firewalker99
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One hour gone and we are up almost 100 :-0
Dax already up a whopping 162 points... I'm more amazed then amused really!
One hour gone and we are up almost 100 :-0
Dax already up a whopping 162 points... I'm more amazed then amused really!
looks like CV was spot on with his 13600 by Friday.... shake that man's hand...well done .. a virtual handshake across cyberspace...
Atilla
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Well I looked at the Calendar and saw higher expected inflation figures and worse jobless stats which =>
stagflation => High Inflation & High Unemployment.
I've given up on the economics.
The turn down is going to be very quick and bloody though. Look forward to the day if we can only catch it when she's turning and hold on for the ride. :cheesy:
lurkerlurker
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It didn't like 700 though did it? Who got short from there?
I'm inclined to think option expiry has a lot to do with this...drive market down pick up cheap calls....push it back up into expiry for cheap puts/sell calls.....high should be tomorrow or Monday at latest pre open.....looking now to get in a short on a 3/4 day swing down next week
Atilla
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lurkerlurker
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My system signalled a short entry on 3 peak RSI divergence. Tick also failed to remain above 1000 for a significant period. Target was local support at 60.
lurkerlurker
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Okay. First paper trade of the day. Short 690. Cover 660. Stoploss was 15 (above market).
Risk:Reward was 1:2.
Now why can't I do that in the real market?
Risk:Reward was 1:2.
Now why can't I do that in the real market?
Atilla
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Long @ 13551, SL @ 13540.
I think we have last 5th leg of up-wave coming up...
That's -15 loss as couldn't get SL in at the price I wanted.
Will sit out and look for another position long or short again.
In fact I'll have a good break altogether. See you later guys.
lurkerlurker
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Well, I have my 30 paper pips, which is my daily profit target. I'll leave my software open to record the market for later playback, but that is me for today.
Did anyone else short the RSI divergence on the 5 minute chart after the 700 candle with the very high wick?
lurkerlurker
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Long 50, stop 40, target 70.
lurkerlurker
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Trade +10, so stop moved to breakeven. 10 point movement either way from here is either a +20 profit or a scratched trade.
lurkerlurker
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Limit filled at 70. +20 on this, +50 for the day. (paper pips unfortunately, but I'm sure you are all glad to see me go back to paper trading until I can work on my confidence)
firewalker99
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Well done. Now you deserve a break. Or you could quit for the day.
Obviously if you're papertrading it's probably best to sit out the day and take as much signals and evaluate yourself and your reactions towards wins or losses.
lurkerlurker
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I'm finding this helpful
Yeah, and if they were real trades I'd have covered my losses from yesterday.
However, I should probably sit and take more signals, however I will obey my rules as thought I was trading real money (isn't that the point). I'll stop with the first losing trade after my profit target. So I can keep on taking signals until I lose once. I can lose 20 pips before I bugger up my profit target, so the riskiest trade I can take is 20 pips SL with target of 40 pips or higher.
I love paper trading - no stress (except the fear of being wrong, and with sensible stops and targets that doesn't bother me). I still have a temptation to take profits early, but I resisted that for +20 and +30.
The only thing I am doing differently is setting breakeven stops at +10 on a trade. This seems sensible enough. I take profits out of fear at this stage, so a BE stop removes fear of loss and my worst case scenario becomes a scratched trade. With my SB bookies I can't do this so soon (although possibly with CMC at around +15, but they aren't my preference - cash prices only and I rely on my otFeed / NT charting).
To simulate this in real SB trading, I could place the stop mentally (in addition to my hard stop which is placed on entry) and hover over executing a "cover at market" order which I hit the minute the trade nears breakeven. This would prevent me walking away from the trade however...
Thoughts?
Since I am journalling here, I'll stick some of my observations in.
I am setting sensible stops and targets, and ignoring "signals" which don't conform. I am not very stressed which is to be expected. I feel no compulsion whatsoever to over trade, and I obviously can't chase losses on paper, so I am not concerned with past performance. These are attitudes I need to replicate in live trading.
Yeah, and if they were real trades I'd have covered my losses from yesterday.
However, I should probably sit and take more signals, however I will obey my rules as thought I was trading real money (isn't that the point). I'll stop with the first losing trade after my profit target. So I can keep on taking signals until I lose once. I can lose 20 pips before I bugger up my profit target, so the riskiest trade I can take is 20 pips SL with target of 40 pips or higher.
I love paper trading - no stress (except the fear of being wrong, and with sensible stops and targets that doesn't bother me). I still have a temptation to take profits early, but I resisted that for +20 and +30.
The only thing I am doing differently is setting breakeven stops at +10 on a trade. This seems sensible enough. I take profits out of fear at this stage, so a BE stop removes fear of loss and my worst case scenario becomes a scratched trade. With my SB bookies I can't do this so soon (although possibly with CMC at around +15, but they aren't my preference - cash prices only and I rely on my otFeed / NT charting).
To simulate this in real SB trading, I could place the stop mentally (in addition to my hard stop which is placed on entry) and hover over executing a "cover at market" order which I hit the minute the trade nears breakeven. This would prevent me walking away from the trade however...
Thoughts?
Since I am journalling here, I'll stick some of my observations in.
I am setting sensible stops and targets, and ignoring "signals" which don't conform. I am not very stressed which is to be expected. I feel no compulsion whatsoever to over trade, and I obviously can't chase losses on paper, so I am not concerned with past performance. These are attitudes I need to replicate in live trading.
Atilla
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Good work LL, well done.
Looking at the charts I think the DOW looks like it's going to ease off a little. Not sure if it's saving it self for tomorrow.
I can't see this going past 570 today with important stats coming out tomorrow. Market will whip about doing not much but whipping us out of our pips.
Looking like a short at the moment maybe some consolidation.
Atilla
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I was talking about Cash prices Zuke. On my charts high of the day I have is 13572.
If I stuck to my plans, this would have been the target of the lower right shoulder spot on. As per the chart below.
Funny how even though I made lolly today don't feel content. Greed is such a bad thing. This trading is like a disease sometimes. I'm going to go and stick my head in a bucket of cold water to see if I can drown that *******ly greed nit... :cheesy:
