ScalperJoe- Yes you can add edit or omit while talking to a scout during your LIVE Scout call. Scouts will ask what you consider is a loser. Many traders we talk to would say that 5 ticks is not a loser and some traders would say yes. We have seen both, so we let the trader tell us what a loser (tick wise) and we find a common ground or go their way if all sounds good. mp
Yes, crude is a monster and fun to trade when it's just a trial sim account. I was not implying that I'd personally take 5 lots on CL during the combine, no way, that's way beyond my risk tolerance, even with a 1k draw. I'm just showing the example of how one might want to layer into a trade in their live account especially if they were successful in doing so in their sim account, and to pay attention to the rules stipulated in the trading plan, so they can revise them accordingly if needed.
Ok, good to know, thanks. I would say that 5 ticks on CL is nothing, you can blink your eye and get that, with GC as well. :eek:
I guess good conservative trading is too boring for discussion. Mav would you mind sharing a bit on how you actually make your entries and manage positions? I have a decent understanding of your macro approach but have never seen you make mention of actual entries and trade management.
My understanding is they either charge extra for practice accounts, or provide it only for memberships. (Of course, this probably doesn't apply to you and Surf since you guys are doing the "ET combine.")
There are no new reports for the Combine Today. Neither Maverick74 nor Marketsurfer made any trades. Have a great weekend all. We will see you all Monday.
Mav, do you use the intraday form of ACD to daytrade, or do you just use ACD on the larger timeframes to set up your day trades? (Or neither, or both?)
Sorry, I was out most of the day today so no trading. Wasn't planning on trading the jobs number anyway. Yes, I use ACD both on the macro and intra-day.
I use the macro ACD stuff to generate to generate what the 3 to 5 day momentum is in each given product and then look for spots intra-day where I want participate in that trend. All the intra-day stuff is based on ACD as well. Basically I'm looking for the price action to line up with what I expect to happen. When it doesn't, there are no trades. As you know, ACD is volatility based. The number lines are price action based. So you are looking at the intra-day and the longer term price action of each of these products and the ACD levels give you range expectation as well as levels to lean on for your entries. Stops are time based. All the entries and exits are set in advance. But again, the important idea here is making sure the price action lines up with your analysis. If I'm expecting crude oil to be weak for example, like I was yesterday and it was rocking to the upside, I don't just buy it. I wanted to see weakness and it wasn't there. No trade. Today crude rolled over and continued with the longer term general weakness. Right now I'm looking for spots to buy ES, Euro, Gold and sell Aussie, Bonds and Oil.