Diary of a swing spread better

[Vaco]

I'm trying out a new system on the ftse and the dows drop has triggered a short on it out of hours,(the benefits or not of 24 trading) Not to comfy with the idea of being long on the dow and short on the ftse as they generelly move in the same direction which means one of my trades will probably go against me 2mmorow

This must be what they call hedging your bets

 

[hungvir]

long at 11050 sl as always 100pts so 10950 dont think about it to much hung and remember i'm looking for 270 pts profit not 7 so it all evens out

That's very true.

I did not mean that the R/R is not worth it but just that I can't afford such a big stop loss now that my capital is much lower.

Good trading,

H

 

[hungvir]

Well, the DOW ended the day at 11048, more than 30 points below where I shorted it and lost

When will I learn? May be I have

Let's make another promise that hopefully won't be broken too soon.

I won't trade the DOW until I have seen its hourly, 30 min, 15 min, 10 min and 5 min charts and post their analysis here.

I won't launch Fins' platform until after the analysis is done and daily news review is completed and posted.

entry, RR, exit points will be written down before every trade.

If I had been hand writing this, I would have been doing it 100 times: But as I am typing, it's not worth cutting and pasting it another 99 times

 

[Splitlink]

Well, the DOW ended the day at 11048, more than 30 points below where I shorted it and lost

When will I learn? May be I have

Let's make another promise that hopefully won't be broken too soon.

I won't trade the DOW until I have seen its hourly, 30 min, 15 min, 10 min and 5 min charts and post their analysis here.

Whatever else you've said (muchas cosas ), I believe that watching the short timescale charts is extremely useful, even though one is not an intraday trader. It helps to keep the risk factor low and to try to find the highs and lows for the day. I use the Fins charts for this.

I am going to stop posting all my trades unless I want to say something of use, because most of mine are toe- in- the water jobs. I'd like to say, though that yesterday, being a day off , I was long in two UK stocks plus the SP and I got out of all of them with a net profit of one point.

I'm not boasting about that, except to say that being long (stupid of me ) in a short market but watching five minute charts, kept me out of trouble

Take care, mate, tjhe Dow can be a bitch.

Split

 

[hungvir]

It can be a nice bitch, too If you know how to play it

We learn from every single trade we make so I look forward to hearing from you from time to time.

Good trading,

Hung

 

[hungvir]

And it's not a stupid thing to go long in this market, Split. It's just a matter of time frame. If you're in to get 10-20 points in matters of minutes, then you should be alright, hopefully

 

[Vaco]

Treat the dow like your wife, not like a b*tch and you will be rewarded long term just remember the rules,

dont argue with her,
shes always right,
go with her flow to avoid stress,
and when its not working out remember its your fault not hers.

good luck

 

[Vaco]

nearly forgot and this is the hardest rule for me,

Give her some space, She doesn't like to be touched constantly you have to wait till shes in the right mood, otherwise she gets stroppy and nothing you do seems to work.

 

[hungvir]

Treat the dow like your wife, not like a b*tch and you will be rewarded long term just remember the rules,

dont argue with her,
shes always right,
go with her flow to avoid stress,
and when its not working out remember its your fault not hers.

good luck

Split has divorced her and these rules are not applicable in Spain

 

[hungvir]

nearly forgot and this is the hardest rule for me,

Give her some space, She doesn't like to be touched constantly you have to wait till shes in the right mood, otherwise she gets stroppy and nothing you do seems to work.

Had I given her 30 point lee way, I would have earned more than 30 points instead of having lost nearly that amount.

How much is enough?! Well, I always know when I trade with a plan but with unplanned trades it's gonna be my pain threshold

 

[Vaco]

Split has divorced her and these rules are not applicable in Spain

Now I know where all of splits funds are going, have you any idea how expensive divorce is, especially Mrs Dow i hear she will ring you dry

 

[Splitlink]

Treat the dow like your wife, not like a b*tch and you will be rewarded long term just remember the rules,

dont argue with her,
shes always right,
go with her flow to avoid stress,
and when its not working out remember its your fault not hers.

good luck

Very good

Regards Split

 

[Splitlink]

Now I know where all of splits funds are going, have you any idea how expensive divorce is, especially Mrs Dow i hear she will ring you dry

No, 43 years married!

Split

 

[chindl]

Chris,

Sorry for all the questions but everytime you answer one specific question, this leads to another one - or two!!!

You mentioned that you trade Chick Goslins Methods in his book Trading Day to Day. Consequently, can I ask a couple of questions:

i) What instruments do you trade using his methods?

ii) Do you follow his methods exactly or have you modified / refined them to suit your own trading style?

iii) Do you find his methods offer good results? I'm assuming that as you still trade his methods, that the answer is probably yes to this one though

iv) Any further observations from trading his methods?

The reason I ask is that I too have read the book but personally have had mixed experiences with his method, especially with regards to good timing for entry & exit. I have been trading stocks though so I'm not sure whether this has any relevance.

Any advice, as always, much appreciated.

Chorlton

OK Chorlton, I finally manage to squeeze some time to reply.

1 - I trade the futures with this method, I trade Eur future, Yen future, crude future, silver, gold, copper (infrequently due to volatility), Dow future, S&P future and Naz future, the former two only when trend is solid & Naz when less solid, as the Naz is less likely to bite you big time with a huge wrong way move wheras the S7P and the Dow can shift significantly. I also trade every now Wheat, Soys, Corn, Cotton, Sugar, Cocoa and the long bond. Now this may seem a lot, but I identify each weekend the ones that look liike they have the best opportunity to move and go with them, and only them. It's like having a set of say 25 stocks to look at each week, you cherry pick the most tempting ones and leave the rest for another day.
2 - I refine the method, I use my only methods to set targets and my own entry methods. I also use a couple of other confirming indicators, such as ADX and a bespoke Bollinger Band.
3 - Very good worked in with my own indicators.
4 - Be sure to understand the ability to see when the indicators are about to move and act on them. For instance, when a market is trending significantly like Gold at the moment the opportunities are endless, you need to ensure that you watch for the pullbacks in the trends and jump aboard on the pullbacks without too much fear. The Slow line and the ML may not all be lined up, but count back and when you're reasoably sure the ML will change from a down trending move and the SL is not too oversold then get aboard. Also pay attention to the COT data when it comes to these futures, they can really tell a story.

Hope this is of use.

Chris
PS - great start to the week, the crude long really paid off yesterday and I took some 200+ points on that trade first thing yesterday morning. I also finally liquidated a short position from the Dow which made me some 250 points from mid May. I did liquidate because I felt the Dow was struggling to breach the 11000 barrier, if it does breach it well today then I may get aboard for some more. The fast MACD is showing like it might have some punch to it this time out, so we could see quite a dip coming to the indices if that proves correct.

 

[chindl]

On point 4, it should be overbought and not oversold when it comes to the SL line.
BTW - you're not a Mancunian are you Chorlton??

 

[hungvir]

...
PS - great start to the week, the crude long really paid off yesterday and I took some 200+ points on that trade first thing yesterday morning. I also finally liquidated a short position from the Dow which made me some 250 points from mid May. I did liquidate because I felt the Dow was struggling to breach the 11000 barrier, if it does breach it well today then I may get aboard for some more. The fast MACD is showing like it might have some punch to it this time out, so we could see quite a dip coming to the indices if that proves correct.

Congrats, Chris! Your new son obviously brought you new luck

The DOW is sliding down again. Will short it if I see good set-ups.

Cheers,

Hung

 

[hungvir]

Well, ADVFN is not loading at work. May be tomorrow.

 

[hungvir]

No luck with digitallook either. Something is telling me not to trade

 

[hungvir]

The DOW has been piercing the lower band of the BB for the last five out of six bars with the latest one under the band. It's bound to go up before coming down. Not a good time to short, I suppose.

 

[hungvir]

But then again it's been doing the same thing in the 30 min chart for 9 consecutive bars. It's coming up now though.