Dow 2007

[lurkerlurker]

Um well lets say there's room for improvement
With 2 heavyweights like FW and CV both long I think I will exit my short

Pat, I am in no position to give advice, but please don't pay attention to the positions of other traders when evaluating your own position. It used to make me nervous taking an opposite position to firewalker, but I was "right" more than once, and it wasn't uncommon for us both to exit at a profit on what was initially an opposite trade.

In case you need cheering up, I'm down -997 on the month. No more day trading for me. I talked briefly about trading forex using daily charts, and now with the help of trader_dante's excellent thread this is exactly what I will be doing.

Unfortunately, this means my intra day Dow trading days are over, so I won't be as much of a regular mumbler here any more - naturally I will still "lurk" from time to time, but this isn't my timeframe - I have paid dearly this month before finally realising that.

I had an entertaining little punt on the binaries for the first time this week. I did okay initially, but ended up paying £100 to learn that I was doing it all wrong (the one loss I didn't cut - it happened much too fast). Won't be trying that again. I don't feel too bad at enriching my bookie (IG), as I stand to make that back from their spreadbetting markets.

Having "beaten" TradIndex and CS, I now need to make my initial deposits up at IG and CMC. I'm sure this will be soon enough though.

Good luck with the daily Dow trading - it is a market I have enjoyed participating in, and this thread has always been good fun (and informative), however I now need to bow out gracefully.

The anniversary of the opening of my first SB account is nigh, and despite my difficulties I am pleased to report a profit for the year so far. Further, I'm net positive pips and pounds for my Dow trades also! Thanks for all the help and encouragement guys.

Finally, I'm sure those of you who advised me to go to daily and ignore the noise on the M5 charts will be screaming "why didn't you listen to us earlier" at your respective screens, but we must all be allowed to learn in our own good time, even when those lessons could be expensive...

 

[black bear]

Gone 50 cash

Late Longboard at 35 cash

Stop hard 35, gotta stay out :arrowu:

Gone @ 50 cash

 

[lurkerlurker]

yes large bodies, very large prefered, then no grey areas

still with sb till dec, no vol

Andy

Hi Andy

If you want volume, get NinjaTrader (free for the charting / simulation mode) and OpenTick (free exchange data for the ECBOT E-minis). This platform is great for charting, and will also allow you to see the best bid/offer, volume, and time and sales.

 

[black bear]

Thank you FW

that's a pity...
in the meantime perhaps you could try to look at those bodies and where they occur.
"Where" = in relation to price levels to the left of your chart...

some will most likely lead to a continuation... others to a reversal, there are no guarantees, but there are items that could increase the odds to something higher than 50/50..

Hi FW

In the past take profits at approach to resistance, if fortunate to receive a large bar from the large bar fairy god

Judged by a large bar, flick bollingers on chart, closes outside bollinger bands

A ha,

just don"t like to give much of the high back, thats all,

check next time frame up and see for cont there, if that makes any sense, not against the odd peep at the macd histo in those circumstance etc to judge the moment to strike


Andy AKA

 

[firewalker99]

Hi FW

In the past take profits at approach to resistance, if fortunate to receive a large bar from the large bar fairy god

Judged by a large bar, flick bollingers on chart, closes outside bollinger bands

A ha,

just don"t like to give much of the high back, thats all,

check next time frame up and see for cont there, if that makes any sense, not against the odd peep at the macd histo in those circumstance etc to judge the moment to strike


Andy AKA

throw away those boule des berlins err sorry bollinger bands
and get yourself some volume

also you might want to wait for the "large bar fairy god" to print the next bar

 

[firewalker99]

Pat, I am in no position to give advice, but please don't pay attention to the positions of other traders when evaluating your own position. It used to make me nervous taking an opposite position to firewalker, but I was "right" more than once, and it wasn't uncommon for us both to exit at a profit on what was initially an opposite trade.

In case you need cheering up, I'm down -997 on the month. No more day trading for me. I talked briefly about trading forex using daily charts, and now with the help of trader_dante's excellent thread this is exactly what I will be doing.

You know... at first I thought of not saying this but I might as well as you won't be daytrading the DOW anymore. After you said you had 4 consecutive profitable weeks I was going to give you a warning. A wake-up call that those profits could evaporate sooner than you think. Because you might have been consistent during 4 weeks, but you weren't consistent in your trading habits and approach. But I didn't do it, as I felt like being the bad guy out there for not feeling happy for you. Perhaps I should have.

You traded news sometimes on a gamble or a feeling (which might have been right more than once, but it's still nothing else than a feeling). You also used "discretion" to exit some trades, which in the end is nothing but consistent. Unless you've backtested that discretionary factor to the limit, and even then...

I have no pleasure in it to see that I was right in my thoughts at that time. On the contrary, I had hoped you would've proved me wrong and posted another great month of trading profits. However, been down that road that you've been down, I feared that I might see something similar about to happen.

After I had my first period of being profitable (about 2 months), I blew it all in exactly 10 days. You find yourself in a downward spiral, accelerating deeper and deeper with things going worse and worse until there's nothing left. Like a black hole where even gravity cannot escape from.

Anyway, I wish you all the best in your new ventures into the forex market, but I should warn you this time, the road might be as bumpy as before and there are no shortcuts. I hope you will start a new journal or continue your old one, not for me or anybody else, but for your own sake so you can monitor what you are doing and reflect upon it at times you are not trading. Travel carefully.

 

[firewalker99]

exited some more at 13880 fut... leaving small position on

stop moved up to 13860

out now

NQ hitting overhead resistance
(for those who don't believe me: look at premarket/overnight trading)

 

[black bear]

Thank you FW and Lurker

Hi Andy

If you want volume, get NinjaTrader (free for the charting / simulation mode) and OpenTick (free exchange data for the ECBOT E-minis). This platform is great for charting, and will also allow you to see the best bid/offer, volume, and time and sales.

throw away those boule des berlins err sorry bollinger bands
and get yourself some volume

also you might want to wait for the "large bar fairy god" to print the next bar

Hi Lurker & FW

Filled out my forms this afternoon, found out I filled out the wrong ones, so got to fill em in again tomorrow

up and running just in time for father Christmas rally on 4th Dec I think

Traditionally you don"t see much volume on that one anyway so I will probably think my new platform INOP

Thanks Lurker for links, will have a look and will be back to you to to pick your brains on how to read it very easy to

Good luck in the higher time frames Lurker, sure you will find it suits you better.

Cheers Andy

 

[black bear]

Wise words

You know... at first I thought of not saying this but I might as well as you won't be daytrading the DOW anymore. After you said you had 4 consecutive profitable weeks I was going to give you a warning. A wake-up call that those profits could evaporate sooner than you think. Because you might have been consistent during 4 weeks, but you weren't consistent in your trading habits and approach. But I didn't do it, as I felt like being the bad guy out there for not feeling happy for you. Perhaps I should have.

You traded news sometimes on a gamble or a feeling (which might have been right more than once, but it's still nothing else than a feeling). You also used "discretion" to exit some trades, which in the end is nothing but consistent. Unless you've backtested that discretionary factor to the limit, and even then...

I have no pleasure in it to see that I was right in my thoughts at that time. On the contrary, I had hoped you would've proved me wrong and posted another great month of trading profits. However, been down that road that you've been down, I feared that I might see something similar about to happen.

After I had my first period of being profitable (about 2 months), I blew it all in exactly 10 days. You find yourself in a downward spiral, accelerating deeper and deeper with things going worse and worse until there's nothing left. Like a black hole where even gravity cannot escape from.

Anyway, I wish you all the best in your new ventures into the forex market, but I should warn you this time, the road might be as bumpy as before and there are no shortcuts. I hope you will start a new journal or continue your old one, not for me or anybody else, but for your own sake so you can monitor what you are doing and reflect upon it at times you are not trading. Travel carefully.

Great post FW

 

[black bear]

throw away those boule des berlins err sorry bollinger bands
and get yourself some volume

also you might want to wait for the "large bar fairy god" to print the next bar

FW

Only if its only taken a 1/3 of the last

well tight me

 

[firewalker99]

NQ: watch her go!
DOW: watch her go nowhere...

 

[firewalker99]

NQ: watch her go!
DOW: watch her go nowhere...

I posted that exactly one minute before we reversed
did I say "nowhere"? I meant down

 

[firewalker99]

For the record, I shorted 13900 yesterday morning pre-market... we are about 80 points lower. Should've turned that one into a swing trade.

I went long intraday and managed about +40.

I'm wondering... are any of you guys combining swing trades with day trading and how well does that work out? How hard is it to go against a position in the short term trend as opposed to one in the medium-term?

Both of my views were right, albeit on different timeframes, as 13900 (on the futures) is clearly the level that kept us from going upwards.

 

[counter_violent]

I posted that exactly one minute before we reversed
did I say "nowhere"? I meant down

Lol yup ...that 40's cash area was just a bit too sticky...for the upside anyhow

 

[Pat494]

Thx for the advice lurker
and best of luck in the binaries

 

[Atilla]

NQ: watch her go!
DOW: watch her go nowhere...

Hi guys,

I have had a traumatic experience since last Friday. Held up to collosal losses approx 35% of my total capital in two SB accounts. Just managing to recouperate. Real strain on the old ticker. Still short on DOW but closed gold for a small profit.

I've done the foolish thing of adding to losing pos and at one point I was in the DOW with 4 times my normal pos size.

Risk Reward Margin the lot. Broken every rule. I deserve something more than a double barrel shot gun in the head...

I was in a negative pos on the month and just pulled back into profit again. Still down on the week but up on the month.

I think I've stabilised now and hence my post.

Lesson learnt - DO NOT FOUL YOUR OWN RULES...

 

[firewalker99]

looking for a false break (based on FED) higher, then reverse hard
but that's only in my wildest dreams hehe

... and sometimes dreams become reality :cheesy:
just a day earlier than expected

 

[firewalker99]

Hi guys,

I have had a traumatic experience since last Friday. Held up to collosal losses approx 35% of my total capital in two SB accounts. Just managing to recouperate. Real strain on the old ticker. Still short on DOW but closed gold for a small profit.

I've done the foolish thing of adding to losing pos and at one point I was in the DOW with 4 times my normal pos size.

Risk Reward Margin the lot. Broken every rule. I deserve something more than a double barrel shot gun in the head...

I was in a negative pos on the month and just pulled back into profit again. Still down on the week but up on the month.

I think I've stabilised now and hence my post.

Lesson learnt - DO NOT FOUL YOUR OWN RULES...

At least you'll be able to sleep tonight. Must have been a stressful weekend...

 

[black bear]

Hi FW

For the record, I shorted 13900 yesterday morning pre-market... we are about 80 points lower. Should've turned that one into a swing trade.

I went long intraday and managed about +40.

I'm wondering... are any of you guys combining swing trades with day trading and how well does that work out? How hard is it to go against a position in the short term trend as opposed to one in the medium-term?

Both of my views were right, albeit on different timeframes, as 13900 (on the futures) is clearly the level that kept us from going upwards.

Hi FW

You guys make money intra day :?:

I only swing its more FUN, and less pain

Just love to scalp scalp scalp, its that bloody red Indian in me

What more TA do you need other than Week & Day High and Low and a nice packet of rich tea. oh ye and Lurkers economic news bulletins

I find it very very hard, tried 2 accounts, hid my password, found it let the Mrs change the password, that did not work just had to extract the information out of her

which was fun, but eeeeeeeeeerrrrrrrrrrrrr proved expensive

Intra day was winning with less size

Andy AKA

 

[Hook Shot]

OOps.......

Looks like the lads are up to their old tricks..... again. Preying on WEAK hands perhaps.

Given that we (or at least I) don't know what the Fed will do 0.....25... or 50 it seems a bit odd to take the dow down late day for MARGINAL new intra day low...

I think that realisation will dawn in the run up to the decision and cooler heads will make some easy points...

In fact this silly sell off has just given me a great launchpad.... into Wed 6.15pm

If I'm wrong I take a small loss .......... but I'm fairly convinced that I'm right... :cheesy: