entry/exit points

This is a discussion on entry/exit points within the First Steps forums, part of the Reception category; Hi folks, Is there any way to spot/chart/guess entry/exits on the dow? I have a habit of missing the entries ...

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Old Dec 10, 2003, 1:56pm   #1
Joined Nov 2003
entry/exit points

Hi folks,

Is there any way to spot/chart/guess entry/exits on the dow? I have a habit of missing the entries points and getting out too soon or buying, thinking the market will go up, and its fell etc.

I have only been trading a short while, so far I have made a profit just over £300, which I am pretty pleased with. I am using Capital Spreads, which is a lot better then Tradindex, which I have also used. I trade the futures, like yesterday, I brought, when the market was high'ish, thinking it would go higher, but it fell, and I am sitting a paper loss of £69.

Yes, your right I am a newbie =)

Any help/hints/advice would be most welcome.

regards

Kev
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Old Dec 10, 2003, 2:17pm   #2
 
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Have you had a look at ChartMan's threads on trading the Dow? I'm sure you'll find a few things in there which you'll be able to incorporate into your strategy.

Newtron Bomb has put together a compilation of the thread too - a lot to read though. http://www.trade2win.co.uk/boards/sh...&threadid=5063

Here's the link to the Indices forum, in which you'll find all the threads: http://www.trade2win.co.uk/boards/fo...?s=&forumid=55

And welcome to T2W!
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Old Dec 10, 2003, 7:50pm   #3
 
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Hi & Welcome Altern8

Also there is a word document of the strategy itself found here

http://www.trade2win.co.uk/boards/sh...&threadid=5785

Happy trading
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Old Dec 11, 2003, 12:10pm   #4
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Altern8,

The most important thing is to find out what works best for the type of trading that suits you. People use trendlines, moving averages, fibonnacci levels, level 2, support/resistance levels etc.

I find support/resistance levels on a weekly 15 minute chart most helpul for me, but YMMV. I can post an example if you want.

Pete.
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Old Dec 11, 2003, 12:47pm   #5
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Altern8,

There are so many indicators and entry/exit staregies out there and as many justifications to use them, that it all gets a tad confusing/frustrating knowing which ones to use. It's a case of trying out as many as you can (through the capitalspreads demo account for example) and seeing which one 'feels' right for you, before live trading.

I've tried many TA entry/exit indicators etc and I'm currently using an easy to use overbought/sold indicator, Williams%R(10) and volume analysis - I use www.marketvolume.com that provides an end of day summary, as well as longer term trend analysis.

I use these charts to assess short term overbought/sold conditions (1 & 5 Day charts) and a 1 month chart for the larger swings. Money management is the key to any system, I'm still working on the best stops to use on the DOW!

Good trading.
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Old Dec 11, 2003, 9:39pm   #6
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Altern8 started this thread Hi folks,

Just wanted to say a BIG thankyou, I have got all the info that you guys posted etc, and will spend a couple of days, I guess over the weekend and go over it.

smileypete: Would you be able to post an example? I feel that it would be a great help to me. Thx

Cheers

Kev
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Old Dec 13, 2003, 1:33pm   #7
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Hi Altern8,

Here is an example of key levels on the DAX. I was going to post the first two charts on Thursday morning but didn't have time.

I try to identify not just highs and lows but also places where support becomes resistance and vica versa, as I find these key levels are often a good place to open and close trades.

Most of the levels I'd marked on the chart on Thursday morning ceased to be relevant as the DAX moved up, but 3850 remained as a key level on Friday.

The final chart shows this quite clearly, although I find the 15 minute bar chart better for identifying some intra day levels that would not be clear on a weekly chart.

This is by no means the Holy Grail, but for _me_ I find it useful for trading the indices while the market is mostly rangebound.

However, if you're learning to trade it's best to find out not just what works, but what works for _you_.

Hope this helps,
Pete.
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Old Dec 13, 2003, 1:35pm   #8
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(Needed another post to get the other charts in....)
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Old Dec 13, 2003, 2:01pm   #9
 
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Smiley Pete

Those are great examples. I'm also a great believer in using two time frames and support/resistance.
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Old Dec 13, 2003, 2:53pm   #10
 
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Worth following Ed Downs daily Dow analysis for ideas - Free.
www.signalwatch.com/markets/markets-dow.asp

He uses simple TA, trendlines and patterns, 4 timeframes and a set of rules (link at bottom of his page)
A good training ground if nothing else imo.
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