Day Trading & Forex Forum

frugi

...caused me to miss the H&S break around 16:00, but then again the rising wedge TL was only a few points below so the target might not have been reached.

Not to worry, I grabbed +22 from one thanks to various bits of TA converging around 16:25. The H&S target was reached, accompanied by an intermediate TL bounce, a TICK/RSI and volume PD. Exit was on the third little peak around 16:40 - there was no RSI ND but some TICK ND plus it was bumping up against a previous TL. Guess I could have held on for another 20 but the V bottom surprised me with its rarity and I expected a pull back to the 5m TL at 655ish after those peaks. Poor price action skills to blame no doubt - I bet there were clues to suggest this was unlikely.

No setups for the rest of the day except a 3pk at 20:50, but with only 10 mins to go there wasn't enough R:R and the price often unstable in the market twilight. Missed 10 pts by the looks of it, in hindsight.

A position short close to NY Eve looks increasingly tempting FWIW, if you believe the RSI ND-fest on the weeklies...not to mention the current securing of annual bonuses that will require some adjustment in the New Year

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frugi

+47 from one.

Shock horror - I actually managed to acquire a reasonable length of trend today, though I admit it wasn't really my fault. Tthanks are due to a gamble entry. Long at 679 off the 5 min channel trendline around 3.00 time pivot and held until there was some ND around 16:35. So what happened to the 10 point profit taking rule, you ask? Well, it was so near the top of the triangle at 10 pts profit that I decided to lock in 5 and see what happened. It is Xmas bonus season after all. After the BO I locked in 10 (stop at 689) and let him run with a clear conscience.

Missed the long at 20:00, but, once again, there weren't 3 ND peaks, just a brace, and I thought the breakdown from a well established channel might become very ugly. When it looks really bad, you get a savage V reversal! Quite amusing really.

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clylbw

Hi frugi,

About the V reversal at 15:00 pm EST. Do not know about indicators or channels, but It looks like the classic tweezer bottom Socrates has mentioned. There are also signals from EWs, with 3 big down waves ended in the intraday low by a potential selling climax. But I had better not elaborate on this.

Anyway, it is a more risky entry, and whether take it or not depends on your strategy, I suppose.

frugi

Thanks clylbw, you reminded me to look more closely at the 5 min chart. Definitely a tweezer bottom I reckon. Quite rare on the Dow I think, mind you. Please feel free to elaborate as you see fit - I can keep a secret

Knocking off early today with a modest +21 from a nice, if a tad late, 3pk PD long, supported by PD on 5 min too. Closed at the 100 EMA cause ADX>30 in a down trend. As usual I missed the entire morning down trend, but that's better than fighting the beast.

Would be gratifying if the formation on the 5 min is a bear flag that breaks down - target c610 is near my comp entry Don't suppose they'll let it descend that far though.

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frugi

Just thought I'd start keeping an average points per day from here...

19 days on which I traded
332 points
17.47 points per day

EXCLUDING COMMISSION (I have a spreadsheet with all the relevant info on but it contains other trades so I cannot simply import it)

ChartMan

This data is MOST useful. It is the single most important statistic that "wannabe" traders would like to know. TT does the same thing on the Dow thread, as you have probably seen. It has to be the most realistic yardstick that any one will see.You could deduct the commissions( as points), as we don't know the total number of trades in your 19 days . Could be 19, could be 190.......

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The views expressed here are my personal views and for your information only. Any expression of likely movement of a share is merely guesswork and is to be treated as such.This information must NOT be used as a basis for making any investment decision.

clylbw

What a quasi-witching day we have had today .

Anyway, you are very welcome, frugi. It is just that I am aware my subjective methods based on p/v and a longer time framework may be a bit out of sync in this thread, which I assume is based on objective methods. Please do let me know if I am muddying the water, and I will shut up for good .

Quercus

Don't you worry clylbw, our frugs is a price action man at heart!

Q

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