Trading the US the Naz/Mr. Charts Way
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timsk
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Oh Dear!
The intention of my post to d998 was to 'extinguish the fire' surrounding Alan and Richard's coaching in order that the thread could revert back to their respective trading styles. Unfortunately, I appear to have done the exact opposite and somehow got the water bucket muddled up with the petrol bucket. Sorry Mr. C' and Naz.
So, I'll try to make my position clear, although I don't propose to answer the questions posed in different posts one by one. If anyone requires further clarification, please feel free to PM me and I'll do my best to help. The chronology appears to be important, although I don't quite understand why. For the record, here it is:
I had a 1-2-1 with Richard in early December 2002.
I had a 1-2-1 with Alan in early December 2003.
I had a blow up in late March 2004, losing 70% of my account on one trade (ERTS) which lasted 24 hours. A day trade gone wrong. Badly wrong. Hugely badly wrong! It amuses me no end to think that anyone - even the most ardent of Mr. C's and Naz' detractors - could imagine for one moment that my blow up was in any way connected to their coaching. Such a suggestion is as absurd as the idea that Elvis is alive and well, living in a semi in Surbiton. It had absolutely nothing to do with either of them and everything to do with me losing the plot and thinking I could predict every twist and turn of the market. Stops - who needs 'em? Averaging down - a great idea! Discipline - yes please if it involves stilettos and pvc. I have checked my notes from Alan and Richard's coaching sessions and, unfortunately for me, I can't see any recommendations for practices such as these. So, as I said in my last post, the responsibility for my downfall rests firmly with me and me alone.
I started to compile the Trading Plan Template in early December 2004 and completed it a few weeks ago. Apologies if this is rather narcissistic, but I'll quote paragraph 14.1 of the template: "Having a comprehensive trading plan with detailed entry and exit criteria and excellent risk and money management procedures all count for nothing if you lack the necessary discipline to implement them". IMO, without discipline, you don't really have a trading plan. It's that simple.
Back to you Richard and Alan - I hope. Apologies once again for going off topic.
Tim.
The intention of my post to d998 was to 'extinguish the fire' surrounding Alan and Richard's coaching in order that the thread could revert back to their respective trading styles. Unfortunately, I appear to have done the exact opposite and somehow got the water bucket muddled up with the petrol bucket. Sorry Mr. C' and Naz.
So, I'll try to make my position clear, although I don't propose to answer the questions posed in different posts one by one. If anyone requires further clarification, please feel free to PM me and I'll do my best to help. The chronology appears to be important, although I don't quite understand why. For the record, here it is:
I had a 1-2-1 with Richard in early December 2002.
I had a 1-2-1 with Alan in early December 2003.
I had a blow up in late March 2004, losing 70% of my account on one trade (ERTS) which lasted 24 hours. A day trade gone wrong. Badly wrong. Hugely badly wrong! It amuses me no end to think that anyone - even the most ardent of Mr. C's and Naz' detractors - could imagine for one moment that my blow up was in any way connected to their coaching. Such a suggestion is as absurd as the idea that Elvis is alive and well, living in a semi in Surbiton. It had absolutely nothing to do with either of them and everything to do with me losing the plot and thinking I could predict every twist and turn of the market. Stops - who needs 'em? Averaging down - a great idea! Discipline - yes please if it involves stilettos and pvc. I have checked my notes from Alan and Richard's coaching sessions and, unfortunately for me, I can't see any recommendations for practices such as these. So, as I said in my last post, the responsibility for my downfall rests firmly with me and me alone.
I started to compile the Trading Plan Template in early December 2004 and completed it a few weeks ago. Apologies if this is rather narcissistic, but I'll quote paragraph 14.1 of the template: "Having a comprehensive trading plan with detailed entry and exit criteria and excellent risk and money management procedures all count for nothing if you lack the necessary discipline to implement them". IMO, without discipline, you don't really have a trading plan. It's that simple.
Back to you Richard and Alan - I hope. Apologies once again for going off topic.
Tim.
tradesmart
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Food for thought:-
With ex-pupils like the above posting on the thread, Naz and Mr C have little to fear from perceived or imagined "detractors".....
Good luck to you all........
With ex-pupils like the above posting on the thread, Naz and Mr C have little to fear from perceived or imagined "detractors".....
Good luck to you all........
Mr. Charts
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A thank you to Naz for his post on the US Day Traders Thread:
http://www.trade2win.com/boards/showpost.php?p=166546&postcount=19
SCHN would not have been on my radar today without seeing his comment. I bought shortly after open and exited several minutes later for a very healthy start to the day
Richard
http://www.trade2win.com/boards/showpost.php?p=166546&postcount=19
SCHN would not have been on my radar today without seeing his comment. I bought shortly after open and exited several minutes later for a very healthy start to the day
Richard
tradesmart
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Also thanks to Naz for his mention today of RIMM prospects.....
Trade retrospectives have their uses, but it is infinitely more valuable to have comment on future trades to watch for imho..........
Keep it up..... :cheesy:
Salty Gibbon
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boy said:
Nice result, boy.
Mr. Charts
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lovely trade, boy, really spot on )
Richard
)Richard
SOCRATES
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Interesting to see how in the chart there are three stabs at 72.50. It appears that this price has a predetermined cap according to what the market can take. In the first attempt the price does not quite make it. It is dropped and enough accumulation takes place to fuel the second stab. Here there are several attempts to take it even higher, but no go, several toptails here give the clue. Then there is the third attempt and the price is just fleetingly touched, and then decisively collapses. Interesting to note that on the third attempt there is only one stab and the toptail is not that long. Well caught at 72.32.
TheBramble
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Socco, are you discussing today's price action on RIMM? I see a couple of goes at 72.50 with a break through to hit a real and obvious resist level at yesterday close (74) with a fall back and possible support at 72.50.
Are we looking at the same charts?I was ready for this either way and thought there would be short covering after the overnight 6% drop or a further pile out. But volume was not that convincing and after the 2nd convincing break through 72.50 on slightly increased volume it was a clear runner for the 74 level.
Are we looking at the same charts?I was ready for this either way and thought there would be short covering after the overnight 6% drop or a further pile out. But volume was not that convincing and after the 2nd convincing break through 72.50 on slightly increased volume it was a clear runner for the 74 level.
TheBramble
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It's not a case of over complication Bertie, I was trading the whole day - not just the first hour. The chart provided was just a partial snapshot of the opening hour for the day. What transpired after the cutoff point for that chart was more significant - IMVHO.
Wasn't shouting. THIS IS SHOUTING.
I was emphasising in a manner consistent with (a) text-only medium and (b) my personal style something that needed to be made quite clear.
While it may well be quite simple for you, it is only just becoming that way for me. My (relatively) verbose description of how RIMM unfolded was aimed at those who perhaps still appreciate a bit more meat on their joint.
Wasn't shouting. THIS IS SHOUTING.
I was emphasising in a manner consistent with (a) text-only medium and (b) my personal style something that needed to be made quite clear.
While it may well be quite simple for you, it is only just becoming that way for me. My (relatively) verbose description of how RIMM unfolded was aimed at those who perhaps still appreciate a bit more meat on their joint.
SOCRATES
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But my point is that the trade that boy posted here was a very good trade, and I will tell you for why.
When he entered, he did so because he saw the price going up, and then in the next bar dissappointingly it falls back, this is a minor setback that can be attributed to imperfect timing ~ we don't know whether he took this long position at market or at limit.
In either case it does not materially matter that much because this chap is not gambling.
He was able to observe the propensity for the instrument to move up. He then got out at 72.13, securing a profit, nothing wrong with that.
He then held a balance in the expectation(correct ) that the price would at least hit 72.48 again, which it did. Had he waited for the next bar he would certainly have attained this target.
He chose to get out slightly early taking 72.32 at the bottom of a bottom tail. There is nothing wrong with taking the treasure ashore quickly in conditions of uncertainty, rather than have it swept away by a rogue wave. I see nothing wrong with this, nothing at all.
What subsequently transpired or did not transpire as a result of further price development later does not enter the comments that I made.
Therefore discussion of subsequent development relative to what I comment on is irrelevant to the discussion. That's all. He did very well in circumstances that began to look wobbly, anyone with common sense would and ought to have done the same, not different.
All of these things are simple, not complicated, and often so patently obvious so as to be almost stupid.I cannot see why problems are encountered with all this, I really don't.
Kind Regards.
When he entered, he did so because he saw the price going up, and then in the next bar dissappointingly it falls back, this is a minor setback that can be attributed to imperfect timing ~ we don't know whether he took this long position at market or at limit.
In either case it does not materially matter that much because this chap is not gambling.
He was able to observe the propensity for the instrument to move up. He then got out at 72.13, securing a profit, nothing wrong with that.
He then held a balance in the expectation(correct ) that the price would at least hit 72.48 again, which it did. Had he waited for the next bar he would certainly have attained this target.
He chose to get out slightly early taking 72.32 at the bottom of a bottom tail. There is nothing wrong with taking the treasure ashore quickly in conditions of uncertainty, rather than have it swept away by a rogue wave. I see nothing wrong with this, nothing at all.
What subsequently transpired or did not transpire as a result of further price development later does not enter the comments that I made.
Therefore discussion of subsequent development relative to what I comment on is irrelevant to the discussion. That's all. He did very well in circumstances that began to look wobbly, anyone with common sense would and ought to have done the same, not different.
All of these things are simple, not complicated, and often so patently obvious so as to be almost stupid.I cannot see why problems are encountered with all this, I really don't.
Kind Regards.
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TheBramble
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Quite agree. And I don't believe my response was in any way questioning the skill of Boy's trade handling in this instance.
SOCRATES
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However, If he had chosen an entry point with a very strict set of criteria such as a limit order then he would not have been filled initially where he was, but would have been filled satisfactorily on the minor collapse, and then, if he had placed a limit order to sell at the target price he would certainly have been filled as well, but these are matters of technique, skill, experience and choice and everyone is different.
But yes, good, very good indeed.
Kind Regards.
But yes, good, very good indeed.
Kind Regards.
TheBramble
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Well, it's no mean feat to get a 'well done' from Socrates. BOY - step up to the podium - A well executed trade by any standard. And no doubt a thanks to Naz and Richard for the heads up.
Salty Gibbon
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This often happens to me , necessitating the need for a decent stop to take up the slack.
Presumably timing the entry perfectly so the move against you is negligible is an acquired skill which can be achieved through the use of Level II or other means.
I am just wondering, if you had entered where boy entered, Richard, and the trade had made that initial move against you, would your trading style have kept you in the trade or would you have exited after a handful of points against and possibly entered slightly later ?
This area is of interest as I am striving to get the timing of entry right in order to cut down the size of my stop. I noticed that boy entered a fair way above the EMA and that there was, in my view, a good possibility that prices would fall back to the EMA before starting to make real headway north.
Or is RIMM the kind of stock where a larger stop ( like boy's ) is considered necessary due to the large amount of noise that it generates ?
Mr. Charts
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Hi Salty,
It is, of course, up to boy if he chooses to elaborate on this trade.
However, you ask me specifically.
I am not be prepared to discuss this on this board because when I have done so before my response has been met with silly bitchy ya boo comments from two or three people, not to mention "unpleasant" PMs from one of them. This has led me to decide I am not prepared to openly say things which are of specific use and profitable to those individuals.
I will happily contact you off board and answer your questions, though it might not be before tomorrow - I'm leaving in a few minutes to give an advanced live trading course.
Richard
It is, of course, up to boy if he chooses to elaborate on this trade.
However, you ask me specifically.
I am not be prepared to discuss this on this board because when I have done so before my response has been met with silly bitchy ya boo comments from two or three people, not to mention "unpleasant" PMs from one of them. This has led me to decide I am not prepared to openly say things which are of specific use and profitable to those individuals.
I will happily contact you off board and answer your questions, though it might not be before tomorrow - I'm leaving in a few minutes to give an advanced live trading course.
Richard
Salty Gibbon
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Mr. Charts said:
Fully understand Richard
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