Where is the Dow & others heading in 2005?

[kriesau]

closing short at 10,270..

half a long there, then the remaining half goes on if we hit 10,250.

ive grown quite attached to this short now.. we have been lovers for nearly a week now..

Perhaps you shouldn't ditch your lover so callously after such a short affair !

 

[kriesau]

Tested 10300 twice - third attempt coming up.
You may have to sleep with your 10300 shortie a little longer FC

 

[User]

We need to close at the highs of the session.......that would be good....wiping out the days losses would also be good and would look decent for the bullish short term case....I still see a close above 10400 though.....maybe not today....

 

[roguetrader]

More light volume chop, ideal playground for the MM's to play. Seems summer has come early.

 

[kriesau]

We need to close at the highs of the session.......that would be good....wiping out the days losses would also be good and would look decent for the bullish short term case....I still see a close above 10400 though.....maybe not today....

Hmmm.........currently there are 25 decliners on the Dow with an average fall of 0.89% compared with 5 gainers who also have an average increase of 0.89%. Trading volume is also very low.
Not exactly a good basis for testing 10400 today !

However tomorrow is another day

 

[Racer]

Having great fun testing out a new platform today.. scalped 580 paper points.. must get the real version!

 

[justyn]

Having great fun testing out a new platform today.. scalped 580 paper points.. must get the real version!

Come one then Racer ... I'm sure you didn't expect a lack of interest ... tell us more?

 

[Racer]

Strategy Runner, trading futures, it is brilliant, I have been watching the Dow for so long and now found this platform is perfect for me for day trading.

Have done lots and lots of trades and haven't lost on a single one, I know it is paper trading, but it is exactly how I want to trade.

 

[justyn]

So what does it involve? Trading YM futures? And what triggers your entry / exit?

 

[Racer]

trading eCBOT miniDow Jun.

I put limit orders on, wait, can put limit close or profit targets etc.

I read the charts and the feeling of the market that is how I put the trade on/close

I haven't been able to trade it like that with spreadbetting and had to do longer swings, this way I can do the swings during the day as well

 

[Racer]

Today should create some interesting chart patterns. There were some significant merging of various indicators this week.

 

[senyorqueso]

Racer,

If you don't mind me asking - what sort of stop distances do you use for intra day trades? I'm coming to the conclusion that as tight as can be is the way to go - if you're wrong, just get out quick - maybe ~10 points to allow for a bit of noise. How about you?

SQ

 

[Racer]

Racer,

If you don't mind me asking - what sort of stop distances do you use for intra day trades? I'm coming to the conclusion that as tight as can be is the way to go - if you're wrong, just get out quick - maybe ~10 points to allow for a bit of noise. How about you?

SQ

I didn't use a stop cos I hadn't worked out how to put one on the system!, I was trading in the direction of the market.. which was down obviously..
Analysing my paper trades now, my intial ones were all over the place cos I was getting used to the platform and just did the trade to see how to do it..missed some points getting out on one trade too cos I pressed the wrong buttons. LOL
But trading in the direction of the market was the key thing.
Don't fight the market.

 

[senyorqueso]

Sorry - didn't realise it was your first go.

 

[Racer]

Sorry - didn't realise it was your first go.

Not bad for a first go?

CONTRACT : MINIDOW
#TRANS POINTS PnL PnL(%)
--------------------------------------------------------------------------
ScaleOut3Targets_4 18 18 90.00 0
ScaleOut3Targets_5 3 15 75.00 0
ScaleOut3Targets_6 3 18 90.00 0
_Trader 142 529 2645.00 7
--------------------------------------------------------------------------
Total 166 580 2900.00 7

 

[Racer]

Sorry - didn't realise it was your first go.

I have done lots of daytrades on shares in the past during the 1999/2000 bubble, but gave up for quite a while as I prefered the more relaxed swing method.
Haven't daytraded the Dow really cos couldn't be bothered to open a futures account cos was making money on spreadbetting and didn't want to pay tax.. so laziness really I suppose

 

[Minder]

I see that the Dow has closed higher than open on three of the four Trade/Budget Figure Days

Date……..Open…..High…..Low…..Close

12/01/05…10561…10622…10499…10617

10/02/05…10665…10763…10664…10749

11/03/05…10845…10872…10758…10774

12/04/05…10448…10529…10360…10508

Any thoughts on the direction tomorrow ? Or is it better to sit out these days ?

 

[senyorqueso]

Racer - you said you couldn't trade this way with spreadbets - why's that? Because of the order types not being available, or because of the spread?

 

[Racer]

Racer - you said you couldn't trade this way with spreadbets - why's that? Because of the order types not being available, or because of the spread?

the spread!

 

[senyorqueso]

so what do you think your 560 points would have been if you'd had a 4 pt spread to overcome?