lurkerlurker
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This is going to reject 14030. Not shorting it though, will wait to see if I can go long or short on a rejection or break of the key 14000 level.
lurkerlurker
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Ramblings Tom! System says LONG at 14030. A break on volume would be a good buy. I fear I have missed most of the move from my initial signal at 13990.
lurkerlurker
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Atilla, could you look at your 4h and explain what the system is saying. Price above 8 and 13, 8 crossed above 13, do we go long when price goes above 21? If so, is the MACD cross up confirmation (it hasn't happened yet)?
lurkerlurker
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Just tried to get long at 25 - couldn't pull the trigger, regretting it now. Don't want to buy at 14040. If I wait for a break of 14050 I'll think it is too high.
I think that by the close of this 4h bar at 8pm we will have a fully confirmed long signal on the 4h complete with MACD crossover.
I think that by the close of this 4h bar at 8pm we will have a fully confirmed long signal on the 4h complete with MACD crossover.
firewalker99
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Okay, and what are the results if you had used a BE stop after the trade moved in your favour 20 points?
lurkerlurker
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From memory, 1 more win, 1 less loss, +60 to the net P&L (could be 2 trades, I'd need to go back and check - which I will do). Struggling with the Dow here, thinking about going long, but could do with Atilla confirming something about the system. To be honest I am just worried about downside risk so late in the day. I think I will take my +10 on top of my +46 for Friday and enjoy two profitable days.
lurkerlurker
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Okay, the new 4h bar coming in has moved the MACD within a whisker (2.4) of a bullish crossover, price has crossed all of the DEMAs, etc. A long signal for sure. I want a confirmed break of 14050, before going long.
I don't take new trades in the last hour, and position trading doesn't change that. Tricky day, 2 trades, 2 wins, +10.
Hopefully some bigger moves tomorrow. My system gave me 50 pips today (long 13980 - which I covered prematurely, exit at 14030). I only took 10 - first trade was fine, second had a sloppy exit.
Good trading all, and do consider submitting a charity trade for tomorrow.
Cheers. I'm finished for the day.
I don't take new trades in the last hour, and position trading doesn't change that. Tricky day, 2 trades, 2 wins, +10.
Hopefully some bigger moves tomorrow. My system gave me 50 pips today (long 13980 - which I covered prematurely, exit at 14030). I only took 10 - first trade was fine, second had a sloppy exit.
Good trading all, and do consider submitting a charity trade for tomorrow.
Cheers. I'm finished for the day.
Hi ll,
You are obviously trading Sept futures, but according to your 'blurb', you would be referring to August as front month? What I mean by that, is, IG quote for August, so I assume the brokers do also?
cheers - Tricks
lurkerlurker
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Okay - I see there is some ambiguity here. My blurb says YMU7 and front month - IG may quote August, but the CBOT front month for the YM is September. Should I change the blurb? Also, why do IG bother quoting an August contract which doesn't exist in Dow futures - doesn't that cause them more hassle calculating fair value and rolling bets over?
Oh, and the blurb in the sig was to save typing "September futures price" into every post, when some people have commented that posting undifferentiated cash and futures prices is confusing (and gives brutusdog some minor cardiac problems when looking at new posts).
Atilla
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On my 4 hour charts, 8DEMA is about to cut 21DEMA so that's bullish. Price is above both the 8 & 21 MAs.
MACD also looking like it's about to cross. So a long by my system.
It was 13925 something when I said it looked bullish so it's already risen 20+ pips.
I can also see a possible H&S formation on the 4 hour charts. The left shoulder is just forming. It may not reach 14020. Might tank at 13960-80 perhaps.
Watching it at the mo. About to go off now things to do but will check every now and then.
Good trading guys.
Atilla
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LL, this is precisely the reason whilst I thought the long looked like the better bet - my first post this evening, I have a nagging feeling the downside when it comes could be traumatic - hence, I'm flat waiting to see 14000 or little less before viewing TAs for a possible short again.
Our sentiments probably the same.
Not saying we are right or anything just a perspective that's all.
I don't know why they quote August either ll, bit of a mystery to all, I guess.
firewalker99
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firewalker99
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short by mine
shorted 14035 again
exit 13995 = +40
that's two trades with same exit
+70 for today, I'm happy with that, especially since I wasn't around to trade the session and hence missed the open and a clear long entry from the swing high on Friday (13970)
firewalker99
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Imho the point of this forum/thread was to mind eachother's business and to help improve one another, so I'm sure it was meant well...
so if you don't mind me asking, could you perhaps share some light on some of your trade entries/exits? technical reason, indicator,...? I've haven't been following very actively but I did notice some of your posts where you seem to be racking up massive points each day. So it's in all of our interest to listen to your comments so feel free to share some of that wisdom
lurkerlurker
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Great trading firewalker well done! I'd have +50 had I stuck to the plan, but happy with the +10 and more importantly the lesson (okay, a similar lesson to what I should have learned, but).
Atilla - the downside will be massive if it ever happens. Could we go over some pyramid strategies for the day when the Dow tanks 150 with minor retracements? I'm flat, will watch the open tomorrow.
brutusdog
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was flat yesterday and will not be around for any intraday today, have a slight expanding wedge forming on the 4 hour chart so some volatility is expected until a break of this one way or the other. looks very steep in the weekly charts and some kind of breathing space will be required at some point, could be that we need to get a little more exausted first though
fw. interesting little system you put lurker onto, have been following it with interest thanks.
have a good day all.
lurkerlurker
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Oh dear, I missed a short signal my system gave me at 13950. That would have been a clear +50. That is whatI get for not watching my screen all day.
lurkerlurker
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Okay, short from 13938 (not the best price), stoploss 13960, target 13900 or below.
Edit - out for -13. Well that was silly wasn't it! Perhaps I should have just tightened the stops.
Edit - out for -13. Well that was silly wasn't it! Perhaps I should have just tightened the stops.
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