keymoo

Forget news trading with market makers, the spread will widen and/or they will requote. You can new trade with ECNs, but just like any real market liquidity will dry up just before the event with the effect of a large spread, but it won't be as bad as the market makers.

How about just using a trailing stop? If it is set just outside normal noise levels then it should be able to ride a trend. For instance on the "other forum" a guy called Jacko uses a 50 pip stop on EUR and let's the trailing stop take him out of the trade. I guess that is one option that could be looked into and tested. Does anyone else want to share their exit strategies?

Thanks brownsfan - that's exactly what I am experiencing. However I would like to develop some kind of exit strategy and then follow it. I would rather the market tell me when to get out than use fixed targets because fixed targets, although good from a discipline point of view, tend to get you out of the market too early on big moves. If the move is over then perhaps I should just use a short signal to get out of a long and a long signal to get out of a short? I am not obsessing about capturing the entire move, just the "meat in the middle" as they say. What do YOU do?

Me too, me too please!

Hi there, I am currently developing a trading plan based mostly on work done by Martin Pring on price patterns, price action. I am looking for the market to signal to me turning points, reversals using price action in confluence with other longer term price patterns and support/resistance levels. Can you recommend any resources on exiting trades? I preferred style of trading is to scale in on longer term charts and then look for an all-out exit. I much prefer this over all-in and scale out as it is less risky. I have written about a potential setup on Platinum Futures here on my blog and I find it easy to get into a trade but not sure where to get out. Thanks for any pointers. keymoo

You could also consider Dukascopy - very transparent and have good protection with swiss banks.

Thanks for the reply, I'm still a new trader and I haven't developed any strategies as yet but just merely observing and watching how price reacts to key support and resistance. I will develop strategies from my observations in time. What do you mean by "range bars" and a "20 range"?

Daily hammer on the Euro What are your thoughts?

I recommend you research this Hicks character a bit more before listening to what she says. Seriously.

Hi James it might take you a few weeks to get into it. Persevere with it for a couple of months.

Yes, I am working with a TradeStation engineer on the TradeStation boards to sort that out. The weekly pivots are correct from Tues-Fri but wrong on Mondays. I will hopefully get to it over the coming weeks.

Thanks dalby, so would I be right in saying that a line chart is not time based? Every time a new value comes in it is plotted. Simple as that?

Why do you need a business card?

dalby, Just answering the questions would help not only the people actively involved in the thread but also lurkers just reading. What is a line chart? If you have a 1min line chart up, how is that different to a 1min line on close? The only difference I can see is the most recent interval is updated more often. But at the end of the interval it needs to print a value. What is that value? The close? An average of OHLC? What?

I use volume and pivots and not much else. I will use the TTM trend indicator for certain trades, and sometimes glance at ADX to give me an idea of the strength of the trend, but I don't use MACD, stochastics, RSI, CCI, or any of that stuff. I certainly don't use any indicators to get me into a trade.

If you can REALLY read tape, the moves and patterns that it has, it seems to me to be the MOST reliable way of trading. Watching hubert trade using tape is amazing, his entries are very accurate and usually in the right direction. Yeah he gets stopped now and then, but most of the time he hits his daily target within the first hour of the day just reading tape and market internals. He calls himself "an order flow ho". LOL

Yes I won't open them for sure.

I use the values from the daily chart which should be 24h high/low and the settlement price should be the close. So for YM On tradestation I use the data from the previous day on a daily @YM chart to plot on my current intraday chart using my own indicator, which can be downloaded from the indicators forum. I use the 'standard' formula. I use these calculations from experience as they have proven to be the most respected by the market on the YM, ES and DAX.

Carter thinks you will be fine with them if just testing out. Liquidity won't be a problem because you are not trading size. When you want to trade size then just trade 1 big grains contract. Remember that the big grains contract are the same as the mini-dow in terms of size. So a mini grains is really a mini-mini-grains.

Composite for sure.

torero, have you tried the composite of pit and electonic? @W.C. This is what I use.

Where's the instaban button?

Again its horses for courses, whatever floats your boat. I love the pit noise and like to know when the pit is getting frantic and when it is quiet. I don't use it to trade from at all, but it gives me another sense in trading. For example if, off the open large institutions are on the bid and offer, it usually ends up being a choppy day, there are several things like that you can pick up on. Some people hate it and find it annoying, but I wouldn't trade without it now.

CBOT is a great resource. CBOT - Ag esp. this one: CBOT - Why Stock Index Futures Traders Will Love Trading Corn, Wheat & Soybeans

For people that are having issues with the candlesticks getting painted, I trawled through all the options in tradestation and managed to solve the problem. It's a setting. On the view menu select 'Chart analysis preferences...' Then select the General Tab. On the general tab ensure that 'When a study paints a candlestick bar, paint the body and wick' is checked.