag.

    It’s more a multi-input, price structure based trading with fixed targets based on price swings and expectations.

  20. Corey Rosenbloom Says:

    Dominick,

    The vertical monitor allows me almost to be like I’m reading a newspaper and is a unique compliment to a wide-screen monitor.

    No other monitor for now – for the trading I do, I have trouble filling up all the space I have. I’m not a hyper scanner trader anymore. Remember I have a laptop and two other comps if needed – and I’m often looking at StockCharts on one of those.

    I can’t give away all of my secrets on the free blog, can I? 🙂

    BBs help me assess the volatility condition and set-up at least one trade idea plus provide confirmation/non-confirmation and possible target zone.

    I’m also drawing Fibonacci retracements and using a couple of other tools as the day progresses and structures become clearer.

  21. toad37 Says:

    Thanks Corey!!

  22. Anonymous Says:

    Corey,

    On the 5min chart, can you put the Tick chart(study) right underneath it (above the momentum study)?

    JJ

  23. Dominick Says:

    Thanks for the reply Corey, I understand what you mean. Just write that book already.

  24. BILL Says:

    COREY…I USE THE SAME SETUP WITH TRADESTATION YOU HAVE, ONLY WITH A SHORTER TIMEFRAME. I TRADE SDS QID FAS AND FAZ ETC. … WHAT IS THE TRADESTAION SCREEN ON THE TOP LEFT ON THE VERTICAL MONITOR? THANKS

  25. Corey Rosenbloom Says:

    Anon,

    I suspect you could. I’m analyzing the TICK and TRIN on a 5-min line graph (well, a MA of the TICK).

    It could also be used perhaps as confirmation/non-confirmation.

  26. Corey Rosenbloom Says:

    Dominick,

    Haha I see myself eventually writing a book – the blog is sort of like an unformatted, big thousand page book!

  27. Corey Rosenbloom Says:

    Bill,

    Awesome!

    It’s scanning futures data/prices. I think it’s a chart of Gold I had up at the time. I’m using the same indicators, only using bar charts with a special color algorithm to code swings. Same 3/10 and ADX. Just colorful.

  28. AtT Best of 2009 Part 1 | Penny Stock Trading System Blog Says:

    […] Peek Over Corey’s Shoulder to his Trading Screens […]

  29. dhruvkar Says:

    Hey Corey,

    I recently started daytrading, and I'm still trying to find my comfort zone on the types of strategies that work best for me.
    Would you be able to point out a couple of specifics on your style of trading and benefits for trading that way?
    I'm day trading options with a small account at the moment.

    Thanks,

    Dhruv

  30. dhruvkar Says:

    Hey Corey,

    I recently started daytrading, and I'm still trying to find my comfort zone on the types of strategies that work best for me.
    Would you be able to point out a couple of specifics on your style of trading and benefits for trading that way?
    I'm day trading options with a small account at the moment.

    Thanks,

    Dhruv

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