One Trade a Week

[SlipperyC]

OK, thanks again for the effort isa.

 

[SlipperyC]

I'm going to take a chance and move my stop to 7420 (+11 pts).

Don't want this week to turn into a loser!

 

[SlipperyC]

I'm going to exit my trade now. (Dax is at 7373 according to me)

 

[isatrader]

The closing price at 9.57am was a little bit worse than what you had, by roughly 4 points and was 7376.87. So therefore:

Closing Trade

DAX Index
Short

Entry: 7430 @ 08:56am
Exit: 7376.87 @ 09.57am

Percentage Gain: 0.72%

ATR Adjusted Percentage Gain: 0.56%

Well done SlipperyC, a nice simple quick profit, and you captured just over half an average full days range for the DAX

 

[isatrader]

Move limit entry for GKN.L to 214

 

[SlipperyC]

Thanks isa. However, I've got a feeling that I should have let it ride because it will be the high for the week!!

 

[isatrader]

Thanks isa. However, I've got a feeling that I should have let it ride because it will be the high for the week!!

It was a good intra day trade, which is your area, but hopefully through this thread we'll all learn to be better swing traders and get bigger chunks of larger moves as well.

 

[isatrader]

GKN hit my entry target at 11:50am. So therefore:

Trade Details:
GKN (LSE:GKN)
Direction: Long
Entry Price: 214
Stop: 205.9
Target: 226.75

Percentage Risk: 3.93%
Target Gain: 5.96%

Risk Ratio: 1.51

Daily ATR(200): 5.83 (2.72%)
Weekly ATR(52): 13.70 (6.40%)

 

[Pat494]

I'm going to exit my trade now. (Dax is at 7373 according to me)

Getting a few profitable quickies under one's belt does wonders for the ego, especially after a losing run

good one SC

 

[SlipperyC]

Thanks PAT, kicking myself now for not sitting on my hands and BELIEVING in my 'instinct' as the DAX is now at 7337!

Grr. Still, its a winner.

 

[SlipperyC]

GRRR! STILL kicking myself for closing at 7373 - now at 7295!!!!!

MUST LEARN P.A.T.I.E.N.C.E.

Analysed why I closed it and I felt it had support at 7370 area - which it did for a while. In hindsight I should have; put the kettle on, got a cup of tea, waited 10 mins, zoomed out to a 4hr or daily chart then decided what to do.

 

[TradeTheEasyWay]

Slippery, be careful, small profits can kill your account. The less you trade, the more you will make.

Mike

 

[SlipperyC]

Thanks Mike.

Thats one of the trickier problems at the moment. Because of the constant about turns in the indices, and the Fed constantly supporting the S&P I've been trying to keep my trades short and take what I am given. But, this approach trips me up when you get a strong down move like this because I keep assuming/imagining that the index will pop back up for no obvious reason.

I also mentioned in a post on the 'active trading' thread about my weakness for overtrading, its something which I am trying hard to clamp down on by increasing discipline and patience.

Being involved in these threads does help because I've generally traded alone. There are studies that show that involvement in trading groups can promote better trading as you have to publicly be responsible/accountable for your trades. All of your inadequacies and weaknesses then become glaringly obvious to imparial observers.

 

[TradeTheEasyWay]

Trading goes against all you've been taught. To me it's a business and I accept losses because my winners outstrip my losers. If you want to join my 'trading room' let me know. Message me.

Mike

 

[SlipperyC]

isa;

I was thinking about another option for this thread.

One stock could be selected at random from the FTSE 100 each week. Individual contributors can use their own techniques/skills/experience to estimate whether that stock will end the week up or down and at what price.

Cherry picking the bits that seem to work from each others setups could lead to the creation of a homogenised set of indicators/techniques that could benefit everyone?

What do you think?

 

[Pat494]

I think the main reason for the fall in all the indices is of course current fundamentals
The Mid East situation particularly.
It might be a good idea to start a new Fundamental thread of the current morning ??
Whatya think ?
Your idea SC might work too imho

 

[isatrader]

Hi everyone, sorry for the slow reply today. I've been out all day on a freelance job. Anyway, it appears it's been an eventful day in the markets. My trade in GKN.L hit my stop loss at 205.9 so I'm out for this week.

Mike your limit entry in the GBPUSD was triggered at 08.00am today, so your position is open and currently slightly lower. Here are the trade details:

Trade Details:
GBPUSD (FX:GBPUSD)
Direction: Long
Entry Price: 1.6175
Stop: 1.6040
Target: 1.6500

Percentage Risk: 0.84%
Target Gain: 2.01%

Risk Ratio: 2.39

Daily ATR(200): 0.0116 (0.72%)
Weekly ATR(52): 0.0349 (2.16%)

ATR Targets
1x ATR(200): 1.6291
1.5x ATR(200): 1.6349
2x ATR(200): 1.6407

Good luck Mike

 

[isatrader]

GKN.L Week 4 Pick Exit

Closing Trade

GKN.L
Long

Entry: 214
Exit: 205.9

Percentage Gain: -3.79%

ATR Adjusted Percentage Gain: -1.39%

I'm not surprised that I was stopped out of this considering the falls in the markets the last few days. That's what the stop loss is there for. As when the general market falls, most stocks take a hit.

 

[isatrader]

isa;

I was thinking about another option for this thread.

One stock could be selected at random from the FTSE 100 each week. Individual contributors can use their own techniques/skills/experience to estimate whether that stock will end the week up or down and at what price.

Cherry picking the bits that seem to work from each others setups could lead to the creation of a homogenised set of indicators/techniques that could benefit everyone?

What do you think?

I like the idea, but I think it should be a separate thread - "Random Pick of the Week" or something along those lines maybe.

 

[Pat494]

As SC would have benefited from a daily fundamental report I hoped he would be interested in starting a thread on this ?

hint hint ?????