Diary of a swing spread better

hungvir said:
Split,

Where have you been?! Still shopping with your wife ? :) I am getting worried about your wallet :)
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My word, you are right! It was my wife that has had the bit in her teeth this week. I am pleased that there have been so many posts, it makes for an interesting thread.

I won't tell you my failures for the week. There were three, all in profit yesterday morning, but they all got stopped out in the afternoon. Seems to have been a bit of blood about all over the market.

My pullback strategy is not working because they were not pullbacks, but breakouts. I need some other additional information, perhaps from outside charts. For instance, could we have forecast the Fed's rise in rates. If so, a selloff may have been predictable. Correct trend forecasting is the secret- but how?

Split
 
hungvir said:
Thanks Jilly and Elefteros!

I'll see how it goes tomorrow and decide if to trade or not. I can't watch the open so chances are I'll miss the trade anyway, Jilly.

What I am thinking at the moment is a drop of another 100 points may be on the card in the next few trading days. If history is any guide, that is.

Good trading to all!

And here's a free ebook if you haven't downloaded it already - http://www.tradeguider.com/masterthemarkets/mtm2.pdf . The password required to open it is trade2win1.

H
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Hi Hung,

Hope you're well :cheesy:

Thanks for the link. I've already read his previous book (Undeclared Secrets) so this should be a good read if it contains any additional information.

On a seperate note for all those Spreadbetting, here is a word of advice.

*** ALWAYS, ALWAYS, WITHOUT FAIL USE A STOP LOSS !!!!! ***

I had been making a great profit over the last 4 weeks which has today been completely wiped out plus a lot more, thanks to 3 trades which i forgot to include a stop loss on. Complacency with regard to adhering to my strategy has cost me big time.

The offending stocks are BG Group, Northern Rock & Wolseley. Currently sitting on a massive loss as a result.


A very unhappy Chorlton :cry:
 
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Chorlton said:
Hi Hung,

Hope you're well :cheesy:

Thanks for the link. I've already read his previous book (Undeclared Secrets) so this should be a good read if it contains any additional information.

On a seperate note for all those Spreadbetting, here is a word of advice.

*** ALWAYS, ALWAYS, WITHOUT FAIL USE A STOP LOSS !!!!! ***

I had been making a great profit over the last 4 weeks which has today been completely wiped out plus a lot more, thanks to 3 trades which i forgot to include a stop loss on. Complacency with regard to adhering to my strategy has cost me big time.

The offending stocks are BG Group, Northern Rock & Wolseley. Currently sitting on a massive loss as a result.


A very unhappy Chorlton :cry:
Click to expand...

Very sorry, Chorlton. I was stopped on Northern Rock, AV. Made 1 point profit on BLT but only because I was lucky enough to move my stop into profit. I've had a lousy two weeks, now.

Split
 
Hi Peter,

This is the only link I have and I was able to download it alright. Not sure if trade2win allows me to upload it here but i'll give it a try.

Later,

H
 
hungvir said:
Hi Peter,

This is the only link I have and I was able to download it alright. Not sure if trade2win allows me to upload it here but i'll give it a try.

Later,

H
Click to expand...


Regarding the link, I had no problems with downloading the book.

If anyone would like me to email them it, please PM me and I will happily oblige :)

Kind Regards,

Chorlton
 
Splitlink said:
Very sorry, Chorlton. I was stopped on Northern Rock, AV. Made 1 point profit on BLT but only because I was lucky enough to move my stop into profit. I've had a lousy two weeks, now.

Split
Click to expand...


Thanks Split......... Painful lesson has been learnt here!!!! Sorry to hear that your week was as bad. Hopefully, I can claw back some of the loss on the reverse rise, especially regarding BG.

Just goes to show how important Money Management is ;)

btw: As you're into your TA, have you read Bulkowski's - Encyclopedia of Chart Patterns? Just started reading it and so far seems a good read........

Chorlton
 
... or you can go here to download it -

http://fab.blogs.com/t2w/

T2W only allows file size of up to 5,7MB so I have to use my blog site.

Mind you the print function is disable so you can only read it on your computer.

Good weekend to all,

H
 
I thought I was here all by myself until I saw all your posts :)

Chorlton,

How can I cheer you up my friend?!

I did not close my FTSE trade when it was in profit as well. So I was stopped out today at a loss.

Split,

Good to hear from you again. With your tight stops, I hope it was not too bad for you the last two weeks.

The market turned when I was still working on my exit strategy. Glad that I have one now :)


H
 
Elefteros said:
Hung,

Pls tell me you didn't go long ;)
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Hi Elefteros,

No, I did not.

I was quite pessimistic having looked at the chart again and again last night.

H
 
hungvir said:
I thought I was here all by myself until I saw all your posts :)

Chorlton,

How can I cheer you up my friend?!

I did not close my FTSE trade when it was in profit as well. So I was stopped out today at a loss.

Split,

Good to hear from you again. With your tight stops, I hope it was not too bad for you the last two weeks.

The market turned when I was still working on my exit strategy. Glad that I have one now :)


H
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That kind of makes me feel better ;) Regarding Exit strategies, can I ask what your new approach is?
 
Chorlton said:
That kind of makes me feel better ;) Regarding Exit strategies, can I ask what your new approach is?
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Hi Chorlton,

If you look back at MSK and DOW's charts that I posted earlier, you'll see that the price had stayed on or outside the top band of the Bollinger Band (21 day, dev. 2) for three days plus while RSI (14 days) registered strong overbought. The rest is history.

There's no guarantee that the next time wel see this the market will drop. But at least it will be time to watch out for such a move.

Later,

H
 
hungvir said:
I thought I was here all by myself until I saw all your posts :)

Chorlton,

How can I cheer you up my friend?!

I did not close my FTSE trade when it was in profit as well. So I was stopped out today at a loss.

Split,

Good to hear from you again. With your tight stops, I hope it was not too bad for you the last two weeks.

The market turned when I was still working on my exit strategy. Glad that I have one now :)


H
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I have lost a net 28 points over two weeks in several trades. Not a good May. Proper trend identification has been my problem. This dip since April has fooled me into buying low. My problem is not losing a lot of money, but of wasting time and not making more than a few points on the good trades that I have had.

This one of SMIN is an example of not getting my trend right. I bought on the red line instead of selling on the blue. You can see why I use close stops- it can get hairy, otherwise! :LOL:

Split
 

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28 points in two weeks ? :rolleyes: I just lost 50 points plus on the FTSE on Friday. Don't be too mean, Split :)

When I drove to work today, I thought the three most important things in this trade are Efficient Money Management, Entry, and Exit - or 3 Es. Exiting at the wrong time and a winning trade can become a losing one. Getting in at the wrong time and ... 'the market never collapses until you're long'. But MM is the key. If I bet a farm and lose then I can't really complain that life's not fair (my son says that all the time :).

Hope we'll all have a good week ahead.

Later,

Hung
 
hungvir said:
28 points in two weeks ? :rolleyes: I just lost 50 points plus on the FTSE on Friday. Don't be too mean, Split :)
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Yes, but my loss was total net over the period ( plus my wife's shopping spree). You, probably,
made a packet over two weeks :)

Split
 
Not as much as you think :) I just made enough to cover the FTSE trade. And I am no where near BE. A laptop away :) Of course a crap one :)
 
I am a bit worried about EMG because the volume was huge on Friday. But I am still ready to buy it if it can head up.
 

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EMG's weekly chart tells a different story. The drop may have just begun.
 

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BARC made a lower low but it's still the case of buying dip for me unless the FTSE is at the beginning of a correction.
 

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