here's my strategy in brief for next week: DJIA-- I have been flat the index over the last 4 trading days missing the nice down wave. the current channel is 10357--10253. ( horizontal lines drawn on a chart at the channel figures traded via 3 minute bars or candles) flat in the death channel, long above and short below. for those of you new to surfer style, i trade the DJIA via the DIA with the system. trigger to enter is a full 3 minutes above or below the upper or lower channel lines, initial stop is line itself by same three minute parameter. After profits are reached stops are discretionary based on your trading strategy/goals. my goal is generally to stay in as long as possible to in effort to catch the big waves every year. OIL- As some of you know, I have been short oil for some time via the QM contract. The average short price is 65.88 and I am holding the shorts here. the target was 62 which has been hit, however i am still expecting additional downside at this time. The dollar I am short the EUR/USD pair at this time, long the dollar expecting strength next week in the greenback. best wishes, surfer
dav10, A brain would be a good charting tool marketsurfer, I like a particular line where you mentioned the time you want it to see below a certain point, I use that as well, but with other techniques. Mainly because piercing usually takes a few times, You do have ways to see which time is the best time correct?
the figures themselves are keyed to time, so no, I don't use any additional confirmation indicators. I will attempt entry 5 times at each level prior to discarding the level. the levels have been disproved just 6 times in the prior 3 years. adding to EUR/USD shorts here as acceleration continues on downside. it appears someone is buying dollars again..... surfer
for you TA guys, the DJIA has formed a nice intraday double top on the daily 3 minute. looks like we are going down here. awaiting signal in system to enter short. eur/usd shorts and oil shorts doing nicely today. holding. surfer
oh yeah!! after several false entries that were quickly stopped out this week, the system caught a very nice down wave in the DJIA. holding shorts here with wide trailing stops. the eur/usd long dollar shorts turned profitable and i am holding at this time. there were VERY stong volume spikes this morning, potential central bank going into dollars--- information is indicating russi*a*****--- but this is sketchy. holding the pair short here. i have closed the QM oil short with profits. awaiting next entry. surfer
closing EUR/USD short dollar long trade at 1.1923, volume drying up. indications are short term bottom is is in now--awaiting next entry. holding system DJIA short at this time. surfer
hello marketsurfer, You mentioned several false entries just this week, because I was pretty suprised when you mentioned you were only chopped out a few times in over 3 years in your previous posts since I watch the markets, those false entries comes quite a few times before diving @ each strong s/r using 3 min Thoughts?