hwsteele
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Ok all is good. I have fixed the problem with the system and adjusted the "free" time I have so I will be able to trade at the market close. The logic of the system is now much closer to what I was looking for and I think I will do much better this time. Going to start trading again on September 29 as I will be on vacation for most of next week.
hwsteele
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The market opened higher so I went long about 1139.
Got out of my long trade at the 1152 main pivot and waited to see what would happen. Went short at 1146 looking for the 1137 main pivot but the market traded down to the 1122 main pivot. got out at 1124 cause I didn't have the guts to wait for 1122. Went long again at the 1126 looking 1137 again. the market went up to about 1134 before it started back down again so I put a stop in at 1119. Still looking for the 1137 area.
Got out of my long trade at the 1152 main pivot and waited to see what would happen. Went short at 1146 looking for the 1137 main pivot but the market traded down to the 1122 main pivot. got out at 1124 cause I didn't have the guts to wait for 1122. Went long again at the 1126 looking 1137 again. the market went up to about 1134 before it started back down again so I put a stop in at 1119. Still looking for the 1137 area.
Hi hwsteele - Seems like you're making your calls on the momentum of the market during trading. This is not without gutsiness but surely must be tough on the nerves and screen-time, and isn't really swing trading.
You might get a copy of Street Smarts by Raschke and Connors. Its very applicable to the S&P and contains a whole range of set-ups you can identify outside market hours or at the very close, and then place your orders or trades. They always try hard to suggest sensible stops too.
You might get a copy of Street Smarts by Raschke and Connors. Its very applicable to the S&P and contains a whole range of set-ups you can identify outside market hours or at the very close, and then place your orders or trades. They always try hard to suggest sensible stops too.
hwsteele
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Thank you alexa for the words of encouragement and tomorton for the advice about the book.
You are right about the fact that what I have been doing of late is not swing trading. BUT because the market is so very volatile right now you can make the number of points that you would normally make in a two, three, or four day swing in a single day. So it just seems wrong not to trade the intraday swings at this point.:innocent:
Thanks again to both of you for your input it's always welcome from anyone who gives it in a respectful and honest manor!
You are right about the fact that what I have been doing of late is not swing trading. BUT because the market is so very volatile right now you can make the number of points that you would normally make in a two, three, or four day swing in a single day. So it just seems wrong not to trade the intraday swings at this point.:innocent:
Thanks again to both of you for your input it's always welcome from anyone who gives it in a respectful and honest manor!
