8/15/07 General Trade Log / Idea Sharing

[AbeSmith 10]

Hello. The Dow is down is premarket. Fed looks like they will pump more money into system around 9:30ET. Major European markets in the red, Asia and Pacific in the red. Good luck.

[brownsfan019 17]

Good trading today Abe! I'll be watching to see if there's some consistency in something starting to be built the rest of the week.

[TinGull 10]

Just a nice little PERFECT candle setup on the ol' 5min YM. Just wanted to share.

 

[brownsfan019 17]

Nice looking chart Tin. Almost seems to easy at times...

[TinGull 10]

sure does...100 point move in 10 minutes? Jeesh.

[brownsfan019 17]

Nice risk to reward there! :thumbs up:

[AbeSmith 10]

Trade 1: -15.

[AbeSmith 10]

Good trading today Abe! I'll be watching to see if there's some consistency in something starting to be built the rest of the week.

 

Thanks Brownsfan. Good trading.

[AbeSmith 10]

Trade 2: +16.

[TinGull 10]

Couple trades I see with your 1250 VBC chart.

 

[AbeSmith 10]

Trade 3: +1.

[AbeSmith 10]

Couple trades I see with your 1250 VBC chart.

 

Thanks Tin. There were some other good trades too I almost was about enter but my timing wasn't quite right. In addition to that my trading platform is not very good right now. I have no easy way to trade from the chart so I have to type in the stop price before entering a trade and often that slows me down. And I don't have a good system for scaling out and so have to exit many trades early to lock in some profit.

[AbeSmith 10]

Trade 4: -4.

[TinGull 10]

Again, I see a 2 bar reversal up there. You shorted after a 50 point move already happened. I would say you're definitely getting in late on most all of your trades.

[brownsfan019 17]

Abe,

It's time to get a new platform for trading. What you have is inadequate for what you want to do apparently. There's a few reviews on this site, and I would suggest Open ECry.

[brownsfan019 17]

Abe,

Here's my thoughts on the chart that Tin annotated as well.

 

I see 6 possible setups, resulting in 4 winners and 2 stop outs.

 

The end result of whether you make money or not depends on where you exited the profitable trades at. One thing to note however... you could have easily stayed in the winners until a reversal appeared... idea...

 

[AbeSmith 10]

Abe,

It's time to get a new platform for trading. What you have is inadequate for what you want to do apparently. There's a few reviews on this site, and I would suggest Open ECry.

 

Thanks Brownsfan. I will look into it. The problem is that I withdrew most of the funds from my account and only left about $100 to pay the $10 maintenance fee for 10 months. I would like to go with Tradestation, but I don't think they offer free paper trading account.

 

Abe,

Here's my thoughts on the chart that Tin annotated as well.

 

I see 6 possible setups, resulting in 4 winners and 2 stop outs.

 

The end result of whether you make money or not depends on where you exited the profitable trades at. One thing to note however... you could have easily stayed in the winners until a reversal appeared... idea...

 

Thanks. Those are excellent observations.

[AbeSmith 10]

Again, I see a 2 bar reversal up there. You shorted after a 50 point move already happened. I would say you're definitely getting in late on most all of your trades.

 

Thanks again Tin for critiquing my trades. You are right I was late to the party as Brownsfan would say.

[TinGull 10]

They call 'em "late to the party charlies" Don't wanna be caught as one of them.

[brownsfan019 17]

Thanks again Tin for critiquing my trades. You are right I was late to the party as Brownsfan would say.

 

Abe, when I say 'too late to the party' what that is trying to tell you is that during intra-day moves, you simply cannot get in too late. The reason is that with a hard stop set, you'll get taken out too often if you are too late. Rarely do you see an intra-day chart that is in one direction - up or down - in a perfect line. You just don't see it. And since we know markets trend about 20% of the time, you have to be able to make money during the other 80%. That requires seeing possible moves as they are developing, not after they've developed.

 

I hope that makes sense. I just wanted to explain what I mean by 'too late to the party'.

[AbeSmith 10]

Abe, when I say 'too late to the party' what that is trying to tell you is that during intra-day moves, you simply cannot get in too late. The reason is that with a hard stop set, you'll get taken out too often if you are too late. Rarely do you see an intra-day chart that is in one direction - up or down - in a perfect line. You just don't see it. And since we know markets trend about 20% of the time, you have to be able to make money during the other 80%. That requires seeing possible moves as they are developing, not after they've developed.

 

I hope that makes sense. I just wanted to explain what I mean by 'too late to the party'.

 

Thanks Brownsfan. I downloaded Open E Cry. They gave me a free paper trading account without any fuss. I'm still learning about it, but my first impression is that the chart is very clean. The platform looks good. They already had the YM in a list of other quotes and all I had to do was highlight it and click the chart button. I'm having some difficulty though.

 

1. The pivot points do not confirm with the pivots at http://www.tradesignals.com/pivots/ I had this problem with Sierra Charts as well and Paul alerted me that if I change the time frame from 24hrs to 8:30 to 3:15 it should fix that. Do you know how to fix this on OEC?

 

2. Is there a way to make the volume bars have the same color as the candle?

 

Thanks again for telling me about Open E Cry. Looks like it is a good trading platform. I probably won't need to pay for the IE and Sierra Chart anymore.

[AbeSmith 10]

Trade 5: +13.

[TinGull 10]

I trust you meant you went short right?

[AbeSmith 10]

Trade 6: +14. Premature exit.

[TinGull 10]

Abe, you shouldn't trade on something that is "possible" to set up. You can never see to the right of the chart. Just my opinion.