did i look as if i ever would PAY for a silly teaching.... to be honest, they are all talking of "trading plan" and "you have to write it down..." so i made that...ok, you are right, it sounds a bit stupid, but its my first trading plan ever writen...
Now I see. Why didn't you choose ES instead of NQ - the trend was really predictable, wasn't it? And before you get angry: I am learning Eminis right now, so I am gathering answers to my questions. Lojze
bronks, An 8ema on a 3min chart has been working lovely as a trailing stop, within a strong trend... No magic formula, but it will help keep you in the trends for those larger R-gains! PEACE and good trading, Publias
Oh my gosh, I hope I don't come across as having an anger management issue Concentrating on just the NQ keeps me from becoming disoriented as I have a hard enough time doing two things at once. Just trying to keep it simple for myself. I'd imagine that when I do (if) become profitable, I'll start testing those waters a bit.
Publias-- I think a might give that try. As it stands right now, I'm using a 5ma with the 3 min. Doesn't seem to do anything (IMHO) except make a nice squiggly line in step with the price. So I'm gonna chuck it and throw the 8 in there. Hopefully I'll be able to make some sense of the darn thing. Thanks. Edit: Is there a big difference between the 8 SMA and the 8 EMA? All mine are in the SMA mode.
I am definately not the guy to ask regarding the difference between the EMA and the SMA... I have always for some reason used the ema... As for trailing your plays with the 8, it is a subtle art and you will have to find your own way with it, but it has been working real well for me... kept me in the morning trend and the afternoon for two really nice plays today! PEACE and goodtading, Publias
Bronks, You banged out 11 pts. Be happy..... Everybody has sellers remorse at some point. Don't look back at what could have been negatively, observe and refine your plan with a positive outlook/bias. I agree with pub about the 8EMA trailing stop to stay in and ride the trend. If that isn't something that fits into your plan, find another indicator or pattern to help you define an exit point as not to give back gains. Good going on the points today on 3 RT's. Later, Cracked P.S. I really enjoy this thread and appreciate your willingness to open up for all to see....... very refreshing and informative!!!!!
Bronks, The EMA places more weighting on the most current price and less on the earlier price. See this for an explanation: http://www.paritech.co.uk/education/technical/indicators/trend/movavg-1.asp SMA give equal weight to all prices in the period. (a+b+...g+h)/8=SMA Hope this helps out. Later, Cracked