35854 replies to this topic

[Plasma]

Siting here contemplating whether to cut my shorts. IG markets currently at 34 389. Seems there is positive sentiment all over. The east is happy, everybody is happy. In terms of Argento's prediction, another +- 1000 points. Perhaps cut and ride the wave up and recuperate the losses, than retaining the shorts and waiting to come back down here some time in the future.

[Plasma]

To the "wannabee traders" I made just enough to buy some biilies and some champers today (hope you did too!), not because I was lucky, but because the market was kind enough to yield a fairly reliable trend that made it a medium probability trade ....for today!  If anyone is interested in limiting their losses, tired of getting whipsawed at exactly the wrong moment, playing the right size and dealing mainly when there is a medium to high probability potential result at stake, read, trade (in miniscule amounts for the new guys like me), and digest what Greg Capra has to say in his book Trading Tools and Tactics. I have no idea who this dude is (found it on Amazon) but so far his advice on trade set ups and scenarios we see every day makes sense AND seems to work - except in sideways markets in which I no longer speculate.   What works for me:If it's not reasonably clear about what bias the market is in on any one day, dont take a position in it. I used to play it whatever - expensive mistake; Using higher time frames to understand the big, sudden and unexpected changes that occur in small time frames that used to knock me out or I would enter/exit is hugely helpful - I never looked at the bigger time frame before entering or exiting the small time frame - expensive mistake; Placing a trade with the trend inside the small picture while maintaining a view of the big picture will keep you out of the game a lot of the times you would probably have got into the game...but shouldn't have - reduced number of trades, reduced number of losses and reduced number of incorrect entries and exits - I was the exact opposite - expensive mistakes.  I am still not making the kind of money I intended to make out of trading but the magnitude and regularity of losses I went through are a thing of the past now, thank G.d.  I still get p..s.d off when I think about my 60k "school fee" I paid within my 1st 2 weeks of "trading", only to find that had I the humility to do so all the basic info and secrets relevant to being in this business are readily available in those things they call ebooks. Understand though that reading is not enough. You must test what you have learned as you go and I guess like everything this takes time, effort, passion and commitment and above all MONEY!! My goal is to become part of the global community where 10% of traders DO make money in this business....on a repetitive basis.  Thanks for all your insights!!

Thanks Shortboy.

[Shortboy]

To the "wannabee traders"

 

I made just enough to buy some biilies and some champers today (hope you did too!), not because I was lucky, but because the market was kind enough to yield a fairly reliable trend that made it a medium probability trade ....for today! 

 

If anyone is interested in limiting their losses, tired of getting whipsawed at exactly the wrong moment, playing the right size and dealing mainly when there is a medium to high probability potential result at stake, read, trade (in miniscule amounts for the new guys like me), and digest what Greg Capra has to say in his book Trading Tools and Tactics.

 

I have no idea who this dude is (found it on Amazon) but so far his advice on trade set ups and scenarios we see every day makes sense AND seems to work - except in sideways markets in which I no longer speculate.  

 

What works for me:

If it's not reasonably clear about what bias the market is in on any one day, dont take a position in it. I used to play it whatever - expensive mistake;

 

Using higher time frames to understand the big, sudden and unexpected changes that occur in small time frames that used to knock me out or I would enter/exit is hugely helpful - I never looked at the bigger time frame before entering or exiting the small time frame - expensive mistake;

 

Placing a trade with the trend inside the small picture while maintaining a view of the big picture will keep you out of the game a lot of the times you would probably have got into the game...but shouldn't have - reduced number of trades, reduced number of losses and reduced number of incorrect entries and exits - I was the exact opposite - expensive mistakes. 

 

I am still not making the kind of money I intended to make out of trading but the magnitude and regularity of losses I went through are a thing of the past now, thank G.d. 

 

I still get p..s.d off when I think about my 60k "school fee" I paid within my 1st 2 weeks of "trading", only to find that had I the humility to do so all the basic info and secrets relevant to being in this business are readily available in those things they call ebooks.

 

Understand though that reading is not enough. You must test what you have learned as you go and I guess like everything this takes time, effort, passion and commitment and above all MONEY!!

 

My goal is to become part of the global community where 10% of traders DO make money in this business....on a repetitive basis. 

 

Thanks for all your insights!!

[Lekkerry]

AJS and Plasma, I vote for the two of you as the wittiest posters! Thanks for having sense of humour, even up or down there! Very refreshing on this... very serious forum!

 

 

 

A bit hot DOWN here .....

[Plasma]

All time highs! How is the weather up there??!! 

A bit hot DOWN here .....

[AJS]

Looking at the USA, this is the wrong time to be short ........

 

All time highs! How is the weather up there??!! 

[Plasma]

Looking at the USA, this is the wrong time to be short ........

[Plasma]

Just reflecting on the day's developments.

Sitting with 2 shorts, yes, Shorts. Why? Did not follow one of my fundamental rules, ie wait for confirmation candle to form. ALSO, the last two weeks' daily bear manifestations, ie some up, then market sucked down, was so strong in my mind, that it, together with the first POTENTIAL indicator of a move south, made me trade against what was actually happening. And being convinced of a move south, no stop loss in place.

Well, unfortunately one cannot download Argento's experience, and will therefor learn the hard way. But at least the road is a bit easier with the wisdom of the more experienced traders. And the ability to share and receive support on the forum makes this great!

[Plasma]

I am not proposing this is trading-advise, but I'd love to say: "I told you so"! IF:... today's run falls flat in the last hour and a half of trading, the next stop (in line with my descending hourly chart pattern (call it DHCP)) is a possible 800 points drop, or worse-case scenario, 1600 points. Again I say, let's see. P.s. I am sitting out on the sideline for now, these daily reversals on the previous day's direction is confusing, need to get used to it.

I really wanted to see this. See my next post

[Lekkerry]

I am not proposing this is trading-advise, but I'd love to say: "I told you so"!

 

IF:... today's run falls flat in the last hour and a half of trading, the next stop (in line with my descending hourly chart pattern (call it DHCP)) is a possible 800 points drop, or worse-case scenario, 1600 points.

 

Again I say, let's see.

 

P.s. I am sitting out on the sideline for now, these daily reversals on the previous day's direction is confusing, need to get used to it.

[JBlack]

Longs at 34100 and 34150 on my binary options. Kicking butt today. Hope for another push when US opens.

[Plasma]

Still long Plasma ?

Unfortunately not not not not not not. Gave in early this morning when I was in between things. Sold out my long TODWA for smally profit. There are words to describe my current state of mind in this regard, not to be displayed here.

Sounds like you had a good one. That is great!

[Argento]

On IG futures my target box is around 35550ish

 

Daily MACD turned up so bulls are in control now

 

But will be choppy going up

 

A

The Top40 fwd has just broken through the upper channel level of 34450 confirming the double bottom.
Potential upside now to 34900.
Is this correct A?

[Plasma]

Zoner, you happy now?

[Pipman]

Still long Plasma ?

[Pipman]

Cutting half my longs @34540.

[Pipman]

The Top40 fwd has just broken through the upper channel level of 34450 confirming the double bottom.
Potential upside now to 34900.
Is this correct A?

[Plasma]

Back in office, picking up where we are......

[Beorn]

Short @ 34420

Will keep an eye on it though.

[Lekkerry]

Yes boss A! 

 

 

Hi Lekkerry,

 

I see the small patterns you are referring to but remember it is also part of a bigger pattern and one needs to be alert when it changes..

 

Dow made a new high yesterday and the NYMO oscillator issued a buy signal so just be cautious

 

Markets tend to be strong in earning season months and especially it being April!

 

I expect a 1400+ points bounce before the next great short opportunity arise

 

A