Dow 2007

dc2000 said:
I believe it was at the NYMEX

with 680 hit premarket good for any profit taking we now need to see clear rejection and commitment to the short side until then its a waiting game
Click to expand...

DC - if you have the time, do you think you would like to write a few articles about your experiences on the trading floors this year? I'm sure those of us who have never traded professionally would certainly be interested, and perhaps some of the old LIFFE floor traders might enjoy some stories from across the pond.

Thanks also for your Dow commentary. I'm trading forex now, but if I was still day trading the Dow I'm sure I'd bear your posts in mind (although I certainly wouldn't place orders into the market based on your info).
 
lurkerlurker said:
Thanks for the picture? So you're at the Merc? (or the NYSE? - I can't really tell) I'm going with the NYSE as it doesn't look like CME/CBOT IDs.
Click to expand...

Wonder if you still pay attention to the DOW intraday.

If you recall the basics for a system that I showed you some time ago, you'll probably know where I went long today :)
 
dc2000 said:
I believe it was at the NYMEX

with 680 hit premarket good for any profit taking we now need to see clear rejection and commitment to the short side until then its a waiting game
Click to expand...

I agree there's no reason to short... but why commit to a waiting game when that means denying yourself the opportunity to go long?
 
There is a very simple way to anylise this situation with the dow today....every time frame from 5m all the way up to 1 day broke north.

Consider groups of traders trading different time frames....5m/15 scalpers...30m upto 4hr position players....swingers etc ......all these time frames had upper and lower confluence areas in fairly tight range...so essentially...every group of trader was looking to do something at the same levels

Todays trading activity is a complete no-brainer

cv
 
postman said:
We are still on for a close at the 66% retracement (690).
Click to expand...

I respectfully disagree. While that could happen, I don't see any evidence in the chart. Any time we have come near 720 in the last few hours it has been rejected. The high isn't in today.
 
lurkerlurker said:
I respectfully disagree. While that could happen, I don't see any evidence in the chart. Any time we have come near 720 in the last few hours it has been rejected. The high isn't in today.
Click to expand...

That could happen indeed. We must always keep ourselves open to whatever twists or turns the market has in store for us. But between the two of us, I see nothing along the way to stop this from rising... let alone reversing.

For the record, I'm still long. Stops moved up to 13740 fut.
 
lurkerlurker said:
I respectfully disagree. While that could happen, I don't see any evidence in the chart. Any time we have come near 720 in the last few hours it has been rejected. The high isn't in today.
Click to expand...

I would point out that the high of day has been exceeded since my last post. I hope you weren't short.

FW - I see the NQ isn't confirming the high just yet, however it looks like the ES is going through. I'd quite like to trade the NQ, but in the bucket shops the spread is 2 so I have more sense. Again, leaving indices alone for the time being until I have proven* to myself that I can be disciplined on the higher timeframes.

Also, for the time being I've found something that works for me. I'm trading in the bucket shops, and started with the hourly forex in November with a 3 figure balance. I've increased the account 3x in that time thanks to good money management and the benefits of leverage. I have no intention of messing about with different methods meanwhile. Also, if I can demonstrate a consistent track record for a few years, I might have something with which to get a backed deal at a prop shop, but it is early days yet.


* - I'd settle for 6 months of consistent profits, the final 4 months transpiring without any major breaches of discipline or evidence of detrimentally emotional trading.
 
firewalker99 said:
That could happen indeed. We must always keep ourselves open to whatever twists or turns the market has in store for us. But between the two of us, I see nothing along the way to stop this from rising... let alone reversing.

For the record, I'm still long. Stops moved up to 13740 fut.
Click to expand...

possible warning signals for longs here... exited NQ longs (not much profit on those)
and YM flat too now
 
firewalker99 said:
possible warning signals for longs here... exited NQ longs (not much profit on those)
and YM flat too now
Click to expand...

Good trading FW. Nice to see you are still taking plenty of pips out of this market both ways. I'm looking forward to getting back to the YM, but only when I am a more capable trader.
 
lurkerlurker said:
Good trading FW. Nice to see you are still taking plenty of pips out of this market both ways. I'm looking forward to getting back to the YM, but only when I am a more capable trader.
Click to expand...

Sensible thoughts on your earlier post. No need to rush into anything. If you feel comfortable trading forex, why change that? Maybe the YM wasn't your thing. We all need to find something that suits us best.

Meanwhile, I'm happy I exited that in time :)
 
firewalker99 said:
Sensible thoughts on your earlier post. No need to rush into anything. If you feel comfortable trading forex, why change that? Maybe the YM wasn't your thing. We all need to find something that suits us best.

Meanwhile, I'm happy I exited that in time :)
Click to expand...

It was looking a bit toppy to me also. No reason to short, but I wouldn't have been comfortable in longs either. I'm happy in FX at the moment (see the equity curve I just posted in my journal, and my live calls this week), but I would like to revisit the dow at some point in the future. Maybe the S&P as well. Of course, day trading will only happen again when I go direct access, as the bucket shops charge too much to be in short term index positions, and some of them don't like it if you trade too frequently.
 
firewalker99 said:
I agree there's no reason to short... but why commit to a waiting game when that means denying yourself the opportunity to go long?
Click to expand...

Sorry I was meaning for a positional short as some were looking for at the end of last week Ive been on both sides today and looking to fall into close the last half hour where I will position for a large move tomorrow 300 points? I wont say which way as overnight is larger risk for many
 
dc2000 said:
I wont say which way as overnight is larger risk for many
Click to expand...

Let's put it this way. I am happy with the points I make intraday. I don't see a reason why I would want to risk more than normal and lose the possibility of managing the exit whilst I am asleep.

Everybody's free to do whatever they like ofcourse... But whilst others are in a position that might be affected by unknown factors (the market may gap open each way), I'll be off enjoying the profits of the day in the pub :)
 
firewalker99 said:
Let's put it this way. I am happy with the points I make intraday. I don't see a reason why I would want to risk more than normal and lose the possibility of managing the exit whilst I am asleep.

Everybody's free to do whatever they like ofcourse... But whilst others are in a position that might be affected by unknown factors (the market may gap open each way), I'll be off enjoying the profits of the day in the pub :)
Click to expand...


:cool:

Duff Man, never leaves overnights!

:)
 
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