'No indicators' revisited

This is a discussion on 'No indicators' revisited within the Technical Analysis forums, part of the Methods category; Interesting.. looks like we may close at or near the low of the day. Quite often when that happens the ...

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Old May 19, 2004, 8:54pm   #513
 
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ford started this thread Interesting.. looks like we may close at or near the low of the day. Quite often when that happens the following day is an up day, but today looks like a gap and trap. No idea which one will play out though, dont suppose it matters much to us.
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Old May 19, 2004, 9:00pm   #514
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Yeah, also a gap at 83-84 which looks inviting.

Here is bar rhythm today...i use these often when trading the FTSE when is trending.
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Old May 19, 2004, 9:12pm   #515
 
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ford started this thread Thats nifty.. usually I check whether the pull back is near the same magnitude of the last. On ES where you've put 7 bar both pull backs were near enough the same, 2.5 and 3 pts - same goes with pullbacks 1 and 2 of the 3 pushes down.

I notice that your Cash chart doesnt show the double top at 1104, which would have been a less riskier entry point than the break of the doji, incase you had to scratch the trade. But who is complaining?
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Old May 19, 2004, 9:17pm   #516
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Ford,

Do you use just the 10 min chart to trade?
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Old May 19, 2004, 9:23pm   #517
 
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ford started this thread No it's mainly 5 minute, but when theres a trend cranking it up another 5 minutes to 10 helps me survive through the pullbacks. Only 1 bar in that downtrend on the 10 minute had it's high broken (on my charts) by a single tick. Pretty easy to trail a stop.

thanks goes to Skimbleshanks for that tip.
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Old May 19, 2004, 9:34pm   #518
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Skim is a legend for sure.

At wot points do you move the stops? Is it after the previous low of the 10 min bar to broken or after the current 10 min bar is complete?
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Old May 19, 2004, 9:51pm   #519
 
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Smile Tailing stops and setting targets?

Finally, there were actions today. BTW, Ford, I think you rightly said that Monday and Tuesday's actions were lull before the storm.

Back to today's NQ. After going short at the 14:00pm 5-minute bar, as highlighted by the blue line on the 5-minute chart, I trailed my stop along the trend. So towards the end of the 15:30pm 10-minute bar, I moved the stop at the top of that bar. Then the next 10-minute bar, indicated by the orange line in the 10-minute chart, ticked just above the previous bar's top to trigger my stop before collapsing into a new low. I wonder whether I had wrongly set the stop so I got stopped out just before the big move?

Secondly, I wonder how would you set your target(s) if you had entered as I did, at the 14:00pm 5-minute bar? I must admit my technique is rather lacking in this aspect; I only used today's intraday low as the target. Certainly there are more sophisticated ways for setting targets?

Thanks indeed.
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Old May 19, 2004, 9:51pm   #520
 
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ford started this thread Finirama,

I work on the basis of trailing the stop once we roll over into a new bar, regardless of whether it breaks the high or low.

The amount of leeway you give it regarding the position of the stop depends on the momentum of the move I think. For instance today, the first impulse down was quite large that you could lock in decent profit while giving it enough room to run. Maybe Skimbleshanks can clarify, she might have a better method.
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