Grey1
Senior member
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sorry to be a pain Glen but you donot open a LONG portfolio when every body is buying .. you should wait couple of days for a pull back and open a LONG postion when every 1 else is selling
This is the basic of trading ..
I really do appologise to be a bit on the negative side
Grey1
no problems what so ever if you don't say these things, I won't learn
your not being negative, its positive, your telling me the correct way to do things and thats great in my view.
cheers
Glen
it fact you can say what you see.. if i 'm being a silly bugger.. i'm bein a silly bugger..lol
all trades closed
this screen shot was taken during market hours (see my other thread for the original post closing all longs)
closed due to G1's comments above
results
ANR = +$16
DIVX= -$21
DUK= +$30
ESLR= +$4
KGC= +$2
NLY= -$19
NM= -$55
SAI= -$16
URRE= +$20
total = -$39
results allow for commissions and spread
running total P/L = +$6,049
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reason why I entered here.
1. I wanted to get long asap (totally wrong to be thinking this way)
2. was thinking 5min macci and 10min macci were at low levels (ok to be thinking this but should also have been thinking of the broader picture, everyone rushing into market buying at a high/break out, and also i should have been looking at the higher time frames that are more relevant to the time frame I'm trading off i.e. the hourly charts? for a daily chart entry?)
3. My scalp's were running against me and i wanted again to get in long on the portfolio to off set this in some way (save face maybe) (again totally wrong to be thinking this way.)
I think to try and safe guard against this I should now always wait to get the hourly macci on my side before entry a portfolio again. But this is only my view on what a good safe guard might be and i would appreciate members input.
Attached is my proposed new set up including hourly indu chart to be used for entry into portfolio (I'm thinking there may be a sell off for a few days or a consoladation that will make the hourly macci drop off then turn up, given a reasonable entry long.)
I know that trading is a bit subjective, but i feel I need to get basic technicials correct before I go any further. (I'm trying to read to much into the market, and I simply do not have the experince to do this). I need to stick to some basic technical rules.
belflan
one other thing if/when the hourly macci go o/s. if it takes the daily indu macci with it (ie the daily macci starts to point down i will wait until it points up again before entry)
1. I wanted to get long asap (totally wrong to be thinking this way)
2. was thinking 5min macci and 10min macci were at low levels (ok to be thinking this but should also have been thinking of the broader picture, everyone rushing into market buying at a high/break out, and also i should have been looking at the higher time frames that are more relevant to the time frame I'm trading off i.e. the hourly charts? for a daily chart entry?)
3. My scalp's were running against me and i wanted again to get in long on the portfolio to off set this in some way (save face maybe) (again totally wrong to be thinking this way.)
I think to try and safe guard against this I should now always wait to get the hourly macci on my side before entry a portfolio again. But this is only my view on what a good safe guard might be and i would appreciate members input.
Attached is my proposed new set up including hourly indu chart to be used for entry into portfolio (I'm thinking there may be a sell off for a few days or a consoladation that will make the hourly macci drop off then turn up, given a reasonable entry long.)
I know that trading is a bit subjective, but i feel I need to get basic technicials correct before I go any further. (I'm trying to read to much into the market, and I simply do not have the experince to do this). I need to stick to some basic technical rules.
belflan
one other thing if/when the hourly macci go o/s. if it takes the daily indu macci with it (ie the daily macci starts to point down i will wait until it points up again before entry)
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day macci on indu didn't turn down as i expected,
still, looks very bearish next few days
sit on hands..
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this post saved me $1,500 on the position i opened when every one was buying
and I think it will probably save me more over the next few days (indu looks to be selling off)
will more that likely pick up a long portfolio within the next few days at a bargain price
cheers Grey1 for the pointer (I do dive in too quick)
belflan
Glenn
Experienced member
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Hi Glen
Your Daily INDU Macci looks decidedly dodgy to me (unless mine is wrong).
There are lots of Daily bars missing from the chart, which may account for this. Also, what Format settings are you using under Properties ?
Glenn
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hi Glenn, yes, does look a bit off
attached is my properties, format window.
I think this may be to do with me get data EOD from yahoo and intra day from IB
can you have a look at my 10min (it should be ok)
anyone know what the symbol for indu is in yahoo?
many thanks
glen
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hmmm, that's better, think i've got it sorted
Dow in IB = INDU
Dow in yahoo = ^DJI
cheers
does my 10min look ok?
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Glenn
Experienced member
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Yes
Yuppie
Well-known member
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Great thread...
Hi Glen,
Just wanted to state my appreciation of your great thread...
Thank you for sharing this in TT... I have learned a few good things from it on my first perusal... You've had some trials and tribulations... but looking good!!
Keep up the sterling effort.
Magnus
Hi Glen,
Just wanted to state my appreciation of your great thread...
Thank you for sharing this in TT... I have learned a few good things from it on my first perusal... You've had some trials and tribulations... but looking good!!
Keep up the sterling effort.
Magnus
yes, to be honest software issues have been the biggest problem (nearly there now tho).. probably because I tried to do it on the cheap.. I guess at the beginning there has to be a trade off between what you'd like to do.. and what you can afford to do..
cheers
belflan
