All trades are chart based and then I adjust position size to how much I want to risk on that particular trade. You are correct that I am using weekly and daily the way you say, however these recent trades were made on the 240. As far as whether one trend is stronger than the other, I don't calculate that. That becomes too subjective. I merely look at price and position size. --
08-07-09 07:43 AM 08-06-09 01:59 PM 08-05-09 08:52 AM 07-31-09 08:30 AM Long 15 Oct Sugar @18.56 Initial stop @ 16.34 --Sell stop moved upwards to 18.37. Current price is 19.40 (08/05/2009)-- --Staying put here this Thursday Morning. Current price is 19.74 (08/06/2009)-- --Staying put here Fri morning. Current price is 20.23 (08/07/2009)-- --Sell stop moved up to 18.94. (08/12/2009)--
ok, thanks. I understand the position size and how you adjust size. however, there are a few things I am not clear on (I'll stick to the GC trade). - are you using both the daily and weekly for the higher time frame when making trades on the 240 min chart? - the initial risk was much larger than the eventual reward. I realize you can't control the reward side, but were you looking for a much stronger run? - are you making all your trading and stop decisions based on the 240 min chart? - do you tend to move your stop quickly in the direction of your trade? - if you are making them based on the 240 min chart, why was the stop so far away initially? I'll make a stab at answering my last question: your initial stop is just a catastrophic stop which is rarely hit. based on that you tend to exit a trade well before the initial stop is hit by either moving the stop in the direction of the trade or exiting at the market if things don't look right. sound right? thanks for your help. boz
Normally I don't trade anything less than the daily chart. In this instance, I just wanted to make some small term trades on the 240--basically swing trades. I used the initial stop on the daily as a catastrophic stop with the intention of moving it quickly which I did. If I would have been on the daily chart, I would still be in. --(I may get back in with smaller size on the daily).
Looks like the goldie got stopped out, have you taken off the EuroFX? Im assuming the failed grail would be an exit signal?