Diary of a swing spread better

[Splitlink]

yawn, yawn

hi split

nice one wouldn't ya know - you out me in. took 560 this am so hope it's got a bit more in it.

aside from that all i've got is shorts awaiting.

good trading

jon

BSY is one of the few with upward averages. Makes me nervous that today's close could be a failed top in the start of a new downtrend.. Before I left the computer, yesterday, I shorted NG for 599- hope I did the right thing- and will be watching BSY today.

I think that you are wise to be short of everything.

Good luck

Split

 

[Vaco]

I'd like to stear the conversation towards exit plans as this is an area that i feel i still need to work on.

Exiting a trade that goes against you is easy... you get stopped out but what are your thoghts on trades that are going your way but havn't reached your target yet?

This may not be a problem for those of you that dont hold overnight as you simply run out of time, but for me i'm constantly fighting the demons of greed ( let it run ) and fear ( your gonna lose all your gains )

I admit that i only have these feelings because i dont yet have an exit strategy that i am comfortable with but i'm looking for new ideas so come on guys, share

 

[Vaco]

stopped out of my dow trade at 10963 for a small profit.

looking to go long at 10985 if we get there.

 

[hungvir]

I'd like to stear the conversation towards exit plans as this is an area that i feel i still need to work on.

Exiting a trade that goes against you is easy... you get stopped out but what are your thoghts on trades that are going your way but havn't reached your target yet?

This may not be a problem for those of you that dont hold overnight as you simply run out of time, but for me i'm constantly fighting the demons of greed ( let it run ) and fear ( your gonna lose all your gains )

I admit that i only have these feelings because i dont yet have an exit strategy that i am comfortable with but i'm looking for new ideas so come on guys, share

Hi Elefteros,

Have you tried Bolinger Band?! Taking profit when the price has pierced the upper/lower bands for three consecutive days is one of the options while holding positions overnight.

When daytrading, my observation is that we double/tripple the number of bars crossing the bands.

I don't think I am going to trade today. England vs Sweden is a must-see.

Our darling just broke out of the channel though Still have around 20 min before I have to go.

Cheers,

hung

 

[hungvir]

Here's the chart by the way.

 

[hungvir]

Could not resist so I went long where the blue oval was. Will move stop to BE soon. It's sort of going my way.

 

[hungvir]

Stop loss is at 10976, risking four points.

 

[hungvir]

I like the way it goes. Stop is now at 10979, risking only 1 point.

 

[hungvir]

Raised stop to 10996. The good thing is the DOW did not pause at 11000.

 

[barjon]

I'd like to stear the conversation towards exit plans as this is an area that i feel i still need to work on.

Exiting a trade that goes against you is easy... you get stopped out but what are your thoghts on trades that are going your way but havn't reached your target yet?

This may not be a problem for those of you that dont hold overnight as you simply run out of time, but for me i'm constantly fighting the demons of greed ( let it run ) and fear ( your gonna lose all your gains )

I admit that i only have these feelings because i dont yet have an exit strategy that i am comfortable with but i'm looking for new ideas so come on guys, share

elefteros

How about feeding both demons a snack to blunt their appetites Close half early, 1:1 say, move stop on last half to breakeven and let it run for the skies with a trailing stop.

good trading

jon

 

[hungvir]

Now it's pausing to breath at 11004.

 

[hungvir]

elefteros

How about feeding both demons a snack to blunt their appetites Close half early, 1:1 say, move stop on last half to breakeven and let it run for the skies with a trailing stop.

good trading

jon

That's a good idea, Jon! The thing for me is I already trade minimum stake so I can't do that

 

[hungvir]

It started going up now after the pause. Stop is now at 11002.

 

[hungvir]

Hi Elefteros,

Have you tried Bolinger Band?! Taking profit when the price has pierced the upper/lower bands for three consecutive days is one of the options while holding positions overnight.

When daytrading, my observation is that we double/tripple the number of bars crossing the bands.

I don't think I am going to trade today. England vs Sweden is a must-see.

Our darling just broke out of the channel though Still have around 20 min before I have to go.

Cheers,

hung

Actuall, I should have said tightening stop rather than taking profit outright.

 

[Vaco]

I'm currently doing as barjon suggests, the big Q is by how many points should the stop trail, remembering that i can normally only update it at eod as cmc do not offer trailling stops.

 

[hungvir]

As soon as I raised my stop to 11019, the price dropped there. Made 37 points in matters of minutes. Not too bad.

There may be more to be made on the long side but let others have a share as well

 

[Vaco]

I'm still long hung from10986 its having a mid day rest now but will hopefully hold above 11000 today.

 

[barjon]

I'm currently doing as barjon suggests, the big Q is by how many points should the stop trail, remembering that i can normally only update it at eod as cmc do not offer trailling stops.

elefteros

I take my stops off overnight since gaps and the early mayhem are often killers - not sure how that works on the dow.

I used to think I could adjust my stop commensurate with the price action. Unfortunately, I'm not one of those guys who can apparently read the market like a book so I just as often got it wrong than right. Nowadays, so far as price action is concerned, a repeat of my entry pattern in the lower timescale (1 hr) gives me the next stop level as do some candlestick reversal patterns. Otherwise it's just a mechanical lifting of the initial stop by equivalent stages ie: stoploss -10, raise to b/e when price +10, to +10 when price is + 20 and so on.

good trading

jon

 

[hungvir]

I'm still long hung from10986 its having a mid day rest now but will hopefully hold above 11000 today.

Good luck!

I am at work now and will spend the first two hours half watching the game and half working

Cheers,

Hung

 

[hungvir]

Poor Owen, I hope the injury was not as bad as it looked. England did not dominate as I hoped but at least it's 1-0 at the moment.

Hope you guys made something out of the DOW today.

Later,

Hung