Dow 2007

S and R Zones

The hourlies, the common sense, and now the chart have resistance at 13550. It hasn't been broken. I'm bearish below this, but I want either another test of the high or a downside break of 13520 before I short.

Short 47. Granted it wasn't the best entry there

lurkerlurker said:

The hourlies, the common sense, and now the chart have resistance at 13550. It hasn't been broken. I'm bearish below this, but I want either another test of the high or a downside break of 13520 before I short.

Click to expand...

short 43 cash

Lurker, its happened, its past, its gone, forget it,don't start trying to chase it. Sit back, assess the chart and identify the next trade, if your not sure, don't take, you need to be a near damn 100% sure.

It is difficult and sometimes the pressure gets to us all, I thinks its often best after missing an opportunity to go away, had a rest and come back to re-focus.

As an example, just recently, I identified a possible early entry for a short, (around 20 )based on the new indicators I'm trying, however, a review of my "normal" plan, clearly identied, that would be a losing , the price and ema 8 is above the 21 marker, telling, the position must be kept open.

I hope some of you have got some of the upward move.

Lurker, if I had not stopped for tea, I could have joined you "why did I close my long entryes from 318 and 328, up 108 & 100 respectively) as I type!!!!!

tricks said:

short 43 cash

Click to expand...

Did you hold that? It seems like it is going down from here. A pin bar forming on the 5 minutes.

Based on my testing set up, short from 423

Atilla said:

Back again from my rest.

LL I'm surprised you are making a loss as I've read you shorted from up at 87 and I'm seeing 57.

Take your +30 pips now and enjoy your evening.

I did think DOW would raise it's ugly head again... Honest.

I was expecting a bounce from 310 regions though. It touched 320s and back up again. This could be the formation of the H&S reversal righ shoulder?

I think the DOW is treading water testing support between 13300 - 13500. It's now norrowing. On the BBs it is looking like breaking out to the down side on my 1 hourly charts. I think this is a false breakout to the down side. I reckon it's going up.

Towards evening session I'm expecting the DOW to bounce back up. 350 level looks like has been rejected to me.

Click to expand...

H&S still developing for the bullish reversal...

350 is touched now if we have a pull back to the neckline and then another rise breaking 450 then the reversal I think will be confirmed and we'll be moving up towards 500-600 levels.

LL here is the H&S from earlier in the day and a new updated one.

Dinos said:

Lurker, its happened, its past, its gone, forget it,don't start trying to chase it. Sit back, assess the chart and identify the next trade, if your not sure, don't take, you need to be a near damn 100% sure.

It is difficult and sometimes the pressure gets to us all, I thinks its often best after missing an opportunity to go away, had a rest and come back to re-focus.

As an example, just recently, I identified a possible early entry for a short, (around 20 )based on the new indicators I'm trying, however, a review of my "normal" plan, clearly identied, that would be a losing , the price and ema 8 is above the 21 marker, telling, the position must be kept open.

I hope some of you have got some of the upward move.

Lurker, if I had not stopped for tea, I could have joined you "why did I close my long entryes from 318 and 328, up 108 & 100 respectively) as I type!!!!!

Click to expand...

Thanks, but I missed a few entries in this upmove by setting cheeky limits, and then I sold it. I've sat through a fast 20 point move against me which reversed just as quick. The market appears to be showing a pin bar, and dare I say that 70 is the top.

I am going off for a break - it is very humid and I am getting a headache. Wondering where I might have the very audacity to place a "take profits" limit.

I can't answer that. Fair is fair, since I have a SL 30 points away from the entry, I might as well have a limit 30 points away. Buy limit duly set at 13517.

I'm off - back later.

lurkerlurker said:

Short 47. Granted it wasn't the best entry there

Click to expand...

Exit +3. Unsure on short term direction, but it seems to like support at 13540.

Edit - I'm taking crap. I took myself off because I saw my emotions interfering. I couldn't stay away, and I came back and covered. We're going to touch support (13520) within the next 10 minutes.

My 5 & 10 min charts looking good for a points south at the minute, still short from 423

lurkerlurker said:

Exit +3. Unsure on short term direction, but it seems to like support at 13540.

Edit - I'm taking crap. I took myself off because I saw my emotions interfering. I couldn't stay away, and I came back and covered. We're going to touch support (13520) within the next 10 minutes.

Click to expand...

I've left a fortune on the table. Would I have risked 30 for 3? No way in hell. I was expecting a drop to support when I shorted. I entered early, but the market soon showed I was right. So why did I cover as soon as it showed me I was right, and why have I not sold again instead of posting here?

OK - it is now too low for me to sell. Looking for another entry in the near future.

Wait - I'll do that after I have that break I keep threatening to take.

Thoughts - long on a bounce of either 100 minute EMA (13525) or support (13520).
Short below that...

Dinos said:

My 5 & 10 min charts looking good for a points south at the minute, still short from 423

Click to expand...

Is that cash? so about 44 futures? Brave. I shorted from 47, and held it. Then I covered at 43 (why?)

Dinos said:

My 5 & 10 min charts looking good for a points south at the minute, still short from 423

Click to expand...

Well it's being a real pickle moving below 420 for my liking.

I will be going long around 430 area.

I'm not so good on the short term. I hope it holds 400 otherwise the bounce is off radar.

Cash

Brave? - No, charts were telling me to short, 5 & 10 min charts now confirming that move

Tricks - nice entry

long 13530 fut

lurkerlurker said:

Is that cash? so about 44 futures? Brave. I shorted from 47, and held it. Then I covered at 43 (why?)

Click to expand...

LL, you are the only person who can answer that.

I suffer from the same syndrome according to my stats. I get directions right but I keep losses longer than profits.

We have to start using the Stochastic momentum indicator which shows when a move is reaching expiry.

Atilla, I have adapted this, using full set at 14,3,3 and slow set at 39,1,. I am finding it useful, but I think it needs a bit of tinkering yet

firewalker99 said:

long 13530 fut

Click to expand...

real shame... it came within 1 single point of my target
instead it just stopped me out at -10...
remains +30 for the day

Atilla, on my 5 min chart I have macd histo div, crossover, full stoc, running dow, slow stoch following up

10 min backing this up, reaaly useful.

Time for Beers

Old buddy just called me out and invited me for a quick after work beer. I'm going. I feel quite bad looking at the chart now - the mid price is 28 currently - nearer my target of 17 than my entry price. I'm annoyed at covering that one out of panic. I was to be taking a break.

Anyways, I'm down -25 from the day, up from an intra-day loss of -35.

Taking into account my profit yesterday (the only trade this week I've had the guts to hold), I'm +£2 for the week so far.

Good to know I've only wasted my time (and I don't see learning as a waste) and not my money this week.

Quick pondering before I have a shower, ****, shave.

I made a few good short calls today. One I exited prematurely at a loss. The short after that was from 1 tic lower and showed me a profit before I made the best cover of the day. Premature exit. My next short was a little early, but my overall market prediction was correct and I allowed it some room, not panicking an exit while it showed me a loss. Then I took +3 when I had a target of at least support. I see it is coming back to my exit again, but I could have squeezed another 10 out of it before even one indicator (volume, price, or tick) showed me a cover signal.

My other good long call I discussed with firewalker and didn't have the guts to take.

I am going to quickly list my trades for today, and leave you with my charts for today. If anyone would like to sift through my posts from today and the entries and exits I have mentioned, combined with my chart pictures, and make comments either to this thread or my journal I would appreciate it.

Most of what would be going in my journal is already on this thread, so I don't feel too bad about breaking my commitment to posting it here for you all immediately after EOD. I need some leisure time, I've not been out for a drink with mates in quite a while, and a nice civilised after work (for them, and I suppose me too) beer would be in order. I've found myself getting quite stressed today, and all work and no play makes Jack a dull boy. All work and no play makes Jack a dull gboy. All work and no play makes Jacka dull boy. (sorry - couldn't resist)

I bid you all good evening. I hope you have all done well. Most folk who had losing pips have made them up by my calculations. I'd like to trade the last hour, but I needed a break in the middle of the last trade and suspect I am overtrading anyway.

I promise you all some thoughtful ponderings on todays trading early tomorrow morning. Should be no later than 10am, as I need to have lunch, and do my daily premarket from 1pm onwards.

Have a good evening all, and thanks for the comments.