S&P Index Chart and View

This is a discussion on S&P Index Chart and View within the Indices forums, part of the Markets category; Looks like it is good to be short here. Anybody disagree?...

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Old Sep 24, 2004, 10:04am   #1
TWI
 
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S&P Index Chart and View

Looks like it is good to be short here.
Anybody disagree?
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Old Sep 24, 2004, 12:31pm   #2
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Quote:
Originally Posted by twalker
Looks like it is good to be short here.
Anybody disagree?
Agree Ė whatís your target?
What are you using as confirmation? why didnít you take the short from the previous dayís close below the line?
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Old Sep 24, 2004, 12:53pm   #3
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TWI started this thread I am short, wouldn't be posting before I put on position .
Been scaling into short as approached res. Target has to be lower trendline or previous trend low. I do not generally have targets, just trailing stops. Stop still currently new highs.
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Old Sep 24, 2004, 1:37pm   #4
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Sounds good to me.
If you donít mind me asking, who do you use for your trailing stops or do you manually adjust them?
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Old Sep 24, 2004, 2:45pm   #5
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TWI started this thread I manually adjust them. But can leave GTC when not screen watching. My broker is Fortis.
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Old Sep 24, 2004, 3:20pm   #6
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Like most newbieís, stops can be the trickiest things to master. I often get caught out just before a big move & then find it difficult to get back in.
Do you use a % or a set amount of points to trail? If so & you are screen watching, do you change them during trading or EOD?
Many thanks
p.s. If you think Iím asking to many Q, just tell me to get lost Ė Iíll understand.
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Old Sep 24, 2004, 3:47pm   #7
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TWI started this thread LoL, no worries about questions, seems to be what these forums are for..
I use all sorts of reasons for stops but when I put on a position based on the criteria used for this particular trade i.e. the downtrending resistance I then put the stop a little above the last high in the channel. Currently this is a long way away and with my position size it will mean giving back a lot of money so I may lose my discipline/bottle for a proportion of it before that, in order to ensure I end with at least a +ve PnL should I get stopped. I will try not to but I find usually if I can take a partial position off to ensure that if the balance gets stopped I still retain a profit I cannot stop myself. this may be what is stopping me from reaching greater heights in the trading world...but it just works for me.
I will trail the stop if I get a second down week to the high of the previous week but that will not be static, depends how the daily chart looks. I change them as and when it seems appropriate but in this case I will not go below daily resolution . The only defined stops I use are on systems which require that sort of thing. It really depends on your timescale. If trading intraday then stops are far more dynamic than daily or weekly. There is a thread discussing these things going on right now.
I have never considered myself an expert on these things and often get out too early. On the other hand you only tend to remember the "shoulda, woulda, coulda" ones that create pain and not the ones you got right. Money management is the hardest part and I don't know that you ever perfect this, I have been trading since 1991 and still know so very little about it.
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Old Sep 24, 2004, 4:34pm   #8
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How many points do you think "shoulda, woulda, coulda" be made trading the S&P like this per year?
BTW at what point in your reckoning did you view it Ďscaling into shortí? Was it the first two weeks of September or the third?
Iím out of here soon, as I have family over. Perhaps we can continue this next week to see how the bottle is going. Or has it gone already? Its looking close to yesterdays high, are you going to stay short over the weekend?

p.s. where do the BearBuy & BearSell signals come from on your chart?
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