Okay, I thank you for your ideas over the past few weeks as they have netted me quite a bit of money. I'm going to keep using them, cause they work. LOL Just to end off this last trade. I'm going to exit my final quarter at 1304.5 (R2) or 2 ticks below the previous 30 minute bar. Thanks again for your ideas, good trading to you !!!!
hah hahaha I'm sincerely glad to hear that you are profiting from the process (and giving me feedback), I am also benefiting greatly from it. Not directly .. but as I show others, so are things being shown to me. Here's how your trade would have looked using the modified system, once again, designed to catch the reversal as it is happening. *** BTW, freeshare all, let me know if you have any questions (for the folks who I PM'd when I first started this process). Let me know, is this working for you, or not. Don't be shy, everybody's making money here, so it's all good. *** Best Regards, Jimmy Jam
Well my trade took the -2.00 hit, so unless we get a reversal later on today, I'll count it as net loss, but we'll see. Regards, JJ
Just don't belive the market stays up here (looking to reshort as the stochastice enters and exits the overbought area, while the IFT remains overbought). Re-short @ 1304.5
Oh God, that must be -4 pts today? 2 point stop? BTW, was that a system generated call or you just felt like going short?
As far as whether it was a system generated call or not, read the posts. As far as the protective stop, if you had read any of my materials - you did, didn't you? ... you would realize that I normally use a 4 pt stop for this system, not 2pts. The other entry was too early, I think this one will be OK. I wanted to see how price action would respond to R2, since this is a journal on trading off of pivot points ... and you allways want to take note of how price action is responding to the them. So far, it is providing good resisance, so I'm still in the trade. Thank you, btw, for providing me with this opportunity to explain the process to the readers, please post more questions in the future, as I am sure they will benefit from it. Best Regards, Jimmy
Sitt'in on a mountain top. It could go higher from here ... maybe it do? I'm just not thinking so, there should be some retrace ... but if it's gonna happen, it had better start soon. FYI. Don made the correct trade this morning. He traded in the direction of the PIvot Trend (turning from bearish to neuatral, bullish obviously was the optimal trade), as you could have had your money by now ... I just say it shoot for the stars and went for the fade, while this trade will probably be OK, it's better to just keep to the system ... ah discipline! On another note. It's also learn from other folks, and it is by the process of interaction that we learn the most. R2 and S2 normally provide pretty strong levels of Resistance/Support (as commented on by Don previously), I'm just betting that that's going to be the case here ... er maybe not! :eek:
Once this trend line is broken, my ship will come in. But make no mistake about it folks, this one was bad discipline all around. Like most traders, I like being a contrarian ... but you should never trade contrary to your system. 4re (Gary) was right, I shouldn't let my expectations of what will happen influence my trade. I'm spending the next hour winding up and getting ready for work, I'll see if I can get 4 pts out of the trade form my trouble. Best Regards, Jimmy Jam