One Trade a Week

[SlipperyC]

Agreed.

And you know patience was/is one of my biggest failings.

One of those lessons learned in the long run! Hopefully!!

 

[SlipperyC]

oh no!

EUR/CHF!!!

Looks like I'm going to be 'pipped at the post'!

 

[isatrader]

Afternoon CityTrader90. Your target for EURCHF has been hit at 1.24444

Here's the closing trade details:

Closing Trade

EURCHF (FX:EURCHF)
Direction: Short
Entry: 1.25861
Exit: 1.24444

Points Gain: 141.7

ATR Adjusted Percentage Gain: 1.36%

Trade Grade: B

This puts you in the lead currently for the week. Well done

 

[isatrader]

Hi Pat, your position in Shanks Group was exited automatically at the close today at 120.50

Here's the closing trade details:

Closing Trade

Shanks Group (LSE:SKS)
Direction: Short
Entry: 118.00
Exit: 120.50

Percentage loss: -2.07%

ATR Adjusted Percentage loss: -0.79%

Trade Grade: E

 

[isatrader]

Hi Canto, your position in Rambler was exited at the close at 39

Here's the closing trade details:

Closing Trade

Rambler (LSE:RMM)
Direction: Long
Entry: 40.875
Exit: 39

Percentage loss: -4.59%

ATR Adjusted Percentage loss: -1.54%

Trade Grade: F

So just my position in palladium is left open which I'm going to let play out to the close tonight as is still holding below the recent highs.

 

[tradeAweek]

@isatrader: is it possible to end next week's trade before market close? What if the pick for next week's trade gaps up at open?

 

[isatrader]

@isatrader: is it possible to end next week's trade before market close? What if the pick for next week's trade gaps up at open?

Yep sure. You can exit your trade at any time on the thread. You just need to do a quick post saying "EXIT" and the rule is that you will get the closing price from the one minute bar from the data provider I'm using for your trade. If you look back through the thread you'll see that I do this almost every week as I prefer to enter and exit my trades manually.

If you choose a limit order of say 56 for stock XYZ and it closed the previous week at 54 then if it gaps up to 60 on the open on Monday, then you would be filled at 60. As you would in a real trade. But if your limit order was 53 below Fridays closing price then you wouldn't get filled on the open on Monday until the price dropped back to that level or you decided to enter manually on the thread by doing a quick post stating "ENTER"

 

[isatrader]

My palladium short was automatically exited at the close at 737.55

Here's the closing trade details:

Closing Trade

Palladium (June Contract)
Direction: Short
Entry: 705.72
Exit: 737.55

Percentage loss: -4.32%

ATR Adjusted Percentage loss: -1.77%

Trade Grade: F

A bad trade for me this week. I was far to eager to get into this for fear of missing it dropping like a stone before I was on board and that caused me to get nearly the low tick of the week It closed the week near the resistance level that I placed my stop above, so I'm still in it in my real account, but it showed some positive relative strength this week when Gold and Silver were dropping. There's a lot of support around 700 which it needs to break decisively I think to get some renewed selling going.

 

[isatrader]

Week 16 Results

Another week is done and the results are below.

Name______ATR Adjusted Percentage
CityTrader90________1.36%
SlipperyC__________0.05%
tradeAweek________-0.22%
Pat494____________-0.79%
TradeTheEasyWay____-1.49%
Canto1922_________-1.54%
isatrader___________-1.77%

CityTrader90 take the win this week with the only pick to reach it's target for a solid 1.36% ATR Adjusted gain in the EURCHF or a 141.7 point gain. Well done

 

[isatrader]

Q2 League Table

Below is the current league table and performance points for Q2 so far with just over a month to go. CityTrader90 moves back into positive territory this week after his win and gains his first performance point.

Name_____ATR Adjusted Percentage
dmt257___________3.00%
Pat494____________1.81%
tradeAweek________1.43%
SlipperyC__________1.57%
CityTrader90_______1.39%
TradeTheEasyWay___-0.81%
Canto1922_________-1.03%
isatrader__________-1.32%
A_fr______________-0.04%
wigtrade___________-3.20%

Name______Performance Points
Pat494_____________3
dmt257____________2
TradeTheEasyWay____1
CityTrader90________1

Don't forget to get your picks in for the start of next weeks session by Sunday night. FX opens first at 10pm BST so get your picks in by then as that is the new start time for the weekly competition.

 

[CityTrader90]

Nice to win a point! :clap:

I'm looking for recommendations on swing trading books. Can people list the better ones they've read please so i can pick them up and have a look!

TIA

CT

 

[tradeAweek]

Long Spot Silver @34.9
Stop @32.9
Target 39

Reward/Risk - 2:1

Reason for trade:
Expecting C wave of correction back to previous wave 4 level (also 38.2 Fib retracement)

 

[isatrader]

Long Spot Silver @34.9
Stop @32.9
Target 39

Reward/Risk - 2:1

Reason for trade:
Expecting C wave of correction back to previous wave 4 level (also 38.2 Fib retracement)

Hi tradeAweek. I will wait to update the targets for this until tomorrow as I get the complete futures price data from pitrading.com which they usually update on a Saturday night as the ATR reading from pro realtime is always smaller for some reason. If they don't update it tonight though, then I will use pro realtimes reading.

 

[isatrader]

Nice to win a point! :clap:

I'm looking for recommendations on swing trading books. Can people list the better ones they've read please so i can pick them up and have a look!

TIA

CT

I like the Elder books personally. "Come in to my Trading Room" and "Sell and Sell Short" were both useful to me.

 

[isatrader]

Week 17 Pick - S&P 500

S&P 500

Order Type: Warehoused

Direction: Short

Warehoused Entry: Will manually enter during the week.

Initial Stop loss: 1371
Initial Target: 1300

ATR (200 Day): 13.6 (1.02%)
ATR (52 Week): 35.2 (2.64%)

ATR Targets: - Based on Fridays close at 1333.27
-1x ATR: 1346.87
1x ATR: 1319.67
1.5x ATR: 1312.87
2x ATR: 1306.07

Entry Reason
See attached charts for detailed technical reasons. Also attached is the NYSE Bullish percent index which turned to bearish on Friday for the first time since last September and the NYSE percent of stocks above 200 day moving average, which is close to giving a sell signal. Finally I've attached the SPY/TLT which measures the risk on risk off trade. This is also very close to giving a risk off signal.

 

[SlipperyC]

Interesting one isa. I had a look at the S&P and agree it looks like a short, but I see a channel down from the highs and support at around 1315.

Anyway, my trade for this week is;

LIMIT BUY DAX

Entry; 7150
Stop; 6940

Target; 7350 (on the way to the 7700 area)

Again, not sure about this one but its one of the scenarios I can see ... chart attached.

 

[isatrader]

Interesting one isa. I had a look at the S&P and agree it looks like a short, but I see a channel down from the highs and support at around 1315.

Anyway, my trade for this week is;

LIMIT BUY DAX

Entry; 7150
Stop; 6940

Target; 7350 (on the way to the 7700 area)

Again, not sure about this one but its one of the scenarios I can see ... chart attached.

Thanks Slip, my thinking is that the S&P will break down through that channel for a move down to the 200 day moving average around 1250 over the next month or so, where it should find some solid support and be a great buying opportunity. But I'll change my view if it manages a break above 1370 on good volume.

DAX has slowly rising 100 EMA at 7133 currently so your entry point looks good IMO as could provide a bounce there possibly, depending on the strength of any down move. Here's your targets:

ATR Targets

Daily ATR(200) = 92.54 (1.29%)
Weekly ATR(52) = 227.96 (3.19%)

-1x ATR: 7057.46
1x ATR: 7242.54
1.5x ATR: 7288.81
2x ATR: 7335.08

Good luck

 

[tradeAweek]

Update on the gold chart I posted last week. My bias is follows:
- Gold goes on to make a blowout top
- Indices make a new high
- Silver and Oil retrace deep to their first leg down
- Aussie makes a new top
- Euro and Cable make decent retracements to their first leg down

 

[Pat494]

market
Marstons
110.70
TP 115
SL105
Reason - The TA looks better than the alternatives

 

[isatrader]

market
Marstons
110.70
TP 115
SL105
Reason - The TA looks better than the alternatives

Hi Pat, here's your initial targets based on Fridays close of 110.3

ATR Targets

Daily ATR(200) = 2.37 (2.15%)
Weekly ATR(52) = 5.31 (4.81%)

-1x ATR: 107.93
1x ATR: 112.67
1.5x ATR: 113.86
2x ATR: 115.04

Good luck