forrestang

Your reply was helpful Thales. I was just saying I seem to observe 3 different scenarios most of the time. Of course anything can happen. 1) Price will stop you in, move almost immediately to the 1.27 and beyond. 2) Price will stop you in, barely nic your entry so to speak before immediately moving away from your entry and heading towards the last swing point or your ISL. 3) Price will do anything in between the two outlined above. My question was about #2 mainly. In that what is it that tells you to exit a position prior to your initial stop being hit when price just nics your entry? Is it just a feeling, a sense of momentum going against you?

Thales, a question on exiting prior to the initial stop. I am attaching a picture of a trade, and possible stop management scenarios. And this is something you've mentioned before in the thread a long time ago. And you said something to the effect of, "if price barely nics my entry, and immediately turns around to the tic and heads the other direction, I am getting out with a loss." There are two scenarios, and good for my question too as they happened back to back today. Looking back this First Red Arrow was not a super great trade for various reasons, but my question is about trade management. The entry was 1802.00, priced moved to 1801.50, so 2 tics and that was the depth of the move before moving back towards the most recent swing high. I wound up taking a stop of 1805, where the initial stop was up at 1809.25. Looking at this Second Red Arrow, the entry was 1801.25, but unlike the last trade that moved only 2 tics before riding way back up, this one immediately moved down to and past the 1.27 extension and close to P1. Before coming back to the BE stop. Would you say this is a common characteristic of how price acts when you exit premature to you initial stop? Are these two scenarios I've described common? Do you have a mechanical way to pull the chord early when price doesn't IMMEDIATELY move more than 1 or 2 tics in your favor, or a set amount you must see price move before committing to a trade?

Maybe consider closing all of the position out once price printed that that HL? At very worst you'd have that other half of position at BE at this point? Possible SAR there with that possible HL, but is that swing worth any size to really bother with it.

That's a bold trade right there. You might be buying a super strong selloff here.

Do you ever look for any types of setups that occur early in the morning on futures Thales? I am asking as it seems like the typical reversal type 1-2-3s occur sometime in the evening, particularly after a morning where price has been trending for some time in one direction. But in the morning, it seems like this usually does not happen. I know you look for a certain type of behavior amongst the stocks you trade. But if you where looking at say a 24 hour chart of your future, do you play things any differently during the first 90 minutes or so during trading than normal?

Thanks!! So if price would have reached the midpoint and made a HL, this would have initiated a trade to the long side? Seeing a trading range like this, is this how you decide to take continuation type trades as opposed to reversals on a similiar swing scale?

Sorry, I was away for a bit. Thales, I can see a few things about price on your bigger bar interval chart, and the fact that a larger tf is now exposed. But I'm not sure? I can rationalize a few scenarios, all of which more or less say the same thing but different. On the Macro Level, there is clearly a distinct trading range. Also you could see the midpoint, or S/R level right there in the middle. So I can see how you'd expect that point to be an area where price might move if broken. I suppose my question may be based on what you were seeing on the micro level? Maybe aniticipation of a bounce at that midpoint looking for a HL to form, but never did and just shorted the breakdown when it never materialized?

No, I am not asking as to WHEN you posted this trade. I saw this post when you posted it PRIOR to the entry being triggered. My confusion was the WHY you saw this as an opportunity for you?

Explain yourself!!!! I have been a bit laxed in reading a lot of stuff lately even while posting some of my own trades REAL-TIME still. But am today reading the last 2 dozen or so pages, catching up. Can you explain the rationale behind behind this second short, i.e. the short taken at the lowest price from the pictures I am quoting? It seems as though on various time frames there is always a HL or LH occuring. And that one needs to get this right. But in this trade, where you just trading anticipating a breakdown, or is this a 1-2-3 based off of a larger tf that is not so readily obvious based on the amount of data captured in your picture? Does my question make sense?

It's alright. Price had some nice impulsive moves down to this point, where the waves started to become tighter and smaller. I suppose I do not like the big range down here of chop, but then again the swings an anticipated targets above reflect that. I would like a swing that allows for a tighter stop though, instead of one that is 80 pips.

What do you think about this?

I got distracted watching this. So this is more or less total hindsight here. But technically would be at BE on this one, after coming withing a tic or two of P1.

No solid stop yet. Watching the retracement atm. Edit-----14:39EST Got some good initial movement. Trade triggered but is kind of stalling. Stop at BE after almost hitting P1. Edit-----14:49EST Stopped BE. Although I think that wound up being the depth of the pb, i.e. a normal swing on that time frame where price may no go ahead and move out north bound. Edit-----15:14EST Looks like taking that BE stop was a good call as price just ran through where my initial stop loss was.

Looks like P1 was easily hit. P2, if I were trading this I definitely would have closed prior to the close for a profit that was greater than P1. How's that for another couldwoula fo ya! CWS crew in full effect for 2010 Boi!!!!

Is there anything here that looks like this will rally? Not trading this, just posting it.

Thanks for your response, and yes you are truly blessed.

Believe me, I know! I used to spend thousands upon thousands building/racing my cars and bikes. I've never had an EVO personally(as I was into building Mustangs, and other cars with small block V8s but I have worked on/modded numerous Evos and WRXs). But at the end of the day, I'd still call even a 10 second daily driven Evo a grocery getter. IMO there is nothing you can do to any of those cars that would put them over into the 'exotic car' class. Since you brought up the R8 Audis, have you paid any attention to the newer ones with the V10s? Sex on wheels man. [ame=http://www.youtube.com/watch?v=l9x1ZK4ghJg]YouTube - The Sexiest Supercar? - Audi R8 5.2 FSI Quattro First Test[/ame]

U are right in the sense that the ZR1 won't get the same looks or garner the same appeal as would a Masarati, or possibly a GT2. But that's almost it. In terms of shear performance, the ZR-1 is pretty much the nicest performing production car available, in just about EVERY category, not just the 1/4 mile. The Z06s on the other hand aren't all that stellar, but the ZR1 is an absolute beast! The only place cars liek the GT2 or Ferrari 599 might outshine the ZR1 might be in the first 60 ft(and the vette interior kinda sucks). So for $120K, you get a car that just dog walks EVERY thing else in performance benchmarks costing over $150K. I tend to agree with you about the Evos and the like, but they aren't in the same category as the ZR1s , GT2s etc. I say that as I'd put the ZR1 in the 'exotic' car category and the EVOs are kinda grocery getters that have no buisiness there.

I'll keep it simple and not post any of my project toys I have.... and throw in the 'best bang for the buck' sports car out there. I dream about this thing...... [ame=http://www.youtube.com/watch?v=OZlGMX8G3B4]YouTube - ZR1 Drag Race King - Spanks GTR, 599, and GT2[/ame]

Target Hit! Out 59

REAL TIME Long NQ, might be chasing a ghost again. Tgt may change on the fly. Update---(14:16EST) Momentum appears to be dying out and may have extended as far as it is going to at least temporarily. Looking to give it one more move/attempt up before really tightening stop. Update---(14:52EST) @ BE now(blue line), I'm done with this thing. Will update.

Still liking this area. Update---2:00EST Out BE this thing just not moving for me.

Another real time re-entry attempt. I added to my prior post. If this doesn't pan out that's probably it for today. As I was worried about the first trade, the way we're consolidating this could either be accum or re-distribution, so i expect chop. The problem is my stop is IN the chop zone, just like my first entry attempt. Get what I'm saying? -------------------Update(12:08EST)--------------------- Getting a bit of cooperation and since we have moved out of what I have deeemed the chop zone, I have moved my stop up shown by the new red line. I am so tempted to close out and erase my losses with a small profit on the day....aaargh. At BE +1 now. -------------------Update(12:46EST)--------------------- Stopped at BE.

Tentative NQ Long. I may be chasing ghosts given the fast and furious move down? But, I think we may be extended a bit, and currently waiting for a HL to be put in place. There were other possible entries but the stops where too large. So this picture may change if price doesn't break through the 2 point shortly. -------------------Update(10:53EST)--------------------- In the trade, tgts and stops set. -------------------Update(11:08EST)--------------------- Stopped -------------------Update(11:38EST)--------------------- It's lunch time and this might be accum or something so chop could occur. But here is re-entry

Not trading any of these, just observations, I think the move up might at least be temporarily suspended.... awaiting LHs to form. ----Update---- 20:24EST 1-2-3s have occurred on all, and prices are starting to coooperate to the downside. On all but the Yen.