first trade of the day was a gap fade, that turned into a very nice trade a. short entry at 923 b. cover at 913 reason for exit? Well, I thought 10 points was far enough! the theory goes to stay out of the first two oscillations....but as you can see sometimes it pays to use your own favorite entries. Mine is a gap fade.
trade number 2 b. this is the stochastic confirmation for the exit on trade b. C. short entry at 913.25 D. short exit at 912.25 I noted the first two oscillations with a high and low. It is a good policy to respect the opening range and mark it for reference. Unless it breaks it, expect it to continue. This was a scalp trade. Made 1 point On the next chart is a little arrow....I could have made 2 more points making this as my exit. Pays to be a little more brave! Both entries were short because of the 13 minute trend.
Hi Cathy, I enjoy your posts and am trying to learn the finer points here. Why did you not exit your 2nd trade this morning at 10:33 when the stoch crossed and why did you exit when you did as their was no ma cross or stoch cross at that point. Thanks.
chart number 3 >You can see the little arrow indicating where the exit should have been. Hindsight is 20/20..... e. short entry at 910 f. short exit at 907 3 point profit. On a down morning such as this, it pays to get out before potential lunchtime short covering. Total profits before lunch....14 points.
I did not exit at the first cross because I did think the trade had potential. I waited for the next bounce to grab 1 point and then got out because of the flatness of the one minute trend. Also the stochs crossed in the middle of the chart...not under the 20 or above the 80 line.
Nice work on the gap fade. Let's see now, 10 points times the 10 contracts you and Bob trade, each... so that's ..... a nice way to start the day.
Alas, inandlong.... it is one lonely contract during the testing stage. They don't call me "chicken of the sea" for nothing!
bobcathy1 dunps Miller! Chatty bobcathy1 ended her relationship with trading guru Don Miller, and has taken up with a Chimpanzee! bobcathy1, who once vowed to stay with Miller forever, left the Cape Cod trader standing on the dock, alone and broken hearted. Too disheartened to comment, Miller wiped tears from his eyes, and brushed this reporter aside, as he sat forlornly on a crate of unissued Don Miller Fan Club membership cards left behind by his one time biggest fan. As we go to press, Miller is reportedly being treated in a Boston area hospital for a nasty fall he received from slipping on a banana peel.
I told myself trading in the afternoon is not good for me. I looked at trades all lunchtime and it was way too flat. I did not take the spike up because the trend had not changed on the 13 minute chart....mistake I did not take the pullback because the stochs were in high ground.....mistake I took the 3rd one because the stochs looked good and it was a cross and reverse cross at (a) 910 (b) was a cross back down....nice 2 points at 912 (c) a nice cross out I thought.....and I got stopped out minus 2 for me......in at 912....stopped out at 910 d) Looks like a great short, but the trend is still up.....another mistake....a nice big one! Shows me I should sometimes not follow the rules, but go with my instincts. Up 14 points for the day and now I am going to wait and see if we have a late short covering rally to work with.
Nice day going for you. I agree with you about lunch, it is usually sooooo flat. Sometimes the autoscaling on the chats make it look worthwhile, and sometimes it even is worthwhile, but it seems that most of the lunch is for lunch, and not trading. You might remember snosur4's experience was to tighten stops etc. Most traders will tell that lunch is chop, and tight chop too, so stay away. Your iinstincts seem to be serving you well bc1!