mrcsidney

Aussi futures trade stopped out at 9:32EDT @ 1.0457 for a loss of approx. 1500 plus costs. The price action was a warning ( trading in a range ) so I'll be more selective next time. I haven't been putting stops in the market up until this trade. It worked for me as I was busy elsewhere. mrcsidney

Entered /6A ( Aussi Dollar ) at 1.06even Stop at 1.457 1 contract (papermoney). 7.11PDT mrcsidney

Well all did not end as hoped. My stop at breakeven triggered on Thursday @ 170.30 and I was out of the trade when the big drop occurred. My charts show that the highest price print was 169.60 but my stop was triggered anyway. Lesson learned: wait until I have twice my risk before setting my stop at breakeven. Cheers all mrcsidney

Please understand that I am not very experienced at disciplined trading. So with that in mind I have to say I would not consider this trade. Price action has gone too far past the 65MA, the 65MA is flat and although price action may bounce I "feel" that price is too weak to present a good candidate.

Entry: /OJ @ 170.20 STOP 179.30 1 contract 8:53 PDT:missy:

Ingot, if it is any consolation on Friday I bought to close 300 of the 500 short shares of AMCC at $6.08. Like you I reasoned that it had run too far too fast and I didn't want to exit the whole of my position. We will see how this works out but I think that taking the profit was the wise course so I did. Events may prove me wrong. I am still in the EUR/CHF trade. That trade is by far the best Fx trade I have ever been in. It just seems to go and go. The last book I've studied ( read it twice ) is Covel's Trend Following. WOW are all those guys right! It is the best way to go and I find it easy to select trades now as I have rules to satisfy. Now I need to decide on the exit strategy to complete my package. mrcsidney

Yesterday I tried an equity trade using the same ideas we are working on here, So, I shorted AMCC ( Applied Micro Circuits Corp ) after checking its compeditors and earnings history. AMCC was the largest loser among the group on the day in question. That was good and it has beat its earnings est. the last three times. Interestingly enough is that the last time it beat (-.08 est. vs .04 or 12 cents ) it began to sell off. 21 below 65 StoRSI bounced off 100 next candle went below the low of the candle that pierced the 21 all present and accounted for. I shorted 500 shares at 8.37 using the high of the decision candle as my stop. After looking at that setup I decided to choose a 9.00 stop rather than the 8.70 that the high of that candle. So, risk is 9 - 8.37 or 0.63 x 500 shares or 315 plus transaction costs of 10.00 round turn. All told its 325.00 at risk. Now for the good news, it fell this morning and I'm up marginally. Well, I will sign off for now, Best of the day to all, mrcsidney

Hello all, I entered my first trade on Sunday, 9:10PM with all three conditions met ( sort of ...) EUR/CHF short 10K (size), @ 1.16872 21 below the 65 pierced the 21 (just barely but I had a tiny (daily) candle at the time making a new low. the StoRSI had struck the 100 line but weakly so I was wary but went for it anyway. My risk is 234.00 and my reward is open-ended. I haven't covered my risk yet but EUR/CHF continues down so all is good at the moment. I have to admit I'm weak in that most important area of trailing stops. So, I'll reread all that has been said in this forum and then doubtless will have questions. Anyway, have a great day, and I'm enjoying all the intelligent discourse. Cheers, mrcsidney :missy:

Here is a chart from TOS (thinkorswim). The indicator is different than what I have seen in other examples. I have found the strategy and rules plus indicator very good. Thank you OT for the best suggestion / setup I have seen. Charles

I can't give you any golden advice because I don't believe in advice. The responsibility for your experience is yours. The only person you'll really listen to is yourself. And it seems your advice to yourself has been flawed. So. Please read the following several times in different moods and think about it. Whatever you do, you must know how to plan. Are you a builder? Where is your plan? Are you a student? What is your plan. Are you a doctor? You need to know how to proceed. Stop immediately! No, really, STOP and rethink what you are doing. I am the proud owner of several blown-out accounts so I can tell you that you are doing exactly what I have already done and it does not work. Perhaps you could read Jack Schwager's series of books about Market Wizards. ( read several times, it takes awhile to sink in ). The very best of good luck to you. I would love to read in time that you have become successful.

I would like to suggest TOS ( ThinkorSwim ). It has great everything. There is education of both the platform and trading in general. They have something called Prodigio which is a powerful automated trading platform that also will do backtesting. There is a free version called PaperMoney that will do for delayed trading on FX, Option on eguity, Futures and FX futures. Some 20 or 30 contracts ( sugar, cocoa, nat. gas, oil, gold, silver, cotton, etc....) Anyway its worth a look see... have a great day, Charles

OptionTimer, I'm paying careful attention. This is very timely for me as I have stopped trading and am in the process of reinventing my trading plan. I have started a search for long term indicators to help me to see the major, and intermediate trends. And, thankyou for your help OT. MrC

Perhaps the 21EMA? 21 EMA - it seems to follow the action just below on an uptrend and above on a downtrend. I use it on the weekly to show me the trend mostly by its angle. Climbing or Falling. If a candle pierces the 21 or the angle changes both are useful.