Dow 2007

Another +7 for +99. This is getting very strange. I've used Atilla's chart layouts to establish the trend size, and I know to short on pullbacks to moving averages. I've considered the volatility of the market when considering entries also.

This is the strangest thing. I've been running the CBOT Live YM book in order to make sure the SB bucketshop isn't giving me bad fills, not filling me when the market traded there, biasing their spread, etc.

I've been trading without charts up for the last hour scalping from the order book but only taking high probability short entries with tight stops and targets, both mental stops and targets. I feel I am trading in the zone. Thanks go out to Atilla, Firewalker99, and DBPhoenix for showing me the way.
 
firewalker99 said:
long 13610
Click to expand...

Firewalker, please stop trying to pick the bottom. Short or stand aside, until some clear strength shows. I am very annoyed at covering every short prematurely. That is bad enough. The one losing trade I have had today has been the 1 long I took. Please, I know it can be hard sometimes, but you have offered great and valid advice, including don't trade against the trend and don't try to pick tops and bottoms.
 
firewalker99 said:
thx for the information

I use price & volume... but my targets are still a bit of a let's say "room for improvement"- point :)

entries based on support/resistance/... yesterday bought potential selling climax and re-test... problem is I usually have pretty good (early) entries so I can put in close stops, but I usually fail to squeeze the maximum of points out of every trade
Click to expand...

what time frame do you identify your s / r in for the intra day fw?
 
I've had enough of this!!! I tried to sell 80 at 80, trade declined bad price. Tried to sell 60 at 60, trade declined 10 seconds later, bad price. Tried to sell 53, got filled 49, tried to exit at 42 - trade declined - bad price. I've just got out of that for -13 including spread. Thieving *******s!
 
lurkerlurker said:
Firewalker, please stop trying to pick the bottom. Short or stand aside, until some clear strength shows. I am very annoyed at covering every short prematurely. That is bad enough. The one losing trade I have had today has been the 1 long I took. Please, I know it can be hard sometimes, but you have offered great and valid advice, including don't trade against the trend and don't try to pick tops and bottoms.
Click to expand...

Might well be, but let's not forget I made 210 points out of longs yesterday...

However I should have turned my head around today, because it's going to be one of those days. DAX is down 300 points, DOW also and I will keep flat now until I get a clear decent signal.

There's no support here on DOW as far as I'm concerned. I did have the short signal from 13750 fut today but I was still in my DAX trade that I wanted to close first. Otherwise I'd have a hell of a trade on my hands :rolleyes:
 
firewalker99 said:
looks like nothing can hold this up though :eek:
Click to expand...

true. dow could be a different story from dax. i dont trade dax futures so only have the cash price, i cant quite get to grips with the movement of the futures out of hours. ie the correlation between cash and futures and the dax futures vs the dax cash and dow as well.

for example although i think there could be a bounce in dax as discussed before dax i assume dax futures are still going down due to dow weekness? but by open tommorow this should be equalled out? think steve and hookshot made some easy ££ from this earlier in the week by arbing the difference...
 
Utter thieving *****. Delayed fills until the price is too far in my favour, and then good fills when the price would have gone against me. That has cost me £30.

Net +68 for the day. Time to stop I think, or fund a different account.
 
Worth another read of the article....

Hook Shot said:
I see markets globally going higher and higher ... I hear smart commentators predicting large numbers for dow .............. They maybe right who am I to disagree but...

Even bullish markets ebb and flow and right now the US market has not made a new swing highs for a while ... so the pressure is on them to show what they're made of..!

http://www.decisionpoint.com/ChartSpotliteFiles/070706_cycle.html

My view 4 what it's worth is a FAST move is coming..... into end of the month... :cheesy:
Click to expand...

Enjoy
 
Anyone looked at a chart of Russell 2000 and XLF....both of these look more like a chart of an illiquid stock than a major index...amazing stuff..
 
YMU7 Trades, 26 July 2007

Trades: 16
Wins: 11
Losses: 5 (including one BE)
Win %: 55
Average Win: 10 pips
Average Loss: 8.4 pips
Net P/L: +68
Spread paid - 64 pips

I'll do the paper trading for firewalker (today and yesterday) later. I need a break from the markets. I've had to do a lot of those trades by telephone, which is quite disadvantageous, so I am fairly happy with my performance under these circumstances.

My first trade was a £2pp short on the unemployment at 13747. A sell and hold would have fared better than my scalping, but I followed my plan to the letter, was disciplined about stops and targets, and traded in the zone.

The last 3 losing trades were sloppy fills, and I should have had a +20, a +10, and a +15 but they gave me crap about bad price (ie the price was valid when I placed the order but the market had moved in the 40+ seconds it took to for them to confirm. They are having IT problems, so perhaps forgivable.

All short trades, except 1 loser which was long and wrong!

Recent performance:


Friday: +46
Monday: +10
Tuesday: -2
Tuesday night: +10 on a forex trade
Wednesday: Nothing done
Thursday: +68

Nothing stellar, but I think I've done pretty well. Paper trading up to Tuesday also showing a profit.

Good trading all, that is me for the day!
 
2468steve said:
Anyone looked at a chart of Russell 2000 and XLF....both of these look more like a chart of an illiquid stock than a major index...amazing stuff..
Click to expand...
Rathcool must be counting his money as we speak ... thought he'd put in an appearance to talk us through it but .... :LOL: :LOL:
 
Hook Shot said:
Rathcool must be counting his money as we speak ... thought he'd put in an appearance to talk us through it but .... :LOL: :LOL:
Click to expand...

I think his options expired last week.....I know he was up on XLF but underwater on 13800 calls he wrote ...no one heard from him since then ??
 
major support coming up on SPX around 1465...Dow also still around 200 pts above corresponding trendline....
 

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I got my big down day, and I'm quite pleased with that. I am however a little irritated that I didn't take less positions and hold them longer. If I had a 50 point stop on my first trade of the day and had left it open until now.........

Still, I think we've all done quite well.

I would really like to quantify my reading of the order book. I used the position trading system to define the trend, and only took entries in the direction of it, but most of my trades were based on an almost instinctive interpretation of the order book. I got carried away and overtraded though - on a strong trend day it is best not to be in and out so much. Just goes to show that even a fool can make money sometimes.
 
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