Dow Intraday Charts 18 Octt - 22 Oct

[TraderTony]

Tuesday 19th October 2004

10:54 1) L 9974. Dangerous as it looks like we are gap closing. Moves to small profit then back.
10:57 EXIT -5. Damn!

11:57 2) L 9946 from support at 100 ema. Moves up nicely.
12:09 EXIT +13 (+18 at peal).

12:21 3) L 9965. Moved up nicely but then a nasty reversal bar.
12:27 EXIT -2. +6 at peak but couldn't hold it.

12:30 4) L 9970. Chasing a big bar - cost me a lot yesterday. Very nervous. Up a few but no strength to follow through.
12:45 EXIT -1. +4 at peak. Urghh.

12:57 5) L 9964. Again no momentum here.
13:00 EXIT -3. Too many losers again today - no follow through on my trades.

13:42 6) S 9946. After a long bar so nervous again but a good TLB at the zero line. Moving well.
14:03 EXIT +14 (went +23 at peak) but out far too soon as it kept running down.

14:09 7) S 9912 - jumping back in again at far worse price. Still goes into profit but not going to let this one go against me.
14:16 EXIT +2 (+9 at peak).

Early finish there for football. There were some decent moves today but I missed out on most of the points.

+18 from 7
+11 for day after commissions
+121 for October so far after commissions

 

[trendie]

TT,

out of interest, what are you trading ? Dow, Dow-mini ?
I am still SB, but am beginning to wonder whether the 5 point spread on daily cash ( D4F ) and 8 pt spread DowDec ( D4F ) is too much beyond a certain size.

I understand that Direct Access allow a 1 point spread.

could you enlighten, please ?

 

[Glenn]

Trendie
When the underlying market is open -
E-min Dow YM is mostly a 1 point spread.
Ftse future Z is mostly a 0.5 point spread
At other times the spreads can widen e.g. mini Dow is ~5 points as I type.
Glenn

 

[trendie]

Trendie
When the underlying market is open -
E-min Dow YM is mostly a 1 point spread.
Ftse future Z is mostly a 0.5 point spread
At other times the spreads can widen e.g. mini Dow is ~5 points as I type.
Glenn

thanks Glenn.

I have been trading with increasing confidence and getting a relatively smoother equity-curve,
( upwards as well, which helps ), and feel ready to go to Direct Access !!!

 

[TraderTony]

Trendie -

Yes - I trade Mini Dow through Interactive Brokers using Ninja Trader as a front end. I use spread betting for longer term position trading but wouldn't dream of intra day trading with it (my very modest profitability would be completely eaten up). I think direct access is the only way to go for intra day trading unless you are going for larger swings with a very small number of trades per day.

As Glenn says above, spread is 1 point, then add 1 more for commission and that's it. Obviously, you pay tax on profits but you'll almost certainly end up much better off. Slippage is virtually non-existent unless trading 10+ contracts (and liquidity is still growing on Mini Dow). The one issue I have had is occasional data freezes which is apparently a problem between ECBOT (the Mini Dow exchange) and IB. However, switching to a US IB feed seems to have virtually eliminated the problem and I would recommend anyone based in the UK but primarily trading US markets to switch to US IB feed (it only takes an email to organise it).

Let me know if you have any more questions.

TT

 

[trendie]

TT,

thanks for your reply.

 

[Quercus]

Trendie,
I second TT's comments with regard to the IB data feed. I had a telephone discussion with their technical department recently about their various servers. Their comment to me was that there are known data issues with the Asian server, whereby the data will freeze completely even on not so rapid/large moves. I have personally experienced this for upwards of 5mins! I am not sure of the European server integrity, but would echo what Tony said, and opt for the US option which you can do yourself on initial download. (Talking of which, I would opt for the standalone version for greater integrity too)
Don't underestimate the commission though, and personally I have experienced slippage of up to 5pts even trading one contract, but as Tony said it is rare.
The spikes are not for the nervous either! If you're a news trader then widen those stops or you'll be whipped to death!
Any questions - feel free to ask away!
Cheers
Q

 

[TraderTony]

Wednesday 20th October 2004

One of those days when everything goes just right. When it all works this is so easy!!

Different indicators today for an experiment.

9:54 1) S 863. Went +7 and moved stop to +1.
9:58 EXIT +1. Cautious on lack of clear momentum early in day. Out too soon - you can't win!

10:03 2) S 855. Chasing again when I should still be in. Ugly.
10:08 EXIT -6. Really really bad trade.

10:18 3) S 856. Really need it to break out of range here or another whip loser. Yes - going well. Very well. Amazing.
10:52 EXIT +47. Oh yes - do I like that. Beautiful. +58 at peak.

11:36 4) L 846. Moves well. But bar closes looking a bit like a reversal. Small loss locked in.
11:48 EXIT +3. No follow through. +10 at peak.

12:27 5) L 864. Chasing. Don't like it. Just hanging up at 100 ema. Then to HOD with small profit. Needs to break through. Nope. Coming back.
12:36 EXIT +4. +11 at peak.

13:33 6) S 858. Chasing again so nervous right from the start. No immediate follow through but holding near entry.
13:46 EXIT +8. +14 at peak.

13:57 7) S 846. Moves down well but potential for big PD on CCI if it reverses at any stage soon.
14:03 EXIT: +5 after sharp reversal with big PD. +14 at peak.

14:36 8) S 824. Chasing again and my luck cannot keep holding today! Not looking good - not follow through at all.
14:39 EXIT -5. Never in profit.

15:24 9) L 843. Getting range bound now. Moved up a bit but not following through. Small profit locked in. Then another push. Go on! Target +40 at HOD before close. Got to within 1 tick. Not going to make it.
15:59 EXIT +32 - just missed the target then stopped.

Excellent end to a great day.

+87 from 9
+78 after commissions for the day
+199 for October so far after commissions

Sadly no trading for me tomorrow so I wish you all well.

 

[GKB]

GKB - there was no gif attached.....

CM, the thumb IS a gif ...

 

[ChartMan]

Yes, missed that. I thought they were both the same- pdf's.

 

[sall]

Sorry I can only post in adf format at present, still awaiting feedback from prohpet, very misearble day fo rme today, opened two sell entries, but was distracted away on other issues from the trading desk, therefore could not close them, hence I am sweating for tomorrow, any relieving thoughts would be much appreciated. I opened the second entry too quick should've waited a bit longer even though it was under the 100 ema. I 've learnt maybe I shouldn't do this from home.?

 

[ChartMan]

Maybe a "W" bottom, and if so, 9950 is the target... Seems to be a definite shallowing of the support slope too.

 

[britkid99]

GKB, Try this. Use the email facility and send yourself an email of the chart.
The attachment you get is full a4 size ( for printing ) and should make a better attachment

 

[ChartMan]

Easy long entry off 9805 as RSI went into OS and almost PD... You'd expect RSI to move down a lot lower than it did for a 25 point move in price from the last low in RSI. 5 legs up to beat the Inv H&S target at 50.
Nice one Tony!

 

[Bill]

CM

Maybe a "W" bottom, and if so, 9950 is the target...

Couldn't be a bear flag forming could it? ...

Bill

 

[ChartMan]

CM



Couldn't be a bear flag forming could it? ...

Bill

I don't DO Bear flags. :cheesy: But you could be right....

 

[justyn]

Could be a triangle on the 10 min chart with roughly 85 point mouth.

Up would be 9975, down will depend on when it breaks.

Justyn.

 

[blackcab]

Chartman - on your chart in #34 you labelled some divergences. When the first divergence occured right at the beginning of the chart -- the 3 lower lows of price you marked as a down channel against the three higher lows of RSI and CCI -- would you have taken that as a valid signal or would you have discounted it for a reason? I'm trying to understand how consistent divergences are and that seemed like a standard divergence to me.

Thanks,
cab.

 

[Pat494]

TT
Many thanks for your insight into 1 point spreads. I have dropped my SB. The reviews of Direct Access brokers is informative, but other than Trade Station the most highly rated is Interactive Brokers. The comments are fairly scathing from various people ?? I dread to think what the rest are like. Could you reccomend one ??

 

[justyn]

Pat,

I use Interactive Brokers and can't fault them to be honest.

Justyn.