Dow 2007

[frugi]

Bounce also occured on 50% retrace and S1 pivot.

 

[lurkerlurker]

Hi Lurkerlurker,

I have been watching this thread for a while now and every time I read your posts you remind me so much of myself 5/6 months ago. I used to do 10/12 trades a day and lost a lot of money (about £8000 to be honest). It was a big slap in the face and I have learnt some very valuable lessons from it. First of all I am not suited for day trading so instead of using 1, 2 3 or 5 minutes charts I now only trade with 1 hour charts and very precise rules.

I have now got all of my black hair back but also my £8000. I am not stressed anymore and sleep at nights. Maybe you should consider trading with longer time frames before you have a heart attack .

I know how you feel, I have been there !!!

All the very best

Didier

You made your £8000 back! Kudos! There is hope for me yet perhaps. Longer timeframes - interesting point. I don't think it is smart for a losing trader (and that is what I am at the moment) to hold overnights and expose himself to more risk. Especially if his account is heading towards being under capitalised. However, there could be a happy medium which allows me to use longer timeframes for entry and exit without holding overnights.

Your hair fell out / went grey?

 

[lurkerlurker]

Bounce also occured on 50% retrace and S1 pivot.

Whoops. Employing Pivots would have saved me quite a few pips!

Were I trading, I'd short either a test of 550, or a confirmed failure to match the high at 48.

 

[Atilla]

Still in there...

If this is going to be the classic H & S it's going to be mighty fine...

 

[lurkerlurker]

Just got a sell signal, which I mssed.

 

[Hook Shot]

You made your £8000 back! Kudos! There is hope for me yet perhaps. Longer timeframes - interesting point. I don't think it is smart for a losing trader (and that is what I am at the moment) to hold overnights and expose himself to more risk. Especially if his account is heading towards being under capitalised. However, there could be a happy medium which allows me to use longer timeframes for entry and exit without holding overnights.

Your hair fell out / went grey?

Not wishing to confuse matters but I know some lads who just trade the close and settle up by 8am uk time next day........often well before. Having said that they have accumulated loads of data of historic price action after the bell so they have a handle on the price variations - allowing for the black swan - to remind some fans of the vanilla thread :cheesy:

 

[lurkerlurker]

I'm flat (well, it is the rules). Anyone with a position?

 

[didier]

You made your £8000 back! Kudos! There is hope for me yet perhaps. Longer timeframes - interesting point. I don't think it is smart for a losing trader (and that is what I am at the moment) to hold overnights and expose himself to more risk. Especially if his account is heading towards being under capitalised. However, there could be a happy medium which allows me to use longer timeframes for entry and exit without holding overnights.

Your hair fell out / went grey?

you only expose yourself to as much risk as YOU WANT to take. I use 30 points stop on all my trades and move my stop loss to break even as soon as I am 30 points in profit. Stress free !!

Didier

 

[lurkerlurker]

Triangles

Interesting chart.

 

[Hook Shot]

you only expose yourself to as much risk as YOU WANT to take. I use 30 points stop on all my trades and move my stop loss to break even as soon as I am 30 points in profit. Stress free !!

Didier

Well said , Well played

 

[Atilla]

I'm flat (well, it is the rules). Anyone with a position?

Lurker, I will not take any responsibility for any of your loss but I would say

1. H & S is one of the most reliale signals

2. Pinochios nose on bar charts - 1 hour is equaly reliable

3. Coming off 15600 with such rapid descent

all tell tale signs of a severe confidence in the DOW.

Given previous long term daily chart I'm feeling bearish.

Why not short it with a stop loss at 13550 and go and have some fun.

You'll be risking £35 approx from current price. I suppose. Now where haven't you spent that money on drinks and booze and partying or what ever.

=================

Alternatively, go long with a similar SL at 13470 for about £40 loss.

13500 critical psycho barrier. Instead of death by a thousand cuts you'll have one swift good one.

Use it as an experiment.

------------------------

Once again I accept no responsibility for your trade or loss.

Good trading and enjoy all that you do.

 

[Hook Shot]

I accept no responsibility .................
Sorry Atilla.. you hit the spot....

 

[firewalker99]

Interesting chart.

Triangles can be interesting indeed... I find them a good pattern, but good triangles don't appear very often. On a 1-min time frame however you can probably find a lot more, but they won't lead to the same significant moves that usually occur after a break on a higher timeframe.

 

[Atilla]

I accept no responsibility .................
Sorry Atilla.. you hit the spot....

Well you know refunds are a little tricky in this game...

I'm not a 100% on this either. 50/50. What do I know. This is the DOW we are talking about.


I'm really hot and stressed out today and I know it's purely this trading.


Right I'm going out side now to chase the kids round the garden. Teach em a lesson or two.

 

[catracho]

DOW longer (short) term view!

Looks like indicators (MACD and RSI) turning down..so maybe a move down to 13250 (if that) on cards which would alleviate the overbought scenario and pave way for new attack on all time highs...

 

[firewalker99]

3rd trade

long 13500 cash
13525 futures

whoops stopped out -10!

net +5... next stop 13500 futures


Edit: ok, I've clearly been going against the trend today and bad trades...

@ Lurker: I wasn't intentionally losing, but I hope you understand the importance of having
1) either a high percentage of winning trades
2) making the winners outweigh the losers by far

For example :I've now made two losing trades and only 1 winner but I'm still up for the day.

All the shorters on this thread should be pocketing it today

 

[Paul71]

G'day everybody, anyone make 480 as possible support?

Any comments welcome.

PS. Anyone take much notice of the bond market.

 

[lurkerlurker]

Lurker, I will not take any responsibility for any of your loss but I would say

1. H & S is one of the most reliale signals

2. Pinochios nose on bar charts - 1 hour is equaly reliable

3. Coming off 15600 with such rapid descent

all tell tale signs of a severe confidence in the DOW.

Given previous long term daily chart I'm feeling bearish.

Why not short it with a stop loss at 13550 and go and have some fun.

You'll be risking £35 approx from current price. I suppose. Now where haven't you spent that money on drinks and booze and partying or what ever.

=================

Alternatively, go long with a similar SL at 13470 for about £40 loss.

13500 critical psycho barrier. Instead of death by a thousand cuts you'll have one swift good one.

Use it as an experiment.

------------------------

Once again I accept no responsibility for your trade or loss.

Good trading and enjoy all that you do.

Putting on another trade would break my rules. Then again, if I see the perfect setup....

I think my issue is failure to provide sufficient protective structure in an unstructured environment.

You are right that it is difficult to buy a decent night out for £35 quid. That's about 4 drinks where I'm from. That isn't really the point though - I could theoretically lose another £40 without missing it.....but...I don't really know.

If I take another trade today, it will be near S/R / pivot point, and will be confirmed by 2 other indicators. I will not have a SL > 30, If I can't place a 30 SL, the trade isn't worth it.

Recently, there have been larger swings in the last hour. If I can get a good entry, and move the S/L to break even, I'll set an ambitious target and **** off for the rest of the day, coming back before Market on Close.

By the way, I'm not seeing this pin bar. Pin bars are mirror images, no? My 1 hour shows nothing of the sort. Could you attach a chart or something?

BTW, just got back from a late lunch, so I'm afraid that short would now have too much risk. I'll keep an eye out though.

 

[Atilla]

Looks like indicators (MACD and RSI) turning down..so maybe a move down to 13250 (if that) on cards which would alleviate the overbought scenario and pave way for new attack on all time highs...

Bless you catracho, this is exactly what I have had in my mind for the last couple of weeks.

Wow. Here comes the fall as I write.

 

[lurkerlurker]

Should have held that short. Perhaps my SL was too close.