ChowClown's Blog

[ChowClown]

...missed it!

...missed the fall in the DOW today (work). Signalwatch reckon there may be some intraday long action today but too short a time period for SB (daily spread on spreadex = 9 points). I'm only trading Jun and Sep contracts, until I sign up with d4f that has rolling cash DOW with a 5 point spread.

 

[reddragon]

Hi,
Yep! - because of work i couldn't get online till 4.45pm on Mon.
and so missed the dive on both indices - bloody frustrating.

 

[Helenqu]

Don't get impatient guys. Opportunities flow like a river in trading

 

[Baruch]

Don't get impatient guys. Opportunities flow like a river in trading

Great work.

What's the difference between your system and Big Ben? It seems to me that your system is just a new version of the good, old BB.

 

[hornblower]

good news
its only 3 point spread

 

[ChowClown]

8448 Jun short

....daily chart on Lycos signalling short through MACD; of course it rallied the moment I entered but must stick to the TA. Work seems to be picking up again; longer term trades for me for a while.

 

[ChowClown]

...still in from 8448

...down 330 points so far - lycos daily chart macd still below signal line. Prepared to wait, only learning at £1/pt - would be worried if we hit 10000 with this trade, which is highly unlikely between now and the 19th June expiry.

Have been following Bill Adlard (et al) Hemscott Analyst tech analysis of DOW/FTSE for some time - he doubts the DOW will go much higher than 9000. Head & Shoulders fail 7% of the time apparently (from Thomas Bulkowski's encyclopedia). If the bears are wrong, they're damn unlucky.

 

[sidinuk]

you must have balls of steel to stay in a short trade throughout yesterday's rally. Good for you, if you have a system you have to stick to it even when it doesn't seem to be working. However are you sure that this system is sound?

 

[ChowClown]

..it's only money

..still in and now down £510 (latest quote from spreadex). If it breaks and holds above 9000 before 19th June (contract expiry), I'll take the hit. Hoping between now and then to shave off a 100 pts or so (at least) - DOW chart looks bearish (medium term) at current levels, but then the charts have been pretty useless for me on this trade so far. LOL.

 

[Trader333]

ChowClown,

You are not going to like this but trading on "Hope" is a certain way to large ongoing and continuous losses. This trade should have been closed quite a while ago. Is the reason you entered the trade still valid ? If not then get out. Also bear in mind that a losing trade very rarely turns into a profitable one. Sorry to be harsh but I would close this now accept the loss and analyse what went wrong and how I could avoid a similar situation in the future.

I am just trying to save you taking an even bigger hit than you so far have.

Cheers


Paul

 

[ChowClown]

...out for -654

..flippin' heck - 2 things I'll always abide by from now on:

1/. Always use a stop loss
2/. The trend is definitely your friend

Heart rate not yet back to normal, couldn't even bring myself to dip back in long this pm. Think I'll open a finspreads acc and stick to 1p/pt for a while!

(thx for your comments guys, some very 'good learns' over the past few weeks - hope you're making a killing right now)

 

[Tullibody]

these are two mega lessons and it cost me a packet to learn them too; now it comes developing the discipline needed to act on them!!
keep the faith,

Tullibody.

 

[ChowClown]

setup

..finally working with a setup that works 'well' on FTSE and DOW - decided to go intraday (as well as longer term swing), to attempt to claw back some points. Using finspreads now, with a view to moving to d4f in the next couple of months. 1st finspreads trade likely today, account operational as of this morning.

+38 on FTSE today, might have a dabble on DOW b4 close.....yep, for +4.

Good trading all.

 

[ChowClown]

Progress

...a few weeks on and things are getting slightly better, still not in profit overall but making progress now. Chatman's DOW trading strategy is excellent and I'm using some of the features with a Yahoo 5-day chart which I've customised with the help of another excellent contributor's thread (Bonsai).

Many thanks to both and if we ever meet, your beers are on me.

Chow.

 

[ChowClown]

FX - GBP/USD

Finally found an instrument I'm comfortable with. The GBP/USD trends very nicely and appears better suited to newbies using an SB, than trading the DOW. Intraday whipsaws aren't quite so frequent and the action is more leisurely paced, as well as being 24hrs. Using confirmations of moves away from the 100ema can be excellent for trades over a few days. I'm still not letting profits run enough though, an average of 20 pips/day so far after a few weeks actual trading, after analysing each trade, most could have been held for double the profit! Using smallish stakes (£1-£5/pip) until more confidence kicks in.

DOW trading occasionally now using a 5-day chart with 100 & 500 emas, just trading the trend.

 

[ChowClown]

Trade Log

The FOREX experience was useful but still didn't suit, so since Sept '03 I've gone back to trading the DOW, if that's what you call losing 50% of the pot in 3 months - most of which from a DEC short.

Soul searching and further research/reading over Christmas produced what I hope to be my definitive strategy, from the lessons learned in 2003.

Work commitments rule out day-trading (although I'm forward testing a few intraday systems) so I'm using a swing system based on daily/weekly charts. I will be logging entries, exits & stop losses here. I SB using Finspreads although I'll be opening an account with Capitalspreads too soon.

Current position:
Jan 14th - Mar long (DOW) 10421 - stop @ breakeven

 

[ChowClown]

Current trade update

14th Jan Mar Long (10421) stop loss moved to 10568 locking in 147 points.

 

[ChowClown]

March Long Exit

Just closed Mar Long at 10626 for 205 points. Charts aren't signalling a short yet, just a bit frothy here and would prefer to wait for next entry signal.

 

[ChowClown]

DOW Mar Long Entry

...just entered at 10570 stop-loss 10446.

Stoploss moved to breakeven - 11:45 27th Jan.

Exit at 10648 for 78 points - 16:17 27th Jan.

FOMC today - should be a good next entry soon.

 

[ChowClown]

Mar DOW Short

Took a March short today at 10486 (stop loss set at 141 pts). My daily chart TA (over 3 months) signalled and confirmed yesterday, suggesting a trend change.....we'll see.

Stoploss moved to breakeven today (10:00 4th Feb) - position in profit by 41 points.

Out at 15:27 4th Feb - breakeven.