Diary of a swing spread better

[Splitlink]

prices comparison broker/Fins this morning.

UU. 670-671...........670.3-672.6
BARC 609-609.5........608.9-610.6
HNS 640-640.5........639.4-641.2

Split

 

[Vaco]

closed my long trade at 11052, also went short here based on the weekly pivot points. not part of the normal trading plan though so stop is much tighter at 11080

 

[chindl]

Evening Elefteros - do you set a target when you enter a trade? If so, how do you determine your targets, what do you take into account?
Chris

 

[Vaco]

Evening Elefteros - do you set a target when you enter a trade? If so, how do you determine your targets, what do you take into account?
Chris

Hi Chris,

Up untill the start of may I've been using the bollinger bands as my entry exit points so my 100pt sl was far lower then my net gain of 300-400 pts as the dow was trending upwards whilst bouncing off the bottom bolinger,

However things have gotten choppy now as the bears try to turn the market south so i leaning towards smaller targets and closer stops using the weekly pivot points, my target will be the next pivot point, i must admit that my trading plan is not complete and i am flexible as i know no one plan will work in all conditions, emotionally i cant cope with a long string of losses whilst i wait for conditions to be right for my plan, however i've always stayed close to trendlines and pivot points for markets with no clear direction and bollinger bands for trending and i've made a rule of not trading based on intraday signals as i'm not a day trader. the other rule i stick close to is the right stop for the right trade.

To wrap it up as this post is getting kinda long i believe that pivot points are the only indicater that gives you a projection of where the market might go based on previous price action other indicaters just show you whats currently happening in a different light and by nature lag behind.

The only thing i feel i need to add to my plan to make to improve my trading decisions is the ability to read volume, however cmc dont offer this on their charts.

 

[Vaco]

closed trade and went long again at 10943 109 pts not bad for a 30 pt risk.

 

[hungvir]

closed trade and went long again at 10943 109 pts not bad for a 30 pt risk.

Well done! May be it's time I ask you to trade my money :cheesy: I am sure you'll decline :cheesy:

When I first saw the DOW's intraday chart at around 20:00, it was hoovering at 11000. So someone could have made 60 points in an hour, a point a minute!

 

[hungvir]

And the DOW's intraday charts for the last few days boosted my confidence in the swing method I am following considerably.

 

[Vaco]

Well done! May be it's time I ask you to trade my money :cheesy: I am sure you'll decline :cheesy:

Who knows hung, if i achieve my target fot the year maybe i'll start a subscription service for the trades :cheesy:

 

[Vaco]

And the DOW's intraday charts for the last few days boosted my confidence in the swing method I am following considerably.

Glad to hear your refocused,

Good luck

 

[hungvir]

Who knows hung, if i achieve my target fot the year maybe i'll start a subscription service for the trades :cheesy:

Ha, ha, then don't forget to give me heavy discount

 

[hungvir]

Glad to hear your refocused,

Good luck

Well, I took on board lots of things that you guys said here as well.

Give me another year or so and you'll see either a relatively good and comfortable trader or a 'defector'

 

[Vaco]

dows dropped 300 pts in 3 daysand broken through support at 10950-11000, however i'm expecting a small pullback before thw downwards slide continues. i think we will might hit 10700 this month.

 

[Vaco]

Next time they set up a t2w south east social we should all go, I'm really enjoying this thread and would love to have a beer with you guys, We can even all bring our wives to stop them giving us a hard time about it when we get back home :cheesy:

 

[chindl]

Chaps - will try and do some commentary on the state of play tomorrow if I get time.
Enjoy the rest of the evening guys and well done Elefteros, a great day for you, now go an have a beer...
Chris

 

[hungvir]

Next time they set up a t2w south east social we should all go, I'm really enjoying this thread and would love to have a beer with you guys, We can even all bring our wives to stop them giving us a hard time about it when we get back home :cheesy:

Or we can set up one ourselves. Not sure if I'll still have a wife to bring when we next meet though But my son wouldn't mind a beer

 

[hungvir]

... i think we will might hit 10700 this month.

That's what I think as well. I'll surely go short the pullback if it hits 10700.

 

[hungvir]

dows dropped 300 pts in 3 daysand broken through support at 10950-11000, however i'm expecting a small pullback before thw downwards slide continues.

Elefteros,

May I ask what made you think that there'll be a pullback? Candlesticks? I just started reading about it

Cheers,

Hung

 

[hungvir]

That's what I think as well. I'll surely go short the pullback if it hits 10700.

Well, the next pullback might go all the way back to where we were just few weeks ago as well. If this is a three wave correction, we're already in wave 3 (or C for that matter). So I am not too sure about shorting the next pullback. But the chart looks so so bearish at the moment except for RSI which is oversold.

 

[Vaco]

well my long got stopped out at 10900 and turned into a short which is currently doing well out of hours, i'm off to work now so i wont c what happens till after 5 pm, as for the pullback i thought we were gonna have, its a little like your 3 bar rule it cant go down forever there has to be a pullback at some point, although i feel today will be VERY volatile.

 

[Vaco]

forgot to mention profit target for the day is 10790 at which point i'm set up to go long, sl 10940 which is also a go long point.

good luck every one