a few (very costly) mistakes yesterday
jumping in too early (around 30mins too early) on the RIG and COST trades
RIG cost me around $900 dollars if i had of got in at the correct time (turn of 10min macci this trade would have scratched (actual if I had of waited for the 10min macci turn I would never have traded RIG as by then it was showing weakness not strength to the market)
Not getting out of longs taken on the 10min macci turn at around 7:00pm early enough.
knowing when your analysis is wrong is nearly as important as getting it correct in the first place. when i get into a position and it runs against me, i often think of Iraj saying don't lock in your losses (close the trade), which is fine if you have time to let the market play out. My long positions taken yesterday at around 7:00pm where based on the 10min turning at around -80 and the 30min at o/s level as back up. When the 10min turned down again on the next bar I should have been out. There was not enough time left in the trading day for the 30min cycle to turn the trade around, Therefore I should have exited on the next 10min bar. It would have still been a loss but not as great a loss.
The first trades on RIG and COST where just plain wrong, taken to early, and a simple break of my rules.
I'm not one for excuses, but its become clear to me that it is easy to make trading mistakes when being distracted, yesterday when I made the first trades, I had my mother in law, my sister in law and my wife in my office (believe me not the ideal trading conditions) but no excuses I still made the trades... keep going..
belflan
jumping in too early (around 30mins too early) on the RIG and COST trades
RIG cost me around $900 dollars if i had of got in at the correct time (turn of 10min macci this trade would have scratched (actual if I had of waited for the 10min macci turn I would never have traded RIG as by then it was showing weakness not strength to the market)
Not getting out of longs taken on the 10min macci turn at around 7:00pm early enough.
knowing when your analysis is wrong is nearly as important as getting it correct in the first place. when i get into a position and it runs against me, i often think of Iraj saying don't lock in your losses (close the trade), which is fine if you have time to let the market play out. My long positions taken yesterday at around 7:00pm where based on the 10min turning at around -80 and the 30min at o/s level as back up. When the 10min turned down again on the next bar I should have been out. There was not enough time left in the trading day for the 30min cycle to turn the trade around, Therefore I should have exited on the next 10min bar. It would have still been a loss but not as great a loss.
The first trades on RIG and COST where just plain wrong, taken to early, and a simple break of my rules.
I'm not one for excuses, but its become clear to me that it is easy to make trading mistakes when being distracted, yesterday when I made the first trades, I had my mother in law, my sister in law and my wife in my office (believe me not the ideal trading conditions) but no excuses I still made the trades... keep going..
belflan
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Belflan
Just a thought for you........ First off, I must admit I don't use the 30 min macci, but what I do like is that the 5 & 10 min macci's are in sync with one another. At your entry of 7pm the 10 min had turned up but the 5 min was heading down. I just find that the 5 min is a good baramoter of what the 10 min is going to do...........all imo of course.
Hope this helps
Andy
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This is hindsight scenario......but it could help in the future.
At 7.05 the 5 min waas at -80 and at that point still heading down, it wasn't until 7.10 that the 5 min was turning up.
So....... if as per Grey1's strategy, you waited for a pullback on RIG, you could have entered around 7.14/7.15 and an entry of anywhere from 159.64 - 159.93.
By 7.20 both the 5 & 10 min macci's are now heading down ( set alarm bells ringing), you could get out at around 159.40, or you could hang on for a bit.
Now at 7.25 you've got 2 consective lower readings on the 5 min and the 10 is ready to print out it's second consective lower reading. This has to send signals out that the entry was wrong, you could then exit at around 159.00 / 159.20.
All in all it's still a loss, but it's reduced the pain.
As I said it's all in hindsight, but this is something you could use to take forward.
Cheers
Andy
appl trade last night made $336
had to go out last night so I left an aapl short open with a break even stop loss. and also an order that I thought would close the trade at close. it didn't? so aapl trade was actually closed at open today for +$812, I'll only claim $336 tho (profit at close last night)
runing total = $1,691
had to go out last night so I left an aapl short open with a break even stop loss. and also an order that I thought would close the trade at close. it didn't? so aapl trade was actually closed at open today for +$812, I'll only claim $336 tho (profit at close last night)
runing total = $1,691
