tradesmart
Experienced member
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Hi ChartMan/All,
Just a quick alternative reference to Friday’s Dow chart; the main feature that I noticed early on was the tight ‘double-top’ at around 10am ET at just above 8330, so I jumped on board for a short at 8320 when the down move appeared confirmed, and rode it all the way down to 8210.
I find that it’s generally worth taking a chance with these early moves between 9.45 and 10.30 ET as they can be the best of the day, but you have to be very decisive as they happen very quickly and are easy to miss (always trade them with a tight stop-loss!!)
I tried to trade the lunchtime bull flag, but as you note, it failed and I got stopped out for a –20 as the down move happened very quickly and took me by surprise.
I was expecting a move to test previous support at 8180 at some point, so when it did at around 14.00 ET, I jumped on board for a +25.
As you note, after the first big move, a difficult day to trade.
Regards, TradeSmart
Just a quick alternative reference to Friday’s Dow chart; the main feature that I noticed early on was the tight ‘double-top’ at around 10am ET at just above 8330, so I jumped on board for a short at 8320 when the down move appeared confirmed, and rode it all the way down to 8210.
I find that it’s generally worth taking a chance with these early moves between 9.45 and 10.30 ET as they can be the best of the day, but you have to be very decisive as they happen very quickly and are easy to miss (always trade them with a tight stop-loss!!)
I tried to trade the lunchtime bull flag, but as you note, it failed and I got stopped out for a –20 as the down move happened very quickly and took me by surprise.
I was expecting a move to test previous support at 8180 at some point, so when it did at around 14.00 ET, I jumped on board for a +25.
As you note, after the first big move, a difficult day to trade.
Regards, TradeSmart
Nice one. I'm gonna change sides now and see how a bear cap fits.
It's obvious that getting on the right side of a short can pay handsome dividends in a very short time. The downside has less risk as generally longs creep up slowly in comparison. So if a short goes against you, there's less chance of being panicked out and more time to manage your exit.
Maybe all beginners should only be allowed to short! I'm sure it would help get them into profit quicker and help minimise their losses too.
It's obvious that getting on the right side of a short can pay handsome dividends in a very short time. The downside has less risk as generally longs creep up slowly in comparison. So if a short goes against you, there's less chance of being panicked out and more time to manage your exit.Maybe all beginners should only be allowed to short! I'm sure it would help get them into profit quicker and help minimise their losses too.
china white
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Bansir, Chartman,
just a quickie mates: how do you get Globex spooz futures (i.e. when the cash mrkt is shut) in myTrack and, even more importantly, in Sierra? Is it a separate subscription?
Cheers
just a quickie mates: how do you get Globex spooz futures (i.e. when the cash mrkt is shut) in myTrack and, even more importantly, in Sierra? Is it a separate subscription?
Cheers
china white
Established member
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yes, mini s&ps. Chartman, I need a subscription to Sierra to get spooz, right? my free version takes only Dow.
also, will I have to tweak my subscription to myTrack to start receiving mini-spooz (ES)? I gather at the mo all it takes is proper big spooz (SPX).
Many thanks!
also, will I have to tweak my subscription to myTrack to start receiving mini-spooz (ES)? I gather at the mo all it takes is proper big spooz (SPX).
Many thanks!