I stand corrected! As I mentioned before, I merely skimmed the book to obtain the gist of it. How do you like using his methods so far? Have you been successful lately? Do you trade multiple markets or just one? How are the drawdowns?
One thing that I'm also curious about is the actual exit of a position. I understand where to place the stop losses, but as far as taking profits, is it pretty much discretionary? Or do you just exit MOC?
In mark fisher's presentation: http://www.clicklive.com/NYMEX/symposium_2003/ someone asked him that very question. He says when he sees Maria Bartiroma jumping up and down on the NYSE floor so excited about the strong market, that is when he will exit a winning long. He later states that maybe when he is 80 years old living down in Florida he would have figured out when to exit winning trades.
Hello everyone: Exits based on average daily range work very well. Also depending on the market, a trader can look at the size of moves during the trading day and extrapolate from there. Its not rocket science.
It is interesting how the market bounced right off the 3 Day Rolling Pivot Range calculated per the book's instructions. Charles
Good book. Worth the read. Check out his lecture on the NYMEX symposium. At least you are dealing with real traders and not just vendors. Mike
Book is well worth the read. The symposium on NYMEX is good too. At the minimum, one can say that you are least dealing from traders and not just a vendor shill. Best, Mike