Dow 2007

[demontaz]

5th day or 7th day pullback for the Dow...??

http://www.askthetrader.com/freetradingvideos/willthedowstop/willthedowstop.html

my inkling is day 7 (day 5 is today), purely on the basis that the S&P probably wants to challenge its all time highs [edit: to remove erroneous comment - doh] which will probably drag the Dow up a little.

Hi,

I trade the S&P, it is bordering on a short setup for me, but not sure if it would be a fake before a move up as you say.

Managed a nice 5 point trade yesterday on the way up

Jay

 

[Pat494]

rather than direct answers to individuals, I answer as I can

I have been trading 12 years, I have developed over time simple set up that suit my style,

I work from 1 min positions, using the same chart settings on every min chart, when the same condition of the greater chart meet, it confirms my decision was correct and allows an opportunity to add on each confirmation.

I generally close on the crossover of the ema8/21, however, when substancial profits are involved, I look for the first signs of weakness and close all positions.

I use stockcharts and currently analysing Pro-Real Time

Its just years of experience and mistakes/losses in my informative years that have allowed me to develop a simple approach to trading

Dinos - Thanks for sharing your past experiences. I think , as I have lots of spare time, I should try real time trading a bit more seriously and pay for a direct feed. From the above, one could infer that you may be not too satisfied with stockcharts. Is there a reason for this ? I have looked at ADVFN, ProReal Time, MyTrack and eSignal. Its hard to make a choice and judge the blurb. Perhaps you or other members could post their thoughts on this ? It may well be of interest to others as well.
FW - you have also proved your abilities right here on this thread. Glad to have your ideas on the above, I.e. a suitable on-line charting package that's not too pricey ??

 

[frugi]

Failed to notice we hit a 161.8 extension yesterday.
So, 13530 test and then, if it goes, 13580 are possible levels to short.

Pat if you're interested I use Sierrachart charts and IQfeed for a cheap and effective combination. Much cheaper than eSignal and Prorealtime and in my opinion a better quality of data and equivalent charting.

If you have an Interactive Brokers account then you can get away with just using their real time data, i.e. don't need to pay for data at all, as SierraChart will work from a number of data sources, including IB, IQfeed, Transact futures etc.

If you are going to buy data do it via Sierra's web site as they have a few exclusive deals going with data providers.

Also have a look at Quotetracker. There is a free version which works with lots of data providers, including IB.

PS It looks like FW is using IB's own free charts, but I can't be sure.

 

[jacinto]

Afternoon all,

I still have a measured move up that hasnt met target on the cash. original target 13550, given yesterday's low, target recalculated to 13545.

to be honest, dont know if this will be met on the open, but would assume so. if so, expect significant profit taking, and thus I will be shorting heavily from that level (paper still though ).

On the other hand, if the open brings it down, I will be looking for dips to go long heavily till target.

good day

j

 

[Pat494]

Thanks a lot Frugi - I will check out what you suggest. Not easy doing it on the proverbial shoestring.

 

[demontaz]

S&p

Short on the S&P @ 1510

 

[lurkerlurker]

Plan for the Day.

Dow opening in 15 minutes, and I do not intend to trade until around 1445.

I've been attempting to come up with a more rigorous entry method for the Dow, in order to avoid a repeat of yesterday (see my last journal post for painful details).

The new method involves the use of EMAs on price, and CCI and RSI for confirmation. I will still pay attention to key S/R levels, but will only trade on those indications.

Stake size at a constant minimum. Total loss per trade and per day firmly fixed in my mind. Looking to take a chunk out of any trends.

Outlook initially bullish - thinking there will be a drop on the open, to provide buying opportunities from 13450 or thereabouts. Looking to go long from there, subject to indicators, with a target of around 13500. I think that resistance could very well be broken today.

 

[lurkerlurker]

Long 470. EMA crossover, 100 EMA break.

Edit: stopped out -9

Don't trade the open! They saw you coming fool!

Rubbish discipline or what - I say I am going to wait a while to determine market direction, then I trade within 90 seconds of the open!

 

[demontaz]

Long 470. EMA crossover, 100 EMA break.

Edit: stopped out -9

Don't trade the open! They saw you coming fool!

Rubbish discipline or what - I say I am going to wait a while to determine market direction, then I trade within 90 seconds of the open!

Hi Lurker,

What time frame do you trade off of?

 

[lurkerlurker]

Hi Lurker,

What time frame do you trade off of?

This week is the worst time whatsoever to take any advice from me.

That being said, I trade primarily 5 min candles, with 15 mins to confirm trend and 1 min to establish entry.

 

[demontaz]

This week is the worst time whatsoever to take any advice from me.

That being said, I trade primarily 5 min candles, with 15 mins to confirm trend and 1 min to establish entry.

It happens, I myself had a horibble day 2 days ago on the FTSE, made me stop trading it for a while just to recover. But prior to that I was doing ok.

I think the market watches you and as soon as you get comfortable it goes WHAM!

Hopefully the good trades will come back

 

[lurkerlurker]

I've had four opportunities to buy at 13455 now. I've missed them all - I don't want to trade so close to the open when my indicators are bearish, but this smacks of a few large players running the market down to get cheap buys- this thing is heading north. I said even before the open that it would, and that I would be looking for an entry in the region of 13450.

 

[jacinto]

long 55, looking for 90 points.

edit: on the cash, stop is 20 points.

 

[lurkerlurker]

long 55, looking for 90 points.

edit: on the cash, stop is 20 points.

Oi - you bought where I wanted to buy (also cash)!!!

I'm looking for around 90 points up from that level also, but will admit I'm wrong and close everything if 13445 is hit.

I've missed this one anyways. I have just put in a limit to buy at 55, now the market has been open for a wee while, but I don't see it getting filled..

Good luck all

Filled at 455 cash. Just as I was about to move my limit down

 

[demontaz]

long 55, looking for 90 points.

edit: on the cash, stop is 20 points.

you're long and I'm short on S&P... talk about a zero sum scenario

 

[jacinto]

great minds....

to be honest, should have waited for confirmation, and not take a blind long. if this goes below 40, thats it.

got to take the kid to her ballet class, so would like to leave a Stop to BE, but then again, its paper. nonetheless, will treat as a real trade. be back around 6 to see if it worked or not. also, hope i can add on the way up, ready to stop and reverse at 545.

good day.

j

 

[lurkerlurker]

1 min and 2 min charts now bullish. Holding long.

 

[lurkerlurker]

That little news retraced fast. 3 minutes now also bullish.

 

[firewalker99]

Dow

long 13490

~cash 13450

 

[lurkerlurker]

5 mins bullish. Stop moved to 1 above breakeven.