Long the Dow on Mon

[markrand]

Hi, anyone going long the dow on Mon? testing new system and I have a buy signal

 

[timsk]

Hi, anyone going long the dow on Mon? testing new system and I have a buy signal

Hi Mark,
Welcome to T2W.
The answer to your question comes in two parts:
1. A decision to trade either long or short on Monday depends on what the index does on Monday.
2. That said, if your system identifies a long trade, don't be influenced by the opinions of others.
$INDU appears to be winding itself into a bit of a coil which suggests a possible breakout or breakdown sometime soon. The volume on Friday was very high and, although the index closed lower, it didn't move down very far. Added to this, the lower shadow on the candle suggests that buying pressure is providing support and some traders will look to go long on the breach of Friday's high. This will get them in nice and early if there is an upside breakout of the coil. This is just my opinion which is wrong more often than it's right!
Tim.

 

[Paul71]

Hi, anyone going long the dow on Mon? testing new system and I have a buy signal

Hi mark.

What are you looking at here futures, fixed odds cash, what?

I agree with your sentiment for now, but what are your limits in terms of price action for both futures and cash?

Paul.

 

[markrand]

thank you

Hi Mark,
Welcome to T2W.
The answer to your question comes in two parts:
1. A decision to trade either long or short on Monday depends on what the index does on Monday.
2. That said, if your system identifies a long trade, don't be influenced by the opinions of others.
$INDU appears to be winding itself into a bit of a coil which suggests a possible breakout or breakdown sometime soon. The volume on Friday was very high and, although the index closed lower, it didn't move down very far. Added to this, the lower shadow on the candle suggests that buying pressure is providing support and some traders will look to go long on the breach of Friday's high. This will get them in nice and early if there is an upside breakout of the coil. This is just my opinion which is wrong more often than it's right!
Tim.

Tim many thanks ...i know that feeling already

 

[markrand]

Long Dow on Mon

Hi mark.

What are you looking at here futures, fixed odds cash, what?

I agree with your sentiment for now, but what are your limits in terms of price action for both futures and cash?

Paul.

Paul many thanks!
IG Index price (so cash I guess, balanced against futures when out of hours, but not quoted until 2330 on sunday)

I am looking for an upward intraday move up to around 11450 invalidated if the price drops below 11270.

Buy signal is at 11330 if hit after 2330 on sunday

Mark

 

[Paul71]

I am looking for an upward intraday move up to around 11450 invalidated if the price drops below 11270.




I'm with ya there, Mark. Good trading.


(maybe not quite 450. It broke 425 on Friday, so i would be looking at that price for fresh upside cash)


But that's just numbers!

 

[mechanicaldaytrader]

Is this a intraday position or do you hold overnight? --- the overnight trading in the futures seamlessly spills over into the AM trading and controls how I trade in the e-mini Dow for me. Buy or sell signals during the day session are many times obliterated by the overnight moves, imo, unless one uses gargantuan stops?

The overnight margin is about 8 or 9 times higher than daytrading margin, so the numbers don't work for me; I'm sure others are smarter at this and maybe have this figured out.

Mechanical Day Trader

 

[Lee Shepherd]

Wondering how you handled this one?

Paul many thanks!
IG Index price (so cash I guess, balanced against futures when out of hours, but not quoted until 2330 on sunday)

I am looking for an upward intraday move up to around 11450 invalidated if the price drops below 11270.

Buy signal is at 11330 if hit after 2330 on sunday

Mark

You made the call, how did you handle the trade?

How did you get on with this trade, I see it was a tough one as it hit your 11330 around 09:00 then almost immediately started to slide to below your 11270 (presumed stop and 60pts under) to 11220. At around 16:40 it hit your buy level again to then rise to 11380 (50 pts over) at 19:40 to then slide once again to 11268 20 minutes prior to close again hitting your pressumed stop at 11270 and taking out another 60points.

All times are GMT and aproximate.
All market levels are mid prices so buy and sell prices or costs will be greater depending on spread or/and commission.

Also, did your buy signal on sunday take into account any news breaking or is it simply one graph and a few indicators only type thingy?

 

[shadowninja]

don't be influenced by the opinions of others.

So true.

Have missed out on a 450 pip move south on AUD/USD because I listened to others. I was in. Then I closed for 20 pips profit because I thought they were right.

 

[mechanicaldaytrader]

So true.

Have missed out on a 450 pip move south on AUD/USD because I listened to others. I was in. Then I closed for 20 pips profit because I thought they were right.

yes, listen to your counsel, suggest you set up clear critieria for
> overbought conditions
> ovrersold conditions
> trending markets
> trading range markets

Once you deduce what condition the market is in, then take the trade according to your own trading rules is my advice.

I noticed way too much slippage in trading the Forex, plus the hours stink for us Yanks!

Regards,

The Mechanical Day Trader

 

[mechanicaldaytrader]

When To Pull A Trade....

Try to avoid entering the market unless you are pretty sure of the following:

* Are you in a Trend, Trading Range or Congestion?
* Is there "news" about to affect the market?
* What are the two reversals that give reason to enter a trade?
* If a Trading Range, what is your furthest profit objective?
* Assume your feeling for the market is wrong, what is the alternative trade?

If you are comfortable with your answers...pull the trade!


Good Trading Mates!


The Mechanical Day Trader

 

[shadowninja]

I noticed way too much slippage in trading the Forex, plus the hours stink for us Yanks!

Thanks. Slippage isn't a problem really. I've been hit by three 20-40 pip slippages in the last 8 months, which is nothing for a swing trader.

 

[mechanicaldaytrader]

slippage? more like robbery...

So true.

Have missed out on a 450 pip move south on AUD/USD because I listened to others. I was in. Then I closed for 20 pips profit because I thought they were right.

Thanks. Slippage isn't a problem really. I've been hit by three 20-40 pip slippages in the last 8 months, which is nothing for a swing trader.

oh wow...I got burned up on a 2 or 3 pip slippage on the Euro/USD!!!!!! I would have severe heartburn if I had a 20 pip slippage. That's highway robbery, in my book. What size were you trading and what currency pair? Was it during the main trading hours this occurred?

Trading the S & P and the Nasdaq (back when it traded in 1/8ths & 1/4ths) - I got used to zero slippage 95% of the time.

I'm out of market as of now; net of 97 Mini Dow Points, in the market just over an hour.

The Mechanical Day Trader

 

[shadowninja]

Was during news, so to be expected.

 

[Lee Shepherd]

Paul many thanks!
IG Index price (so cash I guess, balanced against futures when out of hours, but not quoted until 2330 on sunday)

I am looking for an upward intraday move up to around 11450 invalidated if the price drops below 11270.

Buy signal is at 11330 if hit after 2330 on sunday

Mark

You made the call, how did you handle the trade?

How did you get on with this trade, I see it was a tough one as it hit your 11330 around 09:00 then almost immediately started to slide to below your 11270 (presumed stop and 60pts under) to 11220. At around 16:40 it hit your buy level again to then rise to 11380 (50 pts over) at 19:40 to then slide once again to 11268 20 minutes prior to close again hitting your pressumed stop at 11270 and taking out another 60points.

All times are GMT and aproximate.
All market levels are mid prices so buy and sell prices or costs will be greater depending on spread or/and commission.

Also, did your buy signal on sunday take into account any news breaking or is it simply one graph and a few indicators only type thingy?

Sometimes silence says more than words.

 

[markrand]

You made the call, how did you handle the trade?

How did you get on with this trade, I see it was a tough one as it hit your 11330 around 09:00 then almost immediately started to slide to below your 11270 (presumed stop and 60pts under) to 11220. At around 16:40 it hit your buy level again to then rise to 11380 (50 pts over) at 19:40 to then slide once again to 11268 20 minutes prior to close again hitting your pressumed stop at 11270 and taking out another 60points.

All times are GMT and aproximate.
All market levels are mid prices so buy and sell prices or costs will be greater depending on spread or/and commission.

Also, did your buy signal on sunday take into account any news breaking or is it simply one graph and a few indicators only type thingy?

IT WAS A TOUGH TRADE!! but ...The entry was placed on sunday night 2330 and closed out on mon with a stop and reverse signal selling short 2 contracts at 11316 later that morning on completion of the 0200 hourly bar on mon (small loss). (Stop at 11380. Target predicted at 11220 - 11180 (fibinacci)). 1 contract was closed at 11265 ( 50 pts), at which point stop moved to entry price for the second contract. Second contract stoped out at 16:50 mon pm at 11316 (flat). New buy signal established 1800 mon at 11344 (long) which was then hit around 1910 mon eve. This position was closed at 2330 on th Wed 6th at 11602. All enties were based on technical chart analysis one graph and a few indicators only type thingy!!

currently short .....again!!

 

[markrand]

IT WAS A TOUGH TRADE!! but ...The entry was placed on sunday night 2330 and closed out on mon with a stop and reverse signal selling short 2 contracts at 11316 later that morning on completion of the 0200 hourly bar on mon (small loss). (Stop at 11380. Target predicted at 11220 - 11180 (fibinacci)). 1 contract was closed at 11265 ( 50 pts), at which point stop moved to entry price for the second contract. Second contract stoped out at 16:50 mon pm at 11316 (flat). New buy signal established 1800 mon at 11344 (long) which was then hit around 1910 mon eve. This position was closed at 2330 on th Wed 6th at 11602. All enties were based on technical chart analysis one graph and a few indicators only type thingy!!

currently short .....again!!

stop at 11570 which would be flat if hit