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AbeSmith

8/15/07 General Trade Log / Idea Sharing

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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.

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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.

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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...

 

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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.

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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.

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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'.

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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.

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Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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