Tips for traders: I use to future trade P/V only. , so I apply the same ideas to swing trading. Here are some fut applications: As Swing traders we are looking for followup and sustenance, When you head into 11:00 - 1:30 and the market is down, One should never initiate postions on any short lived rallies because follow up will be nonexistent, Only enter positions when 1-2hour rallies followup is Available. That is, if you want : once in always porfitable method at least for the day. Market Overview: Clearly we are still in a short term bear market, why is this? Earnings are taking the market higher, No followup are taking the market down in the afternoon. + obvious under 50ma <b> Do not be tricked into short term rallies. No matter how good it looks! </b> While many may look quite appealing , watch the volume and you will notice , there is no 2000 share volume is going to jump no stock price 10-20 cents. It will drop right back, A stock that is strong will never drop to your position in the first place, if it re-rallies, there better be some huge volume backing it or its just specs with too much time on their hands. I believe initiating swing postions in a bear market is quite hectic because lots of people want into good stocks, but specs/mm will drop bids anyway , so the chop will be intense. Even strong stocks will drop back to original positions because the buyer walks away knowing price will be lower unless he seens support.
Any swing traders long 1 hour from the close last nite and still long in ES/ER or YM ? I chickened out and couldn't hold thru the dip the eventually ended at 10:30. It sure seems like to get the big gains you have to be confident in your entry , willing to hold till a target and not mind giving up a decent % of open profits to acheive that gain.
=============== Something like that, except related to energy sector; & have missed nice part of moves in BR also. Like to short GM again except haven't,for 50 day moving average. Thought coolweb was swing trading at first glance; read all journal, now looks like a good way to keep drawdowns low,for some personalitys, like CMS energy trade. Helpful comment moneE, actually would rather give up some of the big gains[ if have to], keep drawdowns reasonable when possible.Have posted real time losses/gains before, losses aren't hard ,but don't like unnecessary pressure to take profits Wish could keep drawdowns Coolwebs CMS size, haven't yet; but with slippage , NOC uptrends helping , still like BR related energy sector. Not a prediction/stock tip.
Yes. I took a long ER2 position last night at ~721.30. Sold 2/3 at close, still holding 1/3 with a 3 point trail. I fought hard all day not to sell this morning, 10:30 was very tough. I wanted to wash the trade sooo much but there were NO sellers... That's the way the ER2 has been lately - the sellers are either all gone or waiting... Mike
Jcom -- seems to be going into a trading range which may possibly short -- low volume scares me a bit... and range compressions also likely mean short.. just my two cents...
I have entered CMS 14.80 STOP 14.79/78 Only thing I worry about is this thing gapping down on me on monday, I don't think it will, so I have put in smaller size to reduce risk. Early in has its risks. I have added other positions, but don't think thats worth mentioning My new game: 1/2 Out on profit, 1/2 Hold for long. Always in profit.
Master of price action?? I think not I am just giving you crap for saying that in an earlier thread. No big deal, we all make losing trades sometimes.
Steve, OK I have traded myself into some positions and ended the day holding a pack of HAL Market Day Executed @ 78.42 HAL Market Day Executed @ 78.13 STOP : 78.42 Idea: Price will continue to rise and should NOT look back. I have been trading with a 500-1000 share size, I feel I have a better handle on slippage with this size. For Hal a big player, I can increase size without fear because of liqudity, but it depends really. Sometimes theres only 1x1 on size, Whats a player to do to get out here I think a big part of my game will be take 1/2 profits at exubernace, , hold the other half @ breakeven. I've been taking quite a lot of profits like that today, Its been working well. Although such stocks as WFR dropped way below my entry, I sold way high up hah!, I think the key will be to measure the "exuberance" , think about it, Ask oneself, Am I feeling lucky today ? Am I pissing in my pants with excitement? If so -> sell 1/2. And act accordignly, once making 3-5% take 1/2 off, let the rest ride in my fat account. Thats what investing is about, Letting the winners run. And run hard it will. I hope :< Consistency is key, Nothing is more important then being consistent.