Dow 2007

Hi, hope everybody's had a great end to the week and enjoying a relaxing weekend.

Steve, sorry to hear about chasing the £200, I've been there in my earlier days, not nice, glad to hear you registered with stockcharts, I think you'll find them ok.

S McCreedy, when the ema 8 crosses the ema 21 line, I trade at that point, you can close on the reversal, but using these setting that closure should in deed be acting as the final indicators the trend has changed and enter another position can be entered

13298 as I type, I'm sure there are a lot of people out there hanging on to short positions, on the assumption, it couldn't go any higher!!

IMHO, We have gone from O/B, but still currently bullish (RSI), on my 1 min chart, misto, macd and trix crossover, waiting to see if the ema8 crosses my target line ema 21.

Any body else's thoughts?
 
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That was the level I knew I would have been wrong with my trade, as the market would have again surged, challenging highs. It also coincided with the amount of risk I was willing to take on a trade put on before the cash market opened.

What did I do wrong?
 
Anybody else's thoughts. I've just been rogered, my stop has been taken out, and now the market appears to be coming back in the opposite direction. I've started this week with a loss, after a bad week last week...maybe I'm the horse getting flogged to death...
 
And the price has returned to my entry point without me, and looks like it will head further south, while I am out 30 pips for no good reason.
 
Anybody know how you alter your personal details, I want to add my PM , can't figure it out
 
lurkerlurker said:
That was the level I knew I would have been wrong with my trade, as the market would have again surged, challenging highs. It also coincided with the amount of risk I was willing to take on a trade put on before the cash market opened.

What did I do wrong?
Click to expand...

I can't tell if you did anything wrong... if you followed your plan, entered the trade where the plan said you would, followed your rules, didn't change the stop/target during the trade and let the trade work out for itself then you probably did nothing wrong.

Sometimes there is no answer to "why".

Other times there are reasons why the trade has a higher or lower probability of success.
In this particular example I would never place my stop there, because price already passed through 13339 without hesitation... If you look at those spike bars you see they have a long wick, sellers are pushing price hard in those bars, so it can'ts get to 13350. Therefore, if I were to have a short it would be close that level somewhere. So your stop was too close basically.

For me, I couldn't get an entry overnight that offered a fair risk:reward, so I waited and shorted 13330 today.


Edit: another reason why I didn't see a short is marked by the blue lines. You can see price is rising slightly... rising lows on the bars... I drew a couple of blue lines to show you what happened in each instance...
 

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Negative divergence on the 5min MACD Histogram building to support my decision based on the 1 min chart
 
lurkerlurker said:
Anybody else's thoughts. I've just been rogered, my stop has been taken out, and now the market appears to be coming back in the opposite direction. I've started this week with a loss, after a bad week last week...maybe I'm the horse getting flogged to death...
Click to expand...

once you lose objectivity
and your emotions runs its time to leave the screeen and stop trading
 
lurker...if you don't mind me saying - I think you're overtrading! (& perhaps overposting!!).

After such a bullish run, I certainly wouldn't have entered a new short position until after 3.00pm (to get a clearer idea of direction instead of just post weekend froth), but in the light you did, I think your stop was too tight *especially* in this market. Also it looks like you're falling into the trap of getting over emotional.

Nevertheless at least you live to trade another day!
 
I'll add that to the list of expensive lessons I've paid through the nose for. After I was stopped, I knew 13340 (fut) was probably the high, but I couldn't pull the trigger for another short. I'be been unable to react as it has dropped another 25 pips. I don't see much chance of a pullback, and I think I've missed the move I've been waiting for, all because I didn't set a wider stop. The funny thing was the conversation I had with BrutusDog about an hour before this happened. I wonder if there is an element of subconscious self-sabotage with traders sometimes...

You're right - 13339 isn't a new high. Silly place to put a stop. I tried to widen it, but the minimum stop of 30 is taken from current position, not entry position, and I wasn't adding another 30 pips of risk. I did consider moving it to 13351, but couldn't.

Expensive lesson.

Now I am too gutless to sell so close to support.
 
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