FetteredChinos
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not just yet windle.. id prefer a bounce above 5057 today, as i dont see us hitting 5000 today, unless the Dow capitulates very shortly.
fc
fc
Live & Die by the sword....
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JillyB
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FTSE currently at 5048.9 - looks like you could get what you wished for.FetteredChinos said:
Just broken one of my golden rules of trading and traded the Dow at open. Caught the little bounce down though - got 4 points after spread. Reversed the trade and got another 22 points. That's me happy for the afternoon.
Should really get some work done now. I have a structural report to write this afternoon - heyho!
FetteredChinos
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Well it has finally happened..
closed shorts at 5037 for -459 (boo hiss)
look a long at 5053
longs: 2@5072
shorts
closed profit: (187)
open profit : (40)
nadgers.. now just watch it sell off 200 points tomorrow!
still, i got an exit signal, and so i have to take it.
tis a shame that i am basically breakeven before costs after 2 months.
nevermind. i might still monitor things in the background to see if they turn around.
fc
closed shorts at 5037 for -459 (boo hiss)
look a long at 5053
longs: 2@5072
shorts
closed profit: (187)
open profit : (40)
nadgers.. now just watch it sell off 200 points tomorrow!
still, i got an exit signal, and so i have to take it.
tis a shame that i am basically breakeven before costs after 2 months.
nevermind. i might still monitor things in the background to see if they turn around.
fc
JillyB
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Hi FC
Are you going to be continuing with your system for the next trades, or looking to use a refined version of it?
Not sure I would want to be long on the FTSE just at the moment though. I think there is more downside to come in the immediate future, however if you're sticking with trading the system - good on you.
Let's see how these new trades go.
Whats the overall profit/loss status?
Are you going to be continuing with your system for the next trades, or looking to use a refined version of it?
Not sure I would want to be long on the FTSE just at the moment though. I think there is more downside to come in the immediate future, however if you're sticking with trading the system - good on you.
Let's see how these new trades go.
Whats the overall profit/loss status?
FetteredChinos
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overall position currently is -227. which isnt as bad as it could have been. and also bear in mind that over 50 trading days or so, 100+ points of that loss is transaction costs.
i may refine it further, but at the moment im turning my main focus back to FX and keeping things simple lol..
i may refine it further, but at the moment im turning my main focus back to FX and keeping things simple lol..
FetteredChinos
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lol erm thanks Joules, i presume there is a hint of sarcasm there..
if not, then id be disappointed lol..
there are a few positives to draw from this experience thus far, mainly that i have been able to stick to the system, also that it does have potential in choppier markets. just the 400 pt one way move from 4750 or so has caught me out.
there are easier systems to trade out there, and maybe i should transfer the method onto weeklies, in order to limit the exposure somewhat..
now, can someone please sit on Cable and make it tank 50pts..
if not, then id be disappointed lol..
there are a few positives to draw from this experience thus far, mainly that i have been able to stick to the system, also that it does have potential in choppier markets. just the 400 pt one way move from 4750 or so has caught me out.
there are easier systems to trade out there, and maybe i should transfer the method onto weeklies, in order to limit the exposure somewhat..
now, can someone please sit on Cable and make it tank 50pts..
JillyB
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Perhaps it just needs refining for trending markets then.
My system on the Dow is like that - works really well on oscillating days, but doesn't like trending days too much. I have now tried to refine this with the ADX indicator to help define a trending market and encourage me to stay with the trade (as long as it's going in the right direction - if you see what I mean!)
All systems need a little tweaking now and then - can we expect to see the revised version at some point? Or is this it for this thread and FX here you come?
My system on the Dow is like that - works really well on oscillating days, but doesn't like trending days too much. I have now tried to refine this with the ADX indicator to help define a trending market and encourage me to stay with the trade (as long as it's going in the right direction - if you see what I mean!)
All systems need a little tweaking now and then - can we expect to see the revised version at some point? Or is this it for this thread and FX here you come?
Fc,
Now that ur out, that pint of cool larger tastes even better eh?
You can also sit back and enjoy the tennis :cheesy:
If in your shoes? i would have closed 50% and keep rest running till friday close
I'm sure your account is still some 100K in profits? :cheesy:
Football topic:
Alex frgie to b first manager to leave club @ 14/1 Will-hills :cheesy:
Ladbrooks at 10/1. Fergie and Malcom G are meeting in the next few days!! [in US ] MG will not give fergie more than a few peanuts to strengthen squad! :cheesy:
He may leave b4 the first ball is kicke'd? And i collect b4 MG arrives in UK to meet the fans :cheesy:
Frgie to become assistant to Mr Hose at Chelsea b4 the season ENDS or to take over at Chelsea! odds? I was told to leave the counter at Ladbrooks and refused to give me a price What a joke? a bookie turning money away! Fools! :cheesy:
W-hills said come back tmrrow, we need to contact head office for price.
Once i get the odds i will aslo do a double! Can anyone get better odds?
Jill,
I thought you had some work to do?
Bull
Now that ur out, that pint of cool larger tastes even better eh?
You can also sit back and enjoy the tennis :cheesy:
If in your shoes? i would have closed 50% and keep rest running till friday close
I'm sure your account is still some 100K in profits? :cheesy:
Football topic:
Alex frgie to b first manager to leave club @ 14/1 Will-hills :cheesy:
Ladbrooks at 10/1. Fergie and Malcom G are meeting in the next few days!! [in US ] MG will not give fergie more than a few peanuts to strengthen squad!
:cheesy: He may leave b4 the first ball is kicke'd? And i collect b4 MG arrives in UK to meet the fans :cheesy:
Frgie to become assistant to Mr Hose at Chelsea b4 the season ENDS or to take over at Chelsea! odds? I was told to leave the counter at Ladbrooks and refused to give me a price
What a joke? a bookie turning money away! Fools! :cheesy: W-hills said come back tmrrow, we need to contact head office for price.
Once i get the odds i will aslo do a double! Can anyone get better odds?
Jill,
I thought you had some work to do?
Bull
Last edited:
JillyB
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bulldozer said:Jill,
I thought you had some work to do?
Bull
I did. Just about completed everything on my list for today, so I'm quite happy with that. (It helps to be the boss sometimes.) Also scalped 44 points, so a good day all round I would say.
Following evening session for Dow from laptop at home now. Glass of chilled white wine.....mmmm
puregold24carat
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Have taken up new hobby - watching for UFOs
FetteredChinos
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well thats out for +25 on the small FTSE long i took yesterday.
judging by this morning's action, im also please i unloaded my shorts when i did...
judging by this morning's action, im also please i unloaded my shorts when i did...
FetteredChinos
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thanks. i will keep trading it however..
in the past it has been great for counter-trending and fading breakouts, it just seems to bit a little different this year though. im seriously tempted to move up a time frame and onto weeklies, rather like i trade the Dow. its so much easier to trap a 200-300 point move per month off the longer time frames.
however, compounding of profits is easier on the short frames.
you win some, you lose some.
fc
in the past it has been great for counter-trending and fading breakouts, it just seems to bit a little different this year though. im seriously tempted to move up a time frame and onto weeklies, rather like i trade the Dow. its so much easier to trap a 200-300 point move per month off the longer time frames.
however, compounding of profits is easier on the short frames.
you win some, you lose some.
fc
JillyB
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Each to his own. Personally I hate holding trades long term, it makes me nervous leaving them open overnight. On top of this the FTSE and I have never quite made it to being best friends. I find it incredibly difficult to trade it, where as the Dow I seem to have an understanding with.
One question - if you trade the DOW over longer time spans and look for 200 - 300 points, what sort of time frame do you trade it for (on average). I suppose last week we had a 290 point drop in two days, so that in itself answers my question. On average would it be a trade a month on the Dow? Or do you just seize the opportunity when you spot it?
I'm just asking to try and get some comparison with the way I trade. In other words am I making life difficult when it needn't be. Should I grasp the nettle and learn to leave the trades on for longer.
One question - if you trade the DOW over longer time spans and look for 200 - 300 points, what sort of time frame do you trade it for (on average). I suppose last week we had a 290 point drop in two days, so that in itself answers my question. On average would it be a trade a month on the Dow? Or do you just seize the opportunity when you spot it?
I'm just asking to try and get some comparison with the way I trade. In other words am I making life difficult when it needn't be. Should I grasp the nettle and learn to leave the trades on for longer.
FetteredChinos
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lol i know exactly where you are coming from.
as for the Dow for instance. i try to take one big trade a month. the monthly range on the Dow is about 600 points (might be a little more than that recently) so i look for buying opportunities after a decline of about 600 from the highs, or selling if we have bounced 600 from the lows.
then, having got into one of these zones, if the daily charts look like they are going to fall over, or bounce, then i take the trade with relatively wide stops (200 points+), targetting 600 points from the recent high or low. thus the target could be anything from 300 to 600 points depending on timing of entry
its straightforward, and quite a laid back way of trading.
im not a huge fan of intraday scalping. the stress levels are huge!
fc
as for the Dow for instance. i try to take one big trade a month. the monthly range on the Dow is about 600 points (might be a little more than that recently) so i look for buying opportunities after a decline of about 600 from the highs, or selling if we have bounced 600 from the lows.
then, having got into one of these zones, if the daily charts look like they are going to fall over, or bounce, then i take the trade with relatively wide stops (200 points+), targetting 600 points from the recent high or low. thus the target could be anything from 300 to 600 points depending on timing of entry
its straightforward, and quite a laid back way of trading.
im not a huge fan of intraday scalping. the stress levels are huge!
fc
If I might be allowed to join the debate..... FWIW I too trade the Dow as a swing trader, in much the same way as FC describes. On average there's about a trade every 3 or 4 weeks which lasts from a few days up to 2 weeks. I don't try and pick tops or bottoms but rely instead on the EOD system I have developed using my own version of one particular indicator. Needless to say I trade with the trend and try and spot trend changes and reversals. I'm looking for 200+ point moves, also with a loose Initial Stop Loss which subsequently is replaced with a profit exit stop.
I gave up on the FTSE a long time ago. It seemed just too erratic and very difficult to swing trade and so I agree with JillyB on that score. In any event, if the Dow barks, the FTSE wags its tail. Surely it's better to be where the action originates.
I'm not a lover of day trading. To me it is too stressful and too time consuming and on that point I'm with FC. But there is a possible drawback to only trading once a month. By the time a new entry signal comes around there is much expectation already built up which makes it difficult to "pull the trigger". The solution? I think it is to operate a parallel but different system on a totally separate and unrelated market, such as FX. Then, executing a combined total of say 30 or 40 trades a year, coupled with the correct money management, can be most satisfying, and still leave plenty of time for golf!
I gave up on the FTSE a long time ago. It seemed just too erratic and very difficult to swing trade and so I agree with JillyB on that score. In any event, if the Dow barks, the FTSE wags its tail. Surely it's better to be where the action originates.
I'm not a lover of day trading. To me it is too stressful and too time consuming and on that point I'm with FC. But there is a possible drawback to only trading once a month. By the time a new entry signal comes around there is much expectation already built up which makes it difficult to "pull the trigger". The solution? I think it is to operate a parallel but different system on a totally separate and unrelated market, such as FX. Then, executing a combined total of say 30 or 40 trades a year, coupled with the correct money management, can be most satisfying, and still leave plenty of time for golf!
roguetrader
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Funny, I don't know that I'd agree with that, the reason I say I don't know is because I haven't tried trading that way yet, (longer term that is) but what causes the stress? An intraday trade requires more management than one of your trades, but it is also over much more quickly and the result is known. What is that saying? "Waiting is the hardest part." I spend the vast majority of my time without exposure to the market, not much stress there. Whereas I'd imagine you spend the vast majority of your time exposed to the market. I'm hoping you have traded both ways and will have a much better range of experience for comparison. Would be interested in your thoughts.
roguetrader
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Hi Orion,
Why do you do that, is that how you exit your positions?
FetteredChinos
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i just find that looking for 10-20 points here and there can cause frustration and has certain psychological implications for me.
when i step back and see that the market has made a say, 200 point run, and i have been fighting tooth and nail for scraps on the way, then i dont pat myself on the back and say job well done on booking those points, but rather question why i didnt just move up a timeframe and catch the bigger moves.
i know that it is nice to end the day flat with no worries about overnight moves or positions, but in the long run, the overnight moves tend to even out. you win some, you lose some. and i think the longer time frames just suits my mentality better.
fc
when i step back and see that the market has made a say, 200 point run, and i have been fighting tooth and nail for scraps on the way, then i dont pat myself on the back and say job well done on booking those points, but rather question why i didnt just move up a timeframe and catch the bigger moves.
i know that it is nice to end the day flat with no worries about overnight moves or positions, but in the long run, the overnight moves tend to even out. you win some, you lose some. and i think the longer time frames just suits my mentality better.
fc
