Dow 2007

[lurkerlurker]

13940 futures just hit. That would have been my +60 target. I wonder why I didn't use a wider stop, or wait for a better entry. I'll try not to make execution mistakes in the future, but it is somewhat encouraging to see that the system works, even if I don't. Jobless and FOMC tomorrow, so hopefully I'll be able to recover these losses on a few news trades.

 

[rathcoole_exile]

can't seem to break through support at 13940
I'm gazillions of thousands of dollars better off now than this time last night, but am still at a potential loss on my Call Options, although assignment looks less likely and less painful now. More southbound would be welcome

 

[lurkerlurker]

Well, it looks like I was right and the market was indeed to fall today. It is somewhat disappointing that I have accrued no profits for this, however I have only myself to blame for being too risk adverse to set a sensible stop. What firewalker recommends regarding stop and limit distances for trades is worthwhile indeed, and I shall be spending some time on that in the near future.

I hope you have all had a productive day. I don't expect to trade until Jobless figures at 13:30 tomorrow.

 

[rathcoole_exile]

there it goes :cheesy:

 

[Atilla]

Well, it looks like I was right and the market was indeed to fall today. It is somewhat disappointing that I have accrued no profits for this, however I have only myself to blame for being too risk adverse to set a sensible stop. What firewalker recommends regarding stop and limit distances for trades is worthwhile indeed, and I shall be spending some time on that in the near future.

I hope you have all had a productive day. I don't expect to trade until Jobless figures at 13:30 tomorrow.

Well the 4 hour charts have confirmed the crossover followed by a retrace and a lower high and breached previous lows.

I may be a little late entering this trade but got to follow and trust the system. Hence I'm now short on the DOW.

Will remain short until the price cuts above the MA34.

This drop is going down to 13800(c) one way or another. I hope by the end of trading session. May leave it overnight. Will see how it goes.

Good trading everyone...

Well there's a spot of good luck. It's now 13844 already. Moving SL. Free trade now.

 

[rathcoole_exile]

. Free trade now.

yes, those are always the best trades m8, play O.P.M.

congrats

 

[rathcoole_exile]

Donchian channels

Is anyone using Donchian channels ? I read about them recently so I put them up tonight just to have a look as I'm not trading until after Options expiry.
I haven't done any back-testing, but watching the 3 minutes YM, the bounce from channel extremes combined with MACDHist tick-ups and -downs, seems to produce some nice winning trades.
Something I'll keep an eye on and explore more in depth as time goes on. If there's anything noteworthy I'll post my findings.
just wondered if anyone else has come across Donchian ?

regards, Garry

 

[firewalker99]

Well, it looks like I was right and the market was indeed to fall today. It is somewhat disappointing that I have accrued no profits for this, however I have only myself to blame for being too risk adverse to set a sensible stop. What firewalker recommends regarding stop and limit distances for trades is worthwhile indeed, and I shall be spending some time on that in the near futur

I hope you have all had a productive day. I don't expect to trade until Jobless figures at 13:30 tomorrow.

Bit of shame really for your short because I would've shorted 14040 which was for me the low of yesterday. Following that system I told you, you would've made 40 points and could've held on for more easily.

But I see you put in a limit order at the lowest point of the previous day, including aftermarket. What I really meant was to consider the previous day's trading up to the close of 22 pm (my time), so not taking into account the last 30 minutes. I should've clarified that obviously but you see there is potential

 

[Atilla]

yes, those are always the best trades m8, play O.P.M.

congrats

Free traded ended for hardly any pips worth mentioning...

Watching it rise again at the moment. If it makes a lower high and 4 hour conditions hold will look to go short again.

Will wait some more...

 

[lurkerlurker]

Bit of shame really for your short because I would've shorted 14040 which was for me the low of yesterday. Following that system I told you, you would've made 40 points and could've held on for more easily.

But I see you put in a limit order at the lowest point of the previous day, including aftermarket. What I really meant was to consider the previous day's trading up to the close of 22 pm (my time), so not taking into account the last 30 minutes. I should've clarified that obviously but you see there is potential

Thanks firewalker. My real market position was based on Atilla's system as I am only papertrading yours (and you advise it only breaks even). However, I am having problems with my stoploss distances and got death by a thousand cuts yesterday on the losing shorts, which went in my favour the minute I was stopped out.

Todays orders - I think I understand your comments, and that the orders are to go when the cash market is open. I have the PDH at 14047 and the PDL at 13901 for yesterday, but I can't place orders until the cash market opens and I know if it is a ranging day or a breakout.

My 4h charts are neutral at the moment, the system signalled to cover shorts when price moved above the 8 DEMA. I will wait for price to cross all 3 MAs to the upside and for MACD to go bullish before buying, and I will wait for price to come down below the 8 DEMA and have the three crossover before selling. Flat at the moment, but bearing yesterdays losses and the reasons for them in mind.

I may also trade the Dow over the jobless figures this afternoon, and the FOMC announcement later, provided both show momentum. Otherwise, I'll look to take a position trade according to the 4h system, but I would look to exit that before FOMC, and hopefully Philly Fed won't throw in too much volatility.

Good trading all!

 

[rathcoole_exile]

Put-Call Ratio

PCR Index 1.80
PCR Equities 1.11

 

[lurkerlurker]

Thanks firewalker. My real market position was based on Atilla's system as I am only papertrading yours (and you advise it only breaks even). However, I am having problems with my stoploss distances and got death by a thousand cuts yesterday on the losing shorts, which went in my favour the minute I was stopped out.

Todays orders - I think I understand your comments, and that the orders are to go when the cash market is open. I have the PDH at 14047 and the PDL at 13901 for yesterday, but I can't place orders until the cash market opens and I know if it is a ranging day or a breakout.

My 4h charts are neutral at the moment, the system signalled to cover shorts when price moved above the 8 DEMA. I will wait for price to cross all 3 MAs to the upside and for MACD to go bullish before buying, and I will wait for price to come down below the 8 DEMA and have the three crossover before selling. Flat at the moment, but bearing yesterdays losses and the reasons for them in mind.

I may also trade the Dow over the jobless figures this afternoon, and the FOMC announcement later, provided both show momentum. Otherwise, I'll look to take a position trade according to the 4h system, but I would look to exit that before FOMC, and hopefully Philly Fed won't throw in too much volatility.

Good trading all!

Open above the previous days high, so buy order set at the PDH of 14047. Order placed at cash market open and not yet filled.

On the position trading, either a long or a short signal could be forming, so I will stay falt until then. Didn't trade the Jobless figures. May trade over FOMC.

 

[lurkerlurker]

Long 14047 on paper, stoploss at 13027, target 14087.

TYPO ALERT - that should be 14027

 

[rathcoole_exile]

Long 14047 on paper, stoploss at 13027, target 14087.

mate that's an inverse 2:1 risk:reward ratio. No way on Earth, winning trade or not, should you enter that trade !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! have you understood anything that's been told to you or that you've read ?????????????????????????

 

[rathcoole_exile]

in the words of the pope, "furfaxake"

 

[lurkerlurker]

mate that's an inverse 2:1 risk:reward ratio. No way on Earth, winning trade or not, should you enter that trade !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! have you understood anything that's been told to you or that you've read ?????????????????????????

It was a typo. I'm trading firewalkers system on paper every day, fixed stop of 20, fixed target of 40. I suspect you would have realised that I am not risking 120 pips to make 40! 3 is next to 4 you know.

Oh, and by the way, that typo indicated a 120 point SL against a 40 point target, making it a 3:1 risk/reward. Do you honestly think I would take a trade like that? I'm taking 1:2 risk:reward trades, with a target 2x the stop.

 

[rathcoole_exile]

that's right, pull me up over a mistake when i thought you were making a 1:2 trade than a 1:3
I'm obvioulsy mathematically illiterate and have no place on these boards. Did you know that the Good Samiratan got mugged the following day? Luke something or other.... just goes to show, be careful about trying to help people.

 

[lurkerlurker]

that's right, pull me up over a mistake

Does the irony of that comment escape you?

when i thought you were making a 1:2 trade than a 1:3
I'm obvioulsy mathematically illiterate and have no place on these boards. Did you know that the Good Samiratan got mugged the following day? Luke something or other.... just goes to show, be careful about trying to help people.

Trying to help people would be fine, but I would postulate that your reaction to a typo was extreme. Firewalker and I have discussed this system on this very thread recently, and it uses fixed stoplosses and targets of 20 and 40 respectively. If you've not kept up with that, and choose to insult me rather than giving me the benefit of the doubt...

Can we please keep this civil? I do not know why you reacted in that way, but there was no insult or ill will intended in my comments, and I certainly did not imply that you were mathematically illiterate. I was a little taken aback however that you seemed to think I would risk 120 pips to make 40.

And if you want to quote from Luke, how about starting with "Thou shalt love...thy neighbour as thyself"?

 

[rathcoole_exile]

my neighbour is a drug dealing Nigerian c@nt and the sooner the Boys from home come over to do him the better. Luke 10:14

 

[Kevin21]

a quiet day for me. No strong signals on YM so i haven't had a trade yet. Quite day on spmib too, only took 153pts out of it which was pretty much the only move of the day on it. Hopefully the nikkei will dance a bit more for us tonight. IPC has given me 190pts so far today tho, but as they say, it isn't over untill the fat lady sings....