Big Ben on the FTSE100

A win gains 11 points and a loss is a deficit of 13 points. I find it confusing at times to remember the numbers so I just remember it as how many points a win and a loss makes me.

I also have not traded today, couldn't get the order in so left it.
 
brewski1984 said:
A win gains 11 points and a loss is a deficit of 13 points. I find it confusing at times to remember the numbers so I just remember it as how many points a win and a loss makes me.

I also have not traded today, couldn't get the order in so left it.
Click to expand...

Post 793 and some of the other commentary have it the other way round, I think.

Anyway I will try to start trading again from tomorrow. Good luck 👍
 
This was where I was getting confused. The target is indeed 13 and stop 11 but those are taken from the BB high and BB low, not the entry point. As the entry point is 2 points higher/lower the target is reduced to 11 points gain and the stop a 13 point loss, if that makes any sense!
 
brewski1984 said:
This was where I was getting confused. The target is indeed 13 and stop 11 but those are taken from the BB high and BB low, not the entry point. As the entry point is 2 points higher/lower the target is reduced to 11 points gain and the stop a 13 point loss, if that makes any sense!
Click to expand...

Aah ok, makes sense in some ways.. I am not sure a smaller target feels intuitively right though 😕

The system seems to be getting closer to the original system I used. Which was a breakout strategy with a 15 point stop. The only difference being, it was let to run until 12 (when if then in profit and not already stopped out, the stop was moved up to lock in half profit.) Over the next few hours more profit was locked in. (this like most things works better in a trending market, anyway sorry on with the thread)🙂
 
A trying start to the week - couldn't get my orders in at first at 9 as the index has already broken out upwards but felt pretty pleased when it dropped back within a few minutes and my order level was permitted, allowing me to get in. Sucker!

It would have been wiser to let it go or at least defer judgement until 10am as was said above.
 
Another warning today came from ATR as this mornings range (8-10) was a little over 80% of ATR14. Maybe this is still a good indicator.
 
Last edited:
6090/6100 has been a decent level of resistance recently. I know the system doesn't take that into account but I think that's mainly the reason for the loss today? The buy level was right on it.
 
I got into the trade manually, a little higher than I should. Didn't like the 6100 resistance at all so I jumped off again for -6 pips and left it for the day.
 
jimmc said:
I got into the trade manually, a little higher than I should. Didn't like the 6100 resistance at all so I jumped off again for -6 pips and left it for the day.
Click to expand...

Seems to be big resistance there.. with all the Middle East news, oil prices going up etc I am not very bullish.. mind if it does go through 6100, it could shoot up quite quickly. Usually as soon as I think something is very clear, the opposite happens, so I will try not to think about it.😆
 
No BB trade for me today, range too big. Suspect the oil price and Libya / Bahrain siutations having an effect.
 
I considered leaving it today after seeing such a big movement but I gave in to temptation thinking the sell order would have a good chance, stopped out already. Bad times.
 
Yeah hopefully the losses for the week are gone now. always really gets to me when I take a loss, especially as I went for a bit higher stake this week. My mindset is slowly changing though, the problem I find is that everytime someone asks me how I'm doing Im never able to say I made loads one day/week, it's always me saying "in the long run I'll make money". I know the latter is true and of course ill stick with it, I just wish I could convince myself sometimes. Off topic I know, sorry.
 
I know the feeling brew, you have a good idea, you increase your stake and then an Exocet comes from nowhere and it's all over. Still, I'm absolutely sure we won't get hit every day.

I remember one wag on this board who, when asked about his trading performance, used to reply 'Quite good, I'm losing less than I usually do.' Seems a good objective too.
 
Losing less would be a good start for me! I guess the losses are the part that seperate the good traders from the bad. We're still in profit from last week though.

This system has taught me a lot in any case, I used to enter trades thinking to myself "this will be the one I can trail to a 100 point profit" and then either make a loss, B/E or trail it too close and get stopped out for 10 points or something. Now I see that it has to be a methodical and reliable approach.
 
Yes, I got stopped out today. Also tempted to leave it as range was almost at 80% of ATR(14), but couldn't resit as stopped yesterday as well. Stats are going down, but everything goes in cycles.

brewski1984 said:
I considered leaving it today after seeing such a big movement but I gave in to temptation thinking the sell order would have a good chance, stopped out already. Bad times.
Click to expand...
 
I have feeling it is going to continue to go down tomorrow. This happened last time during the start of the Egypt revolution but for the moment just continue to watch till there is a prevailing pattern. Just have to trust the DOW THEORY! LOOK FOR THREE TRENDS!
 
Hi Guys,

Can I see if I got this right.

The low of the 8-9 range was 5952

So entry is 5950

Target is 5937
Stop is 5961

?

am i right or way off the mark here?
 
You must log in or register to reply here.

Similar threads

T
London Opening Range Breakout
2 3
Replies
40
Views
11K
tomorton
T
Sharky
  • Locked
The Investment FAQ - Advice
Replies
0
Views
7K
Sharky
Sharky
Back
Top