Sure. The chart "derivative mkt" belonging to it is in the photo section of that blog. Hope the link works. http://caldaroew.spaces.live.com/blog/cns!D2CB8C5EBA2ADE86!1445.entry
Same here mate, I had 1 (little) positive day this month with AHG. Al others where big losers. But I'm logging each trade and studieing them after hours. I try to catch 4h live trading, analyse the entire day after hours and the whole week during the weekend. For now I'm only focussing on making good entries. About 80% of my trades give me an initial profit but turn arround and go to my stop. I'm using a max stop of 4 points which I lower when technicaly possible. Stil have to work on these. My plan is to keep papertrading AHG and analysing for at least november and december. After that I'll look at the big picture.
Hey kid. You wouldn't pick up much from my trades today. I was getting chopped up this morning. Caught a 10-pointer on the 11:34 candle on that little H/S pattern. I had support at 2130 and bailed on the TL break. And that was pretty much it. Back in the green. Can hardly believe we were only halfway down at that point! Should be an interesting 2:00-4:00 session! Keep making those good trades my man!
Thanks. I guess if I post here I should make my stuff look as professional as yours . If only you guys told me this sooner hehe. Low: Ok, thanks anyways. I'm sure you did fine. On this type of a day you simply can't ever ask the question are we oversold yet? Just take every signal and run with it I guess...
Please let me explain. Let us say that you buy at 65.25 on limit. As your stop is hit, it enters a protective stop at say 64.25 and a take profit stop at say 67.50 OCO. Now, no matter what happens to your machine, power supply, provider etc you are bullet proof. Either you exit for a 9 tic profit or a 4 tic loss. And when you exit, you are flat because of OCO. While you are in the trade you can manipulate your take profit stop and you can bring your emergency stop up, but never back. This is a simplification but essentially it is the heart of a trade. regards f9
Thanks for the clarification, that was a very useful post. I bet you there are quite a few others here that have not implemented a failsafe system. I know I havnt, but Ive never daytraded live. (well... I have but that was 1.5 yrs ago when I was just starting and a complete disaster)
R, On a day like today and initial stop loss of 4 points makes sense, but on any normal volatility day I don't use a stop loss greater than 2 points. And that is just the initial stop loss entered as an OCO. I usually get away with moving to about 1.5 points on a normal day (not today). I always try to move my stop loss up as quickly as possible, trying to get it to b/e. I trail the previous bars low, but sometimes if I get in at the start of a trend, i give it a little more wiggle room for the initial retrace. My average losers today have been about 2 points with none greater than 3.75. On a normal day it's about 1 point. This is because I move my stop loss as quickly as possible. I am a rookie as stated before, but I have found that this has helped me. I use to let my initial stop get hit a lot. Very rare anymore.
Could you explain your rules? Was that a sloppy trade? I'm curious because I find I am overtrading and feel I need more discipline.
Glad that I can be of some help. Are you using volume bars? If so, do you know how many contracts to the end of the current bar? regards f9
Not sure if I understand your question? I use 500 and 1000 for the NQ and 20000 to see big picture and today I had ES up with 2500 so that i could test out how confirmations work back and forth. I have an indicator running that tells me how many contracts left before bar prints, is that what you mean?