Continued from thread: http://www.elitetrader.com/vb/showthread.php?threadid=10909 All bets will be 100 shares for simplicity, with 2 cent round trip commish, IB style. Zero slippage. No partials. For trailing stops - will check to see if STOP is hit BEFORE target. When neither target or stop is it, you get the closing price of the day. Here is quiz #2 You are currently SHORT on the last candle you can see at 34.66. Reply with your target/stop prices and reasoning. You may exit immediately with a 2 cent commish loss. peace axeman p.s Previous scores ------------------------------ Corallus: +94 cents El Cubano: +74 cents Sanjuro: +74 cents NoviceTrader: +69 cents macal425: +49 - by trailing stop uptik2000: +44 cents JPB: +29 cents Gordon Gekko: +23 cents axeman: 0 ( lets see who cant beat me ) wdbaker: -2 cents inandlong: -26 cents mike s: - 26 cents
Stop 34.81 Target 34.01 Trail stop every 20c in my favor Although the futures and the stock are both in a downtrend, I feel like I've chased the stock down too much. That's the reason for the tight stop. Still, I would like to see if I can ride the downtrend a little further. That's why I'm staying in rather than covering instantly.
this one is tough for me. it looks weak, but it's probably due for a bounce.. i don't wanna just take the 2 cent loss, though. you never know, it could tank. stop 34.80 target 34 trail my stop 25 cents
Hmmm, support level @ 34.50 just about hit and Doji on Futures.... tough call just based candle patterns... I'm going with the fact that lower volume to downside = move about over - I can say I wouldn't have even entered a short position here without confirmation so stop me out - .02 IMO risk vs. reward is not there. Paul
I wouldn't consider a short position in what I see. The chart I see is clearly uptrending so I short wouldn't be indicative. Actually I would be looking to enter long on a pullback.
Target 34.50 Stop 34.80 Looking for a quick scalp as Spoos pullback a bit, with expectation that they will retest their lows.
This was an interesting one. I was really curious to see who had the biggest balls with such a late entry I would have figured more people would have used trailing stops if they were going to "go for it" with such a high momentum play. The people who thought it could have enough steam to punch through the minor support at 34.50 were rewarded. peace axeman Results ----------------------- mike s: +71 Peri: +69 Gordon Gekko: +66 prescott: +66 Babak:+66 RAY: +57 Corallus: +65 Amkeer: +56 TriPack: +55 Dantheman: +50 Sanjuro: +46 uptik2000:+31 inandlong: +16 macal425: +16 DTK: +15 JPB: +12 NoviceTrader: +11 axeman: +0 slapshot: -0.02 wdbaker: -0.02 details ----------------------------------- NoviceTrader Target 34.55 Stop 34.80 +11 wdbaker Stopped out -0.02 Corallus Stop 34.81 Target 34.01 Trail stop every 20c in my favor +65 TriPack Target at 34.11 or just exit on the close. +55 Gordon Gekko stop 34.80 target 34 trail my stop 25 cents +66 DTK Target 34.51 Stop 34.76 +15 JPB target 34.54 stop 34.78 +12 inandlong $34.50 target Stop is the high of this bar plus .10. +16 slapshot stopped out -0.02 Babak Stop 35.00 Target 34.00 +66 Amkeer Target 34.10 stop at 34.83 +56 uptik2000 stop 34.80 tgt 34.35 +31 Dantheman Stop @ 35.16 Limit @ 34.16 +50 prescott stop would be 35.05 take profit would be 34.00 +66 Peri stop 34.78 target 33.97 +69 macal425 Target 34.50 Stop 34.80 +16 RAY target: 34.09 stop: 35.01 +57 Sanjuro TARGET 34.20 STOP 35.50 +46 mike s stop 35.10 target 33.95 +71
side note: yeah that entry of 34.66 is pretty crap...but as it goes to show the importance is on the exit formost...entry comes second... I believed it would retest lows around 34 and i also believed that if it hit 35 or above then the short bias should turn to either neutral or long (could have still been a retracement...but that wasn't the play i was looking at.) Proves once again that the trend is usually your friend so i said, ok 100 shares...entry is 34.66...ok make it 50 bucks either way = .50 stop and .50 target. ah and i looked at the way it had moved...down sharply in the opening, followed by NO retracement which signaled to me very weak...had there been a steep retracement (where there is just a slumping sideways @ 10:30-11:00) I would have perhaps not been so generous with my stop. And as we can now see the eventual retrace we DID have didn't beat 50% of the day's move. not bad, good job all. btw this is really cool. axeman are you just picking out stocks at random? btw the e-mini chart played no role in my trade evaluation.
this thread is great because it is making us focus on the exit. we can't focus on the entry at all! i'm no trading genius, but i really think this is in the right direction. i have managed to somehow lose money with just about any entry i can think of. what does that tell you? besides poor judgement, i'm probably managing my trades shitty and someone could take the opposite of my trades and make money off ANY ENTRY!!!!! now i just need to figure out how to manage my trades the opposite way......hmm