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Because for any given timeframe/volatility an exit is not necessarily and appropriate place to be short from purely a risk management point of view. There are times when being out of the market until it develops seems to me to be the right position to take.
Perhaps someone might have told this to Peleton ?
i have never done rumbled ones strategy the way he does it, yes i have 2 systems at the mo, im still doing the intraday er2 based on craig audio, the main difference is i always quite if i get 2 losses in a row, unlike bansir and tro system.............i think bansir has shown enough evidence that the original system does not work on its own.............if he was to diversify abit and have a couple of systems like me then he would do better, and as i said the 2 losses rule keeps me out of trouble, and then im building the dow system i have..............both are doing ok so far but i've definately made better returns on the dow hourly system i have, im always experimented........
firewalker99
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I figured people must be tired of it nowThanks jj will check it out
FW ......... I kindov miss your signature about prediction and knowledge and other stuff
only just realised it's gawwn!
But I'll add it to this post again!
Well I went long at 12590, stopped out at 70 (news), again at 12570, (out at 80 for+10) and a third and final time at 12575. All trades posted live here.
On that last trade I just moved up my stop to 12600. I'm hoping that it will rally near the end.
Voice of reason.......
You make a good point - but perhaps mad scientists like me can't help thinking if you have a primary trend, say up, then it ought to be possible to play the pbks without killing your initial long position... say buying oil at $28.
However, your point on risk mgt still holds good.
You make a good point - but perhaps mad scientists like me can't help thinking if you have a primary trend, say up, then it ought to be possible to play the pbks without killing your initial long position... say buying oil at $28.
However, your point on risk mgt still holds good.
firewalker99
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How would you have played the pullbacks yesterday?
I think this is quite hard to do... besides, in extremely strong trending days price just goes straight up without much retracing.
firewalker99
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I moved my stop higher to 600, but unfortunately got taken out on the pullback...
so +25 on that
I re-entered long at 610... still looking for 700 but with so little time left
firewalker99
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I moved my stop higher to 600, but unfortunately got taken out on the pullback...
so +25 on that
I re-entered long at 610... still looking for 700 but with so little time left
exit at 640 for another +30
700 will have to wait another day
so thats +55 for the day?............well thats good going, im $130 up on a few scalps
one thing i notice about you fw is that although you get some trades wrong like most of us, you seem quite good with the daily direction, today you didn't get all trades right but you always traded in the overall direction hence the fact your finally up at a nice profit..........i hope i can get that skill too one day and i hope it can come with experience, maybe not.
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firewalker99
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thanks jayjay, I'm actually not too happy with today's trading.
I was a bit early on going long, should've waited for confirmation. I then added to a long position, probably a bit overconfident but had to close it breakeven. The positive thing is that I kept looking to buy around 570 and that indeed turned out the play to do it.
Just look at the S&P (+8 points) and the Nasdaq (+17 points) in the last 10 minutes alone! That's about as much as the whole range of today.
The sheer volume on the NQ, let alone the move in 5 minutes, makes me suspicious whether this could be a buying climax though... (just look at the chart!)
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thanks jayjay, I'm actually not too happy with today's trading.
I was a bit early on going long, should've waited for confirmation. I then added to a long position, probably a bit overconfident but had to close it breakeven. The positive thing is that I kept looking to buy around 570 and that indeed turned out the play to do it.
Just look at the S&P (+8 points) and the Nasdaq (+17 points) in the last 10 minutes alone! That's about as much as the whole range of today.
The sheer volume on the NQ, let alone the move in 5 minutes, makes me suspicious whether this could be a buying climax though... (just look at the chart!)
i noticed that too and it carried on into futures after market too, this was because google came in with better than expected results..............you could be right, this week has been positive so far and we could see 700, i never would have thought it at the start of the week, but what i have learnt this week is to try my very best to not get stuck with a one sided opinion on where market is going............
The only thing against this dow heading up again that i would say is, we have now had three up days in a row, normally when this happens odds are against another up day.
firewalker99
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Thanks for that, these reports from individual business have had more than the usual effect lately. So that explains why the Nasdaq surged 25 points while the DOW didn't.
I think I've seen 12 up-days in a row once... but it wasn't in a bear market
Morning FW
I thought I read that you don't leave positions open overnight? that being the case why do you trade futures and not daily cash?
Good trading and TIA!
Thanks for that, these reports from individual business have had more than the usual effect lately. So that explains why the Nasdaq surged 25 points while the DOW didn't.
I think I've seen 12 up-days in a row once... but it wasn't in a bear market
citigroup is the key today as there is not much economic data out....................citigroup is out at 1.30pm our time , if they are worse than expected im short, if better than its long for sure.
Remember this from January?
"Shares in London saw their worst one-day fall yesterday since the height of the credit crunch last August after the world's biggest bank, Citigroup, fanned recession fears by announcing the biggest loss in its 196-year history.
Amid speculation that the US Federal Reserve might announce an emergency cut in interest rates to help Wall Street and revive the economy, Citigroup said it was writing off $18bn (£9bn) in bad investments and announced it was receiving a cash injection from foreign sovereign wealth funds."
Reports this week suggest that citi may write down another $17bn!!!
Place your bets gentleman, what do we think it will be!!???
PS i thought u didn't do longs Jay!?
firewalker99
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I can only trade futures, I'm trading through direct access. You can't trade the cash index.
Remember this from January?
"Shares in London saw their worst one-day fall yesterday since the height of the credit crunch last August after the world's biggest bank, Citigroup, fanned recession fears by announcing the biggest loss in its 196-year history.
Amid speculation that the US Federal Reserve might announce an emergency cut in interest rates to help Wall Street and revive the economy, Citigroup said it was writing off $18bn (£9bn) in bad investments and announced it was receiving a cash injection from foreign sovereign wealth funds."
Reports this week suggest that citi may write down another $17bn!!!
Place your bets gentleman, what do we think it will be!!???
PS i thought u didn't do longs Jay!?
i don't, so will not trade this way if its good, i do have a scalping system too on the er2 though....................by the way oscar was bang on with his analysis yesterday
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