Good going!.
This is the whole thing about the porcentages thing, they are misleading at low account levels and it is best to use the numbers, which you are doing.
stopped out on ADS and BMW today. BMW dropped with almost no buying power today, maybe I should have taken friday's price as a signal to get out.
still in Airbus, very put off by the drop in price with almost no buying power, especially after Thursday's pin bar. Closing equity for today £75.58
still in Airbus, very put off by the drop in price with almost no buying power, especially after Thursday's pin bar. Closing equity for today £75.58
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Agree on HSBA (currently my only imminent short target in FTSE100) and SPD: I should be able to short HSBA after 1 more weak close below the range of 20/03, using high that day as stop. My (conservative) system won't get me into SPD for about another 3 weeks.
I see your logic in waiting for that close. Do you agree with my stop loss placement?
are you waiting for SPD to drop through the 5.774(ish) level as confirmation to go short?
Partly I need SPD to print a consistent trend rather than simply breach or close above/below a certain level. Its a trend-following technique so I accept I will always miss the earliest part of a trend and most break-outs.
Your stop placement makes sense on the time / risk scale that works for your system, there's no single stop location that would be right or wrong for everyone. The important things about our respective stops are that they are derived from TA not just acceptable points or £ loss. People will say that a stop far above a short entry is taking on too much risk: really it depends on how many £ or p per point you stake.
Your stop placement makes sense on the time / risk scale that works for your system, there's no single stop location that would be right or wrong for everyone. The important things about our respective stops are that they are derived from TA not just acceptable points or £ loss. People will say that a stop far above a short entry is taking on too much risk: really it depends on how many £ or p per point you stake.
I see. I'm still on the learning curve and tweaking my strategy hence the uncertainty, i'll keep my stop where it is and see how it pans out. Thanks for the advice.
RR moved my stop loss up to yesterday's low because at my equity I can't afford the drawback to 9.5565.got stopped out.
considering entering again with a smaller position size if price finds support on the trend line, not too confident though as price is struggling
considering entering again with a smaller position size if price finds support on the trend line, not too confident though as price is struggling
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Considering breaking my main rule to take advantage of the drop in US equities.
DIS has broken it's short term daily trend (1st pic) with relentless selling. I am expecting further selling today, and therefore plan to go short with a stop loss of 105.77 (4hr chart second pic) and take profit at 103.12.
any thoughts?
DIS has broken it's short term daily trend (1st pic) with relentless selling. I am expecting further selling today, and therefore plan to go short with a stop loss of 105.77 (4hr chart second pic) and take profit at 103.12.
any thoughts?
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The Italy 40 made a nice uptrend pin bar today, I would trade it if I had the capital
Instead I found this Italian stock Generali (G) which i am confident will rise in the next couple trading sessions
Hi DG, the way you draw your trendlines here is a bit confusing for me. Are you drawing them off wick of the candles or off the bottom of the body? Looks like you are doing both, but perhaps you should choose one or the other for consistency?
Off the wicks, I believe this shows price rejection below the trend line. I know they are not 100% accurate.
nice setup formed for Boeing; rebound off a trend line after last weeks selloff. Planning to go long on the market open with a stop loss below friday's low and take profit at 155.10
Since i've almost destroyed my account there is little room for any more stupid trades.
Since i've almost destroyed my account there is little room for any more stupid trades.
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UPDATE
For anyone that is still remotely interested in this journal:
It's been a tough ride, managed to push my account up to £160 during a boom in European stocks the other week and then lose almost all of it trying to force trades.
Currently at £30 equity......can't even afford to take advantage of good opportunities in US markets.
The other day I bought shares in Telecom Italia after a bullish pin bar on the trend line. With a stop loss below that day's low.
For anyone that is still remotely interested in this journal:
It's been a tough ride, managed to push my account up to £160 during a boom in European stocks the other week and then lose almost all of it trying to force trades.
Currently at £30 equity......can't even afford to take advantage of good opportunities in US markets.
The other day I bought shares in Telecom Italia after a bullish pin bar on the trend line. With a stop loss below that day's low.
