Buy1Sell2 Registered: Jan 2006 Posts: 6937 03-14-06 11:42 PM Quote from romik: At which price level will you consider discontinuing adding to your short position? Any stop targets at the moment? ------------------ No stop target right now. I will continue to add up to 1450 --perhaps beyond. We'll see. I will begin here averaging up at larger intervals and at some point begin to add more than one unit. Ive got a nice small short base here and I can work from there. If we get a quick down , I may cover and begin the process again unless it looks to have more legs than the recent dropoffs.
that liquidation usually happened towards end of momth,this is slow distribution selling,like a liquidation and they dont want to take it down to fast ,but 1000 in 2 days? there has been no volme ,may explain the larger moves,no buyers. My opinions are for 20 -30 minutes,not days or weeks,and ,the gap rule in es has been to fill them religiously,but this market can take 4 scenarios in 1 day,up 200,down 300 ,up 500,so i'm looking to fill that gap,but its only a town on a hiway map we are trading ,doesnt have to hit tonite or fri,but we are here,might as well stop for a coffee,say hi to 880 befors moving on
-------------------------------------------------------------------------------- Quote from Decel: Short 918.50, Stop 920.75, target 905.50 -------------------------------------------------------------------------------- Move target to 909.25 -I have old resistance turned support @ 908.75- Move stop to 918.25 Move stop to 916.50 as it's bouncing on a short-term uptrend (5 min @8pm, 8:25, 8:30). Playing paranoid as I'm going to sleep and no-one in command of monitoring PA. Spent the whole day not trading, as this was obviously a slide to the abyss, yet I kept thinking "GO LONG!". Initial minor gains were dwindling and so I stopped while still in the black. I need to learn to have the control you guys have, especially B1S2's crazy-wide stops. I don't have the guts for that, but hopefully can/will condition myself to.
Which gap? Speaking of gaps, didn't we gap down twice in a row but not close them? (albeit the windows are tiny). And don't we have like 4-5 gaps above us? Edit: OOhh, breakdown of that tiny uptrend... Moving stop to 915. Also, so many people speaking of that IHS on the SPY daily that I think it will end up as a self-fulfilling prophecy
Why not then 6 points a day with 20 lots or 12 points with 10 lots or, better yet, 1 point with 100 lots? Can they all be treated the same? I sure hope not. Moreover, these are merely semantics that would appeal to a less seasoned traders. On the contrary, what would be considered more important from my vantage point as a trader is "consistency", not just some arbitrary numbers. Successful traders that I know don't shoot for the moon thinking "trading is about maximization". They're able to maximize their bottom line because they're damn consistent. Of course, that's easier said than done. For those who might be interested, here's a guideline that I use to score myself on a daily basis (courtesy of Schizo & Co.): http://www.elitetrader.com/vb/showthread.php?s=&postid=2037898#post2037898
-------------------------------------------------------------------------------- Quote from Decel: Short 918.50, Stop 920.75, target 905.50 -------------------------------------------------------------------------------- Move target to 909.25 -I have old resistance turned support @ 908.75- Move stop to 918.25 Move stop to 916.50 as it's bouncing on a short-term uptrend (5 min @8pm, 8:25, 8:30). -------------------------------------------------------------------------------- Edit: OOhh, breakdown of that tiny uptrend... Moving stop to 915. ---------------------------------------------------------------------------------- Aw crap, forgot to set my trade to fire outside RTH on IB, and closed my position @ 916 emotionally because some large lot was pushing bids higher