Hi piker - Me too. Still have my limit order from last weekend placed just above the high of 11/12, now also just above high of 17/12. But I don't see price triggering that in a hurry.
Charts are equivocal. If 11 or 14/12 were swing lows, in traditional usage, i.e. with high as entry and low as stop, we already breached their stops on 17/12. More sensible to use 17/12 putative as swing low: if confirmed, this is a wide range bar so my position is going to have to be scaled down a bit.
Charts are equivocal. If 11 or 14/12 were swing lows, in traditional usage, i.e. with high as entry and low as stop, we already breached their stops on 17/12. More sensible to use 17/12 putative as swing low: if confirmed, this is a wide range bar so my position is going to have to be scaled down a bit.
robster970
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Shame. Think you had a good basis for a longer term trade and target here. How quickly are you trying to realise returns generally? Days, weeks, months?
piker
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I like cutting stops, I never add to losing trades or move stop based on emotions. I would rather seek another entry. My thaughts on this matter are that if price failed to pull away and returned to your entry and lower that means it wasn't start of a real move, longer term charts are not based on random price action, but on longer term outlooks of people that understand fundamentals. I don't, so I have no choice but respect stops below low of Current reaction low on the chart of signal
robster970
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piker
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Thanks, I have no problems respecting stops, I find it more difficult letting trades run, I think that is an issue for a vast majority, knowing when trade reached maturity, because if there is no optimal entry, then there is no optimal exit, in my case it's money management, win more
robster970
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What you said was equally as applicable given the way ES has moved this week. Still a good call and motive for exit.
B
Black Swan
piker
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Ok. I am ready to go Long gold spot at the open. Same motive as before - longer term uptrend. Signal this time is again 8 hour chart, current dip is marked by a relatively tight trough in histogram which suggests we might be hitting proper support this time. Price sitting on rising trend line on dailys.
Plan's conditions have been met: 1 - Divergence in place; 2 - Price took out resistance $1,111.
Current initial stop will be $1,093 which is about $2 below current reaction low on 8 hour chart (signal chart).
Target remains at least $1,200.
This time I will be raising risk to 1% capital compared to 0.5% last time. Stop will be about $20, therefore I will stake £5 per every $1.
Plan's conditions have been met: 1 - Divergence in place; 2 - Price took out resistance $1,111.
Current initial stop will be $1,093 which is about $2 below current reaction low on 8 hour chart (signal chart).
Target remains at least $1,200.
This time I will be raising risk to 1% capital compared to 0.5% last time. Stop will be about $20, therefore I will stake £5 per every $1.
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piker
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I had a look at the stock indexes over this weekend & I decided that I will be playing Nasdaq 100 from the long side upon a break of 1816.5 with a stop at 1775 which is a couple of bucks below current reaction low on 8 hour frame. Target will be around 1960 which is taken of weeklys as next resistance zone. I will allocate 1% capital as risk for stop allocation.
The reason I like Nas & dislike SPX is because SPX has been in a congestion period for a long time now, INDU is locked in a megaphone type price action (which technically is bearish when lower low is blown, not yet happened) & the Nas is in a nice ascending triangle, histogram points to strengthening price action & last thing I noticed is that Friday volume was strong in the Nas, the last time we observed such huge daily exchange was probably back in March 2009 when Nas put in a second bottom. I don't normally look at volume, but this paired with other factors made me think that a breakout is more likely than a breakdown.
Filled Long 1,817.00
The reason I like Nas & dislike SPX is because SPX has been in a congestion period for a long time now, INDU is locked in a megaphone type price action (which technically is bearish when lower low is blown, not yet happened) & the Nas is in a nice ascending triangle, histogram points to strengthening price action & last thing I noticed is that Friday volume was strong in the Nas, the last time we observed such huge daily exchange was probably back in March 2009 when Nas put in a second bottom. I don't normally look at volume, but this paired with other factors made me think that a breakout is more likely than a breakdown.
Filled Long 1,817.00
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piker
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piker
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That order is now cancelled, price went lower making previous stop within noise area. Daily trend is now broken, so I will either short it or wait for weekly trend line to go long.
piker
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Closing this trade over holiday period @ 1857.4. No more trading till 2010. Merry Christmas & a prosperous 2010 to all. Flat over holiday period.
P.S. Don't drink & drive
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