Toad, I look at S&P futures pre market- same thing really.
I hate these huge spike ups on news- screws TA well n good.... Oh well. I said last night 9575 looked the best fit. Luck or skill? Has to be luck, I'm afraid. The channel has now moved up a slice, by about 50 points.
I hate these huge spike ups on news- screws TA well n good.... Oh well. I said last night 9575 looked the best fit. Luck or skill? Has to be luck, I'm afraid. The channel has now moved up a slice, by about 50 points.
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Had a nice live chat with Fazalv this afternoon. He was in a quandry about hold or close.... having gone long at 9591. I picked it up around 5pm when it was trying to break 32... here, the sensible play was to hold and see what happened, with a solid out at 20, the horizontal support. It looked as if the triangle break was going to fail but just held onto 20 before running off. There were two triangle targets, 40 and 50... As the price went through 32, the stop was moved up to 32 from 20. The price then went up to 43 ( 1st target) with a pullback to 35 and then off again. As it went through 45, the stop was moved up to 45. At this point I suggested that 64 was on the cards for the next target as the price went through 50.... From there we got our customary 3 pk ND top, with an out at 65. I hope you closed then Faz.
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I had a 1-2-1 with CM on friday afternoon in the T2W trading room...yep..thats right folks, I had CM all to myself!!!
My entry 9591 on a PD bottom.
I spotted RS switch and queried CM, who confirmed it.
I was sitting on a healthy 30 points when the nerves started to kick in. Planning the exit has always been my weakness and the majority of times its not a calculated faux pas!
But the chat with CM made it look soo easy.
I was on the right side of 100ema, CM mentioned ES volume, RS switch, RSI/Volume ratio, stop loss strategy , RSI support/resistance/ Triangle target, Magic numbers 32 and 64, ND top and most importantly trailing stop losses in a space of 30 mins.
My exit was near perfect at 9655. I also managed a cheeky short as 9632 was lost.
All in all, a wonderful, exciting and confidence building lesson in keeping cool and composed when calculating an exit.
Many many thanks for your guidance CM. I know this must be embarrassing for you but I cannot sing your praises enough.
What was going to be a mid-afternoon punt turned into a very profitable day.
Entry: 9591 at PD bottom.
Exit: 9655 3 ND top
2nd Entry: Short 9622
Covered: 9585
My entry 9591 on a PD bottom.
I spotted RS switch and queried CM, who confirmed it.
I was sitting on a healthy 30 points when the nerves started to kick in. Planning the exit has always been my weakness and the majority of times its not a calculated faux pas!
But the chat with CM made it look soo easy.
I was on the right side of 100ema, CM mentioned ES volume, RS switch, RSI/Volume ratio, stop loss strategy , RSI support/resistance/ Triangle target, Magic numbers 32 and 64, ND top and most importantly trailing stop losses in a space of 30 mins.
My exit was near perfect at 9655. I also managed a cheeky short as 9632 was lost.
All in all, a wonderful, exciting and confidence building lesson in keeping cool and composed when calculating an exit.
Many many thanks for your guidance CM. I know this must be embarrassing for you but I cannot sing your praises enough.
What was going to be a mid-afternoon punt turned into a very profitable day.
Entry: 9591 at PD bottom.
Exit: 9655 3 ND top
2nd Entry: Short 9622
Covered: 9585
Great stuff. It's easy to say, but keeping a cool head while everyone else around you loses theirs makes all the difference. What really matters is size ( :cheesy: ) IF your size is too big, no matter how cool you are, panic will get the better of you. If your size is right, you will feel comfortable about having all the time in the world to analyse step by step what your options might be just like we did in the chat room.
It's not embarassing at all. It just goes to show that with a little dedication, application and tuition, trading can be both exiting, profitable and a wonderful experience.
It's not embarassing at all. It just goes to show that with a little dedication, application and tuition, trading can be both exiting, profitable and a wonderful experience.
Now what is embarrasing, is that after studying this thread for past week, I still haven't figured out some of the jargon. Well, actually only 2 abreviations, nl ND and PD. Fe, fazalv you refer to a ND top and PD bottom (prev. day bottom?)? What should I be looking for?
Who would be kind enough to help me see the light?
thanks
Who would be kind enough to help me see the light?
thanks
Newtron Bomb
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Bill
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Chartman
It's a shame I missed the chatroom on friday, I stopped going in there as it just seemed to be banter and little about trading. [Note. No problem with banter I just need to keep my eye on the graphs instead]
Was just wondering if you will be there again this week, anytime?
Bill
PS. For anyone who has not been in the chatroom there are some very strange goings on. People hit each other with fish! Wierd.... LOL
It's a shame I missed the chatroom on friday, I stopped going in there as it just seemed to be banter and little about trading. [Note. No problem with banter I just need to keep my eye on the graphs instead]
Was just wondering if you will be there again this week, anytime?
Bill
PS. For anyone who has not been in the chatroom there are some very strange goings on. People hit each other with fish! Wierd.... LOL
fazalv, well done mate,
I agree exits are the holy grail.
CM, a Q. please... I understand you must be bagging at least 100-150 pts a week consistently over the last 2 years (all due respect) .... Why don't you up the contract size ? Surely there must be an argument for doing that.
I agree exits are the holy grail.
CM, a Q. please... I understand you must be bagging at least 100-150 pts a week consistently over the last 2 years (all due respect) .... Why don't you up the contract size ? Surely there must be an argument for doing that.
Sorry about that WJE, but my visits to the chatroom are now infrequent. If I see a window where I can be in there, I'll post in good time on this thread. As for the banter and fish battering, that happens when the action gets boring. I know for a lot of people, actively participating in the chat room is a major distraction to trading.....