Fed interest rate cut prompted big spike upwards but look how rapidly it fell away to a really poor showing. I suspect the US players didn't like this cut for various reasons and we will go lower in the morning, resuming the primary downtrend. It looked like the upleg was running out of both momentum and volume anyway. I am short, looking for confirmation tomorrow to deepen the position.
On a broader perspective, I feel I must accept the need to take reasonable profits earlier. At the moment I wait far too long for a position to erode back towards break-even before I am convinced it is not going any higher. Add that to my willingness to jump in early and it isn't a pretty picture.
Cheers.
On a broader perspective, I feel I must accept the need to take reasonable profits earlier. At the moment I wait far too long for a position to erode back towards break-even before I am convinced it is not going any higher. Add that to my willingness to jump in early and it isn't a pretty picture.
Cheers.
timsk
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Hi Tom,
While I understand what you're saying, I'm not clear about the details behind the comment. A picture paints a thousand words: would you care to post a chart showing your entry, exit and stop loss? That might prompt some useful ideas and offer an insight into how others handle similar problems.
Cheers,
Tim.
barjon
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Tom
Maybe worth bearing in mind that as far as the 3-bar swing approach is concerned the swing trend is down until 5973 (or 6000 probably better) goes. On that basis, 3-bar swingers look for rallies as the opportunity to short (for example, the recent rise enabled entry at the original target of 5845 or better).
I know none of that's news to you but, if you're trading countertrend, then running like a scalded cat as soon as the rally peters out seems wise.
good trading
jon
Maybe worth bearing in mind that as far as the 3-bar swing approach is concerned the swing trend is down until 5973 (or 6000 probably better) goes. On that basis, 3-bar swingers look for rallies as the opportunity to short (for example, the recent rise enabled entry at the original target of 5845 or better).
I know none of that's news to you but, if you're trading countertrend, then running like a scalded cat as soon as the rally peters out seems wise.
good trading
jon
black bear
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Should I stay or should I go
:?:
Hi Tomorton
I used to experience the same, and it leads to = arrrrrrrrrrrrrrrrrrrrrrrrrr no control and beating ones self up for what was infact a good trade
I found I just take the profit at R or S in the timeframe I am trading = end off, no ifs buts maybeeeeeees it might go through etc etc
If you want to run one well you need 2 to start with = manage that in the longer timeframe (R&S perhaps), if your not sure if its worth it, paper trade 2nd part and record results = No worries.
I find that if I am holding and start hoping it might go higher or lower = its time to consider closing (your instinct is talking)
If you can not pull trigger to close, try just doing it on a simple rule
1. your timeframe (10 min) approaching judged R or S
2. price pausing and you getting uncertain should I stay or should I go
= Your out on the breach of the timeframe last bar Low or high. Exception last bars a real good one = only give up 25% or whatever your happy with.
hope it helps a bit Tomorton
:?:
Hi Tomorton
I used to experience the same, and it leads to = arrrrrrrrrrrrrrrrrrrrrrrrrr no control and beating ones self up for what was infact a good trade
I found I just take the profit at R or S in the timeframe I am trading = end off, no ifs buts maybeeeeeees it might go through etc etc
If you want to run one well you need 2 to start with = manage that in the longer timeframe (R&S perhaps), if your not sure if its worth it, paper trade 2nd part and record results = No worries.
I find that if I am holding and start hoping it might go higher or lower = its time to consider closing (your instinct is talking)
If you can not pull trigger to close, try just doing it on a simple rule
1. your timeframe (10 min) approaching judged R or S
2. price pausing and you getting uncertain should I stay or should I go
= Your out on the breach of the timeframe last bar Low or high. Exception last bars a real good one = only give up 25% or whatever your happy with.
hope it helps a bit Tomorton
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Many thanks for these thoughts on exit planning. I think I need to plan them better. Seems I ought to log my trades in a more constructive fashion - yes, Tim, charts - with objective of solving this problem first of all. At present I just can access records of dates, stake, entry, exit, gain etc. just from the SB / broker's platform's records really. Think I need to log why I did this / that and also what happened next (I never review what happens to a price once I have exited, except from the point of view of lining up the next entry).
Though its nice to think I can do this in my present haphazard way, I'm sure I should doing it better.
Though its nice to think I can do this in my present haphazard way, I'm sure I should doing it better.
black bear
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Any Rules will do, just be consistant IMO
works well for me tomorton,
20% for me is enough if trade in the money and met target.
Another rule of thumb I use, I scalp most of the time, but works anywhere if you dont get excited and watch the charts not your floating PL
last bar high 5 - 10 min charts , any tf really, whatever suits you
approachin R or S, your aware your in a state of hopeing for more but don"t want less
focus on last bar high on next bar open
if price gives it up more than once = OUT, in other words don"t let it go behind you more than once at target.
if it gives it up then the low = OUT
any rules you like
JUST make some and take control, sure you will feel more in control whatever you decide and happier, then you can build on them.
some you will win on some you won"t, but you will not have given back much at target and given the trade a go at getting through R or S with a more consistant approach you can play around with and work on.
Personally I have found you are best just closing on the upbar to R or S, but if it grates you to watch the odd one run on with out you, (does me from time to time) then you can give the above a try.
20% times 5 =
you do need to research you own method to make it work, or it can easy be just an illusion of gain to get the odd big winner that sort of just balance out the same in the long run.
good luck :clover:
works well for me tomorton,
20% for me is enough if trade in the money and met target.
Another rule of thumb I use, I scalp most of the time, but works anywhere if you dont get excited and watch the charts not your floating PL
last bar high 5 - 10 min charts , any tf really, whatever suits you
approachin R or S, your aware your in a state of hope
ing for more but don"t want less focus on last bar high on next bar open
if price gives it up more than once = OUT, in other words don"t let it go behind you more than once at target.
if it gives it up then the low
= OUTany rules you like
JUST make some and take control, sure you will feel more in control whatever you decide and happier
, then you can build on them. some you will win on some you won"t, but you will not have given back much at target and given the trade a go at getting through R or S with a more consistant approach you can play around with and work on.
Personally I have found you are best just closing on the upbar to R or S, but if it grates you to watch the odd one run on with out you, (does me from time to time
) then you can give the above a try.20% times 5 =
you do need to research you own method to make it work, or it can easy be just an illusion of gain to get the odd big winner that sort of just balance out the same in the long run.
good luck :clover:
Thanks again Andy - I think I have bumbled along with lazy slack ways and have avoided making my own rules: very bad self-discipline. Probably same psychological causations that make some self-doubting students not revise for an exam - then, when they fail, they don't have to feel so bad, they didn't revise anyway...... I think a bit of time developing some clear rules I can live with is called for as you suggest.
Have a good day. tom
Have a good day. tom
timsk
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Mornin' Split,
Your chart: errrm, it's unusual! To me it looks as if you've printed it out on damp blotting paper and then scanned it using a scanner which must have been the free 'gift' in a Christmas cracker. Granted, it's quite colourful and pretty, but surely you don't actually use it to trade off, do you?
:cheesy:
Tim.
Your chart: errrm, it's unusual! To me it looks as if you've printed it out on damp blotting paper and then scanned it using a scanner which must have been the free 'gift' in a Christmas cracker. Granted, it's quite colourful and pretty, but surely you don't actually use it to trade off, do you?
:cheesy:
Tim.
black bear
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same here Split
morning Split
ye I have the same
I have 5986 mar fut R, fast rejection one gap up morning 250108
and a bit higher @ 6024 mar fut
we are holding morning gap, so must be good news at 10 :?:
last few days 5650-5850 ish seems strong support for a minute or two at least, untill they leak another sub-prime loss.
We broke lower yesterday, well moved lower with some control I would say
morning Split
ye I have the same
I have 5986 mar fut R, fast rejection one gap up morning 250108
and a bit higher @ 6024 mar fut
we are holding morning gap, so must be good news at 10 :?:
last few days 5650-5850 ish seems strong support for a minute or two at least, untill they leak another sub-prime loss.
We broke lower yesterday, well moved lower with some control I would say
black bear
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Hi Tim
lol
Split is that good he only requires a rule
JOKE!
just had another look, if this news is good 6150 mar fut
then straight down after the sub-prime leak at errrrrrrrrrrrr4:35 pm our time, just so the fut boys can leave intime for the wk end :clap:
sorry thats a bit dc ish
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black bear
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multi post
errrrrrrrrrrrrrrr T2W
I broke it I think
its going dead slow again and ages waiting for a post to go ?
errrrrrrrrrrrrrrr T2W
I broke it I think
its going dead slow again and ages waiting for a post to go ?
You've gotta be different to the pack :clap:
It's what you do with that damp blotting paper that counts! :smart:
It's a 5 min chart stretching back to Jan 16 to show the previous "6000" points.
It's no good looking at a 5' chart close up, until you've stretched it to the maximum time to see the bigger picture. Some change the TF- I don't, always, bother.
Some people play noughts and crosses
Split
multi post
errrrrrrrrrrrrrrr T2W
I broke it I think
its going dead slow again and ages waiting for a post to go ?
I've shorted, this morning. It will make its mind up sooner or later. The news, all over, is negative so I saw no point in buying anything. Stop's in place.
Split
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barjon
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mornin' guys
split's blotting paper isn't the only one to show the importance of 6000 :drunk:
given the massive daily range lately i've never paid so much attention to intraday - short from 5973 atm - gawd i'm not becoming a day trader am i :rambo:
good trading y'all
jon
split's blotting paper isn't the only one to show the importance of 6000 :drunk:
given the massive daily range lately i've never paid so much attention to intraday - short from 5973 atm - gawd i'm not becoming a day trader am i :rambo:
good trading y'all
jon
black bear
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Your call, agree its all bad, but............
Hi Split
But , hate that word
flat at the minute
1 + 10 scalp off the open
I see it going up or down sat in the middle of S&R pts/zone, guess if they stay there long enough = its accepted for the time being.
Index as had the opportunity to trade much lower IMO and as declined, well its declined to stay there anyway
don"t no which way to face indian at the minute so.......
just have to sit it out, and wait for a careless pale face to come past
:red_india
Hi Split
But , hate that word
flat at the minute
1 + 10 scalp off the open
I see it going up or down
sat in the middle of S&R pts/zone, guess if they stay there long enough = its accepted for the time being.Index as had the opportunity to trade much lower IMO and as declined, well its declined to stay there anyway
don"t no which way to face indian at the minute so.......
just have to sit it out, and wait for a careless pale face to come past
:red_india
That was my entry, too. Great minds think alike. Them Indians have, either, got corns on their feet or lead in their pants this morning.
Stops are lower. I'm safe now.
Don't you get the newspapers down there, Andy? The news is 'orrible, mate
Split
