Dow Intraday charts 07/Feb - 11/Feb

[TraderTony]

Trader Tony

Seems like a tough day. Could you tell me what settings(how many days) are your EMA's on. The brown and blue line.

Orky

Apologies - I missed your earlier message.

Not sure it was a bad day - just bad trading!

The emas are 7 (blue) and 34 (brown) but I would also recommend the 100.

 

[orky]

TraderTony

have you ever tested these ema's on the dow?

Orky

 

[wellshot]

To Tradertony From Wellshot

see what you think...all trders together etc

I made a hopeless dog's dinner of today...

13:36 4) L 10701. Going no where.
13:39 EXIT: -4. This is getting ugly.
[Alternative hypothetical exits: all -4]

Charts lagging again as soon as prices start to move.
This is really starting to hurt.

So again without follow through the quicker exits had the edge today.

 

[ChartMan]

Good stuff Wellshot

 

[Bigbusiness]

I have used the Interactive Borkers data feed with the free quotetraker software and now with Ensign software. It doesn't plot every price but is a lot better than using a data feed that sometimes lags or stops. The IB feed is reliable and if it does go down, I can't trade anyway. Might be a good backup option for those using other data feeds with IB.

It will also work with Sierra and both Quotetracker and Sierra can be setup to use two data feeds, just don't ask me how to do it with Sierra

 

[gollum]

Hi wellshot thanks for posting the charts. Would you care to point me in the right direction for info about the 'gaps' or 'blow off bottoms' on candles.? I have never heard of this before. Also the a b c shown on charts
Thanks...Gollum

 

[wellshot]

re: gaps..was trading/typing this this pm

a meaured move that was bound to fail

 

[wellshot]

for GOLLUM

the abcs are part of www.elliott-wave-theory.com annotation with corrective patterns

please see that gaps are part of a traders arsenal...i actually use elliott wave almost entirely
and gaps are secondary to my trading...i watch them as others use them, much as with chart patterns. just because i see so many that are technically incorrect [and will therefore fail] that doesn't mean others don't use them: They do! so i trade mindfull of what others are seeing as well as my own view
GAPS
http://www.stockcharts.com/education/ChartAnalysis/GapsandGapAnalysis.html

 

[gollum]

wellshot, thanks for that . much appreciated...
G

 

[hampy]

Wellshot, Thanks a lot for your chart postings there's some real gems there. If you don't mind saying in public I was wondering how you settled on the settings for the MACD, the're different from ones that i've seen used before.
thanks again,
hampy

 

[ChartMan]

Funny old things, these tramlines, when you get them right. So is it down from here, failg to make the upper res line?

 

[ChartMan]

If you can pick up the RS switches, there's often goo trades to be had....

 

[wellshot]

For Hampy

thanks for those kind remarks!
compare the macds

 

[bansir]

Hi Folks,
Great posts from all as usual...
Here's another slant on it, not strictly playing the recommended rules but anyway....
Had a go today for real instead of the usual simulator.
Spotted the failed target T1 ok and decided that along with the NDT and the formation of a IHS that a short was on the cards.
The doubts I had included:
a)The NDT was taken in part from the opening moves of the price and therefore perhaps not reliable and also it was over a longish period of around 42 minutes.
b)The 100EMA had crossed over the 300EMA so essentially the trade would be against the trend.

I decided that there was enough divergence of the price away from the 100EMA to warrant a short and also if I stared hard enough I could see the IHS forming.

Went short at 15:28 on the lower low of the red candle, RHS.
Sierra Chart price around 10713.
Closed out as the IHS target was passed at 15:45, Sierra Chart price 10704.
So should have netted maybe 8 points after spread eh?. Unfortunately Mr bias took his wack so I got out for +1. The SB real entry price being 10707 and the exit price being 10706.

Thought I would just put this up as an example of the very real difference between playing pretend trades on a chart and what happens when you try for real through the SB company.
I only managed to distil 1pt out of what looks like a nice 13 or 14 pt move on the chart.

All this is blindingly obvious to most that post on here but it it may be useful for anyone new.

I could have waited a little longer until my 10SMA was crossed for the exit, probably worth another 5pts but fear of loss was messing my brain too.

Best Regards,
Neil

 

[wellshot]

have you thought about opening an account with www.interactivebrokers.co.uk ? spread is 1 point [max 2 from time to time] commissions add up to 1 pt round trip..thing is it gets you in and out....icouldn't stand spread betting with igindex or d4f for the reason you have so perfectly illustrated!!!
unless trading the 5 min charts/ bigger swings there's little point trading the 1 min with SB's unless it's crystal a big move is in the offing, or huge stoplosses or both..last january i traded 15 times in a few days with d4f and, using elliott wave and a 35 pt stop loss, [!] brought home 13 good trades, the other 2 at evens [ in other words, my entry pionts were often as not wrong!!! by about 2 or 3 mins, but wrong is wrong is wrong!!!]
. the reason for the wide stop loss was i'd often get in a subwave too early and needless be taken out for 3 or 4 points on the chart, and lose 15 points on the SB's!!..do that a few times in a row and it hurts..
hence interactive brokers...might need to spin the yarn re: trading experience/history [apparently] but try on-line..if it suits
wellshot

 

[cj12]

Hi Wellshot

Try www.twowayfutures.co.uk they use IB platform but much better service than IB and the same charges. If you got any problems they will answer you call. not like IB.

sun

 

[wellshot]

thank you for that sun123

Hi Wellshot

Try www.twowayfutures.co.uk they use IB platform but much better service than IB and the same charges. If you got any problems they will answer you call. not like IB.




that IS A Blessing...ta!
wellshot

 

[wellshot]

for SALL

as discussed...smas

pl. look back for discussion on macd a few posts ago
kind regards
wellshot

 

[bansir]

Hi wellshot/sun123,
Thanks for the suggestions re IB and twowayfutures.
I have been considering this for quite some time but need to work up enough spare dosh to open the account. Maybe I could have a go with a simulator if one is available,just to get the feel of it?

I must say Twoway's web site does a good selling job, very tempted.

Best Regards,
Neil

 

[TraderTony]

see what you think...all trders together etc

I made a hopeless dog's dinner of today...

13:36 4) L 10701. Going no where.
13:39 EXIT: -4. This is getting ugly.
[Alternative hypothetical exits: all -4]

Charts lagging again as soon as prices start to move.
This is really starting to hurt.

So again without follow through the quicker exits had the edge today.

Wellshot - lovely stuff and much appreciated. I'm always interested in other opinions and still on a very steep learning curve.

For the record, at the moment I'm trying something very simple (almost certainly too simple). I am looking for a clear trend to develop (although I cannot seem to stop myself anticipating momentum too early), waiting for somekind of pause, pullback or Ross Hook type formation and then entering on a move back in the direction of the trend. This usually gives me a tight stop of 5 or 6 ticks. If I am right and prices move for me (i.e. the trend appears to have resumed) I am sitting on my hands and looking for a big move of 30 points to give me 5 or 6 times the initial risk rather than jumping out too soon. Once I am in a trade I can usually see many reasons to exit, but these seem to be wrong as often as they are right and left to my own judgement I would never let a trade ride for 30 points. The approach seems to have some merit as a few good wins quickly compensate for many failures.

But it is not without its difficulties. In particular, the narrow, choppy market we have so often these days means few opportunities for profit. However, they do happen (like Friday) and can deliver substantial rewards. I'm actually noticing that other markets like the Russell and Euro seem to trend much more cleanly and might be better suited to this approach (but perhaps the grass is always greener). Indeed, it is the human factor requiring sitting out of the market for so long that is most difficult for me and probably makes this approach inappropriate in the long term. Still, it seems to be keeping my head above water in the short term while I keep learning.

Anyway, please feel free to comment on anything I post - I really do value your input as I evolve (albeit erratically) as a trader. My ultimate goal is both good profits and a method I really enjoy trading (greedy or what) and I doubt the search is likely to end any day soon!