The Close of the bar Not long ago someone posted about why the close of a bar is of no importance when we all use different charts and chart types during intraday trading so in theory it is only relevant to you and not to the next guy. Lately I had a discussion with another trader and he even took this further with new concepts and philosophies. For instance if you have a stop at say 2100 and price hits 2100.25 but closes at 2198.00 the stop does not care where price closed, it got hit. In the end the highs and lows are the King and the Queen. I believe there is a lot to be learned from this alone. Anek
Out of Topic Any boxing fans out there? Cotto vs Mosley tonight, should be a great fight. I like Cotto to win by decision. Anek
Guys n gals Heres some programs that you may find useful. Firstly you need to practice entries while only seeing the screen-chart-bar as it was in realtime. Therefore its been mentioned to record your screen. I prefer to take 15 sec snapshots of the screen for the trading day and use Snagit to automatically save and time and date stamp the files. http://www.techsmith.com/screen-capture.asp Heres is the best hotkey program. http://www.hotkeymaster.com/ As well as all the hotkey commands you will ever need, I use mine for order entry with it playing a wav file for each hotkey. There are controls for controlling all open windows etc With 1 button on my mouse I swap 6 charts ie double/triple your monitor use. To many multiple monitors means you have to move you head and refocus etc. All the timers you need, mine are set to start Mon to Fri at 0930 and play a wav file at what ever offset or set a timer on the press of a hotkey. Some people use audio alerts for every 5 minutes etc to notify them before an important bar completes I have a timer set to send a shortcut key to Snagit for the 15s screen capture. This is the ultimate little program. $5 to register To view the screen shots over multiple monitors I use ACDSee. What I like about this is that it caches the next and previous images so its very fast to scroll through. Also you can zip a huge number of image files, so as not to fill you hard drive with a ton of files. ACDSee lets you view the files that are within the zip. http://www.acdsee.com/ I also like the razor mice and keyboards. Fully configurable keys on mouse and keyboard with plenty of extra buttons http://www.razerzone.com/ pm if in financial difficulty for keys Hope it helps
Hope everyone is having a good weekend and get well soon, Anek. I have a basic question regarding entries. I have been using the 50% retrace and find it's pretty good. The only problem with it, of course, is, in a strong trend price action will take off and you don't get filled. When that happens, it seems that you have 3 choices: 1)stay flat. 2) wait for resistance of the HH to be taken out and buy the breakout. 3) as in 2 but then wait for another 50% retrace to try to get in. I would interested in comments from anyone on the thread. Thank you.
Einstein, Missing a good trade due to lack of fill and watch it become a great trade without you on board can be a psychological hit. You must overcome this. IMHO, the call is to stay flat and wait until the next trade sets itself up. Anek
thanks, anek. Am I to understand then, that you do not view choices 2 and/or 3 as viable alternatives? What if it looks like the trend is going to continue and you feel there is still some room to go before next major resistance? Would you still stay flat or try to get in as per the choices above or by some other method? Thanks for your help as always.
Hello All, I have been searching this thread for market-e-motion for ninjatrader. Is there such an animal? Good Trading to All... Best wishes and Thanks to Anekdoten B Price
Well put Señor. The close is a discretionary snapshot, nothing more, nothing less. The high and low and the last tic before the high and low prints are indeed the key to the puzzle. regards f9