Splitlink said:Hi Hung,
I try both for exits because I can't make up my mind which is the better. I know that they don't always follow a market spike because I have , sometimes, found myself still in a trade when, if I had had a market stop, I would have been out. I'm not naive enough to believe that they are doing it out of the goodness of their hearts, though.
Split
Hi Split,
I've always been using market price orders and Fins would not allow me a amend them once the price level is breached. Just tried it a while ago with the DOW trade and got a message saying I can't do that because the order was pending fill. So I am really surprised that they let you stay in the trade when your stop loss was touched. Possibly, the computer was lazy
Cheers,
Hung
barjon
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hungvir said:
nice trade, hung - now you could have closed half and let the rest run with a lifted stop
btw when someone is happy,happy - like you after your winning trade
- they are said to walk with a spring in their step. good trading
jon
barjon said:nice trade, hung - now you could have closed half and let the rest run with a lifted stop
btw when someone is happy,happy - like you after your winning trade
good trading
jon
Many thanks, Jon! That's what I guess but I can't go on air with my guesswork, can I
I tried askoxford.com but did not get an answer there. Thanks again!By the way, I would give the trade only 6 out of 10.
How's your trading? Still stay flat?
Best,
Hung
hungvir said:Hi Split,
I've always been using market price orders and Fins would not allow me a amend them once the price level is breached. Just tried it a while ago with the DOW trade and got a message saying I can't do that because the order was pending fill. So I am really surprised that they let you stay in the trade when your stop loss was touched. Possibly, the computer was lazy
Cheers,
Hung
I think we're not understanding each other here, probably I am expressing myself poorly. Let's say, for example, that I put a Fins stop on my trade for 1100 and go to work.. I have come home and found that the share spiked down, at some point before the close, to 1094 and I have not been stopped out of the trade. For some reason, known to themselves, they have not stopped me out. Now, if it had gone down to 1098 market, I could understand it but not overshooting to 1094.
That is why I am not sure which is the best method to exit. If it happens to me again, I'll let you know with more detail
Split
Vaco
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What a day,
Believe it or not i moved my stoploss to 100 below fridays near close (11173) but for some strange reason (probably dumb luck) I placed a short to go with it as well so instead of wiping 100 pts off my profit I've more or less broke even for the day.
So why aint I happy, well the trouble is I now have no idea which way the dow will go tommorow or even the rest of the week i'm looking at the charts and i may as well be blind
As i'm typing this i'm trying to decide whether to go long or stay short, staying out all together is not something i'm very good at
I'm leaning towards a long, what the heck long it is, I like where that would put my stoploss (10987) well time to bite the bullet and trade before going to bed LONG
Happy trading
Believe it or not i moved my stoploss to 100 below fridays near close (11173) but for some strange reason (probably dumb luck) I placed a short to go with it as well so instead of wiping 100 pts off my profit I've more or less broke even for the day.
So why aint I happy, well the trouble is I now have no idea which way the dow will go tommorow or even the rest of the week i'm looking at the charts and i may as well be blind
As i'm typing this i'm trying to decide whether to go long or stay short, staying out all together is not something i'm very good at
I'm leaning towards a long, what the heck long it is, I like where that would put my stoploss (10987) well time to bite the bullet and trade before going to bed LONG
Happy trading
Well done, Elefteros. It's like buying a put option isn't it. And this is exactly what I had wanted to do in a long trend - buying at a rock bottom and hold the position for a long period with occacional against the trend trades when major trend lines are broken.
But where is the market going next now? I have no answer and I don't trust anyone's answer either So I'll go with the flow as I see it unfold later today if I can afford to trade it.
Good trading,
Hung
But where is the market going next now? I have no answer and I don't trust anyone's answer either
So I'll go with the flow as I see it unfold later today if I can afford to trade it.Good trading,
Hung
chindl
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Good day folks, glad to see you all seemed to do well with the shorting opps presented with the down move yesterday. Unfortunately, the new bairn had a no sleep day yesterday, so I missed all of the daily action, but the EOD trades are sort of working for me at the moment, apart from not taking profit with Crude yesterday when 180 pips to the good.
Anyway, just to briefly go back a few posts and answer Splits question regarding my timeframe for suggesting prior to the weekend that there could be downside potential this week, I am working off daily charts. I use a similar chart to my intraday in the set up.
Below is a chart of the daily Dow. As you can see from the chart it was touching on the 49 day SMA following a large scale pull back from a low earlier in the week. Also, the 22 day EMA crossed down below the 49 SMA on the same day, on the June future it did this on the Wed close. On top of these indications, the pullback seemed to be on the back of lower volume, which suggested a weak pullback. I also touched on the fact on Wed night I think that I felt that the Gov't report on Thurs or whenever it was would protect the market into the weekend. As such, I felt that the push north had been a little weak and we would possibly have some move to the downside this week, but expected it on the back of the FOMC mins out at 2pm EST today and not yesterday, given that the last FOMC meeting seemed to give impetus to the selling pressure we saw the week before last.
As for the future, well, it is always uncertain and nobody knows. WIsh I did, I'd be long gone now and sat at home playing with the bairn and not grafting me behind for someone elses share price to increase. The move down yesterday took back most of last weeks gains and took me a little by surprise. There will, obviously be serious support at 11000 should the market try and head lower. The only thing I can see that will push it below that support this week would possibly be news related, i.e. the FOMC mins today or the NFP data on Friday at 8.30EST. SHould it not play to the downside this week then we have some potentially bullish divergence on my MACD, and that could come into play even before NFP on Friday. Should we have a couple of even smallish moves to the northside today and tomorrow then the market will prbably head back that way from this bottom in view of that divergence. If it takes out the bottom, then who knows where we could stop, but I doubt it will go past 11000 this week personally.
El is right, the stops that can be put in place for a play to the longside would have less risk due to the close proximity to the break yesterday from the bottom, the market out of hours is certainly proving that, as i speak the cash daily is currently sitting at a pretty 130, and perhaps more significantly, crude is some 80 points lower at the moment, which could impact the Dow today and my profit margins if Crude stays down there.
Watch out for the volatility that will prbably come today at about 7pm GMT and about 12-30pm GMT if you're in the cash market out of hrs on Friday. This will come on back of FOMC mins today and the NFP Friday.
That's my two penneth - have a good day and hope we all take something from the dragons den today.
Chris
Anyway, just to briefly go back a few posts and answer Splits question regarding my timeframe for suggesting prior to the weekend that there could be downside potential this week, I am working off daily charts. I use a similar chart to my intraday in the set up.
Below is a chart of the daily Dow. As you can see from the chart it was touching on the 49 day SMA following a large scale pull back from a low earlier in the week. Also, the 22 day EMA crossed down below the 49 SMA on the same day, on the June future it did this on the Wed close. On top of these indications, the pullback seemed to be on the back of lower volume, which suggested a weak pullback. I also touched on the fact on Wed night I think that I felt that the Gov't report on Thurs or whenever it was would protect the market into the weekend. As such, I felt that the push north had been a little weak and we would possibly have some move to the downside this week, but expected it on the back of the FOMC mins out at 2pm EST today and not yesterday, given that the last FOMC meeting seemed to give impetus to the selling pressure we saw the week before last.
As for the future, well, it is always uncertain and nobody knows. WIsh I did, I'd be long gone now and sat at home playing with the bairn and not grafting me behind for someone elses share price to increase. The move down yesterday took back most of last weeks gains and took me a little by surprise. There will, obviously be serious support at 11000 should the market try and head lower. The only thing I can see that will push it below that support this week would possibly be news related, i.e. the FOMC mins today or the NFP data on Friday at 8.30EST. SHould it not play to the downside this week then we have some potentially bullish divergence on my MACD, and that could come into play even before NFP on Friday. Should we have a couple of even smallish moves to the northside today and tomorrow then the market will prbably head back that way from this bottom in view of that divergence. If it takes out the bottom, then who knows where we could stop, but I doubt it will go past 11000 this week personally.
El is right, the stops that can be put in place for a play to the longside would have less risk due to the close proximity to the break yesterday from the bottom, the market out of hours is certainly proving that, as i speak the cash daily is currently sitting at a pretty 130, and perhaps more significantly, crude is some 80 points lower at the moment, which could impact the Dow today and my profit margins if Crude stays down there.
Watch out for the volatility that will prbably come today at about 7pm GMT and about 12-30pm GMT if you're in the cash market out of hrs on Friday. This will come on back of FOMC mins today and the NFP Friday.
That's my two penneth - have a good day and hope we all take something from the dragons den today.
Chris
What a great and resourcefull post, Chris! Well done!
Hope your little one is doing alright. His loss of sleep might have been because you still have open position on crude and that made him worry Mind you I have two little kids so I am happy to discuss 'kiddy' stuff as well
Chart-wise, I've been switching between the 100 and 200 SMA but haven't paid any attention to the 49/50 one. The article you suggested the other day recommended the 100 one and common wisdom tends to favour the 200.
I may trade the DOW later today so I'll probably talk to you later.
Good trading,
Hung
Hope your little one is doing alright. His loss of sleep might have been because you still have open position on crude and that made him worry
Mind you I have two little kids so I am happy to discuss 'kiddy' stuff as well Chart-wise, I've been switching between the 100 and 200 SMA but haven't paid any attention to the 49/50 one. The article you suggested the other day recommended the 100 one and common wisdom tends to favour the 200.
I may trade the DOW later today so I'll probably talk to you later.
Good trading,
Hung
chindl
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If anything is givin me a sleepless night it's my position in copper and not crudehungvir said:
. Like a bleedin yo yo were a one pip move can cost a tenner, even at ten bob a go on Fins (that's 50p in new english money )..BTW - I only use the 49 SMA for eod, not intraday. I use various techniques intra, usually the 100 on the Dow, but breakouts of the Bollinger Band also, expecially on currencies, metals and energies. Each animal likes to be stroked in a different way don't ya think.
As an aside, I see the Nikkei took big losses overnight, wonder if that's profit taking from overseas investors getting jittery about the impact of US inflation?
Good luck
Chris
Thanks, Chris. It's party time
The DOW's hourly chart does not look too bearish at the moment. The recent significant low has not been violated.
The 30 min chart shows a 'gloomier' picture with recent low of 11169 pierced and we have two up bars already after a plunge. But the most recent bar broke thru the trend line that held for 7 hours so this should be significant. The short term trend could be up.
This is supported by the 10 and 15 min charts with higher high have been made and price has touched the 100 MA. A whole bar above the 100 MA would give more weight to this rise.
The five minute one, the most important one for me shows that the DOW is overbought and it is indeed easing a bit.
I'll wait for three down bars to go in. Let's hope today will be another good day.
Good trading,
Hung
The DOW's hourly chart does not look too bearish at the moment. The recent significant low has not been violated.
The 30 min chart shows a 'gloomier' picture with recent low of 11169 pierced and we have two up bars already after a plunge. But the most recent bar broke thru the trend line that held for 7 hours so this should be significant. The short term trend could be up.
This is supported by the 10 and 15 min charts with higher high have been made and price has touched the 100 MA. A whole bar above the 100 MA would give more weight to this rise.
The five minute one, the most important one for me shows that the DOW is overbought and it is indeed easing a bit.
I'll wait for three down bars to go in. Let's hope today will be another good day.
Good trading,
Hung
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A bit of an observation here.
The DOW pierced the uppber band of the BB for 5 bars and started to come down after hitting 11180, clearly a round number The distance between the upper and lower bands was around 190 points.
Not sure if it only comes back down to test the 100 MA line or to give me a chance to jump in. We'll see.
The DOW pierced the uppber band of the BB for 5 bars and started to come down after hitting 11180, clearly a round number
The distance between the upper and lower bands was around 190 points.Not sure if it only comes back down to test the 100 MA line or to give me a chance to jump in. We'll see.
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