If You Can Draw A Straight Line . . .

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Quote from athlonmank8:

Always got my stop in :).

Close above Friday's high, and im out.

Close below 165 and im going to add. Momentum will pick up heavily imo.

We're also retesting an important Monthly level and I just don't see us holding on given the circumstances.
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Since it has not only broken its supply line but tested it from the upside, I wouldn't be eager to short here.

But that's what makes a market.
 
Quote from dbphoenix:

What gives additional importance to entering at 0900 is that by the open one might notice the hinge and may not want to enter inside it. But if he doesn't, he may miss the move entirely. By entering at 0900, however, he can become an interested observer and avoid getting caught up in the NY opening drama.
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I agree completely. I saw the short indication at 0900 and because I've not traded the premkt, I did not. I am working on changing that.
 
May I ask a question about trade execution with multiple orders. I assume that the "disaster stop" is entered simultaneous with the original buy order, be it a(for buy side) LMT BUY, STOP BUY or TRAIL STOP BUY. That disaster stop would likely be a SELL STOP (Market) at say 5 to 10 points away? Now as you peel off your contracts, does you platform automatically drop the contracts in your SELL STOP, or must you go in and change it after each implemented Sell?

I am a one lot trader and have been doing it with bracket orders set up through hot keys on IB's booktrader. Part of my "homework" was stetting up, then getting experience separately with the platform. I have not found a way for it to auto decrement the disaster stop.
 
Quote from dbphoenix:

Since it has not only broken its supply line but tested it from the upside, I wouldn't be eager to short here.

But that's what makes a market.
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You're right. You're referring to the hourly chart correct?
 
Quote from fortydraws:

I agree completely. I saw the short indication at 0900 and because I've not traded the premkt, I did not. I am working on changing that.
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Since Europe and Asia have been so much more active in the "off-hours" NQ recently, for whatever reason, there's less and less difference between trading outside and inside the NY hours. RTH is, after all, sort of arrogant, as if trades made outside "RTH" aren't real trades and don't count.
 
Quote from bigmoose:

May I ask a question about trade execution with multiple orders. I assume that the "disaster stop" is entered simultaneous with the original buy order, be it a(for buy side) LMT BUY, STOP BUY or TRAIL STOP BUY. That disaster stop would likely be a SELL STOP (Market) at say 5 to 10 points away? Now as you peel off your contracts, does you platform automatically drop the contracts in your SELL STOP, or must you go in and change it after each implemented Sell?

I am a one lot trader and have been doing it with bracket orders set up through hot keys on IB's booktrader. Part of my "homework" was stetting up, then getting experience separately with the platform. I have not found a way for it to auto decrement the disaster stop.
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While I can't require anybody to do it, I strongly urge traders to use stoplimits on their buy and short orders so that they know exactly what they're going to pay. Exits should always be market.

That said, the catastrophe stop depends on how your instrument moves and how often you lose your connection and how long the outage lasts (the last one was several hours; finally got it fixed, but I can no longer trust it).

As for the automatic reduction, I suppose it depends on the platform. If the contracts are not deleted automatically, and I don't know why they would be, then you'd be short however many contracts are left over if and when your stop is hit.

But this is all pure conjecture. There are many platforms and many brokers. It's good, though, that you're investigating this before the time comes when you need to know.
 
Quote from dbphoenix:

Actually only a few people know the "whys", unless one is defining "why" by news. Defining "why" according to price action is much more useful when one is trading real time. I posted a heads up on the reversal opportunity a half hour before it occurred, and 40d was also aware of it. Whether he took it or not I don't know, but at least a few people who focus on news-driven moves missed both entirely.

Commentary on events is fun, but, in the end, so what? In any case, with regard to 40d's analyses, I agree. If one understands the process, he's far more likely to trade this successfully than if he just follows somebody or tries to copy somebody. It's also a hell of a lot cheaper.
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Point well taken.
My problem is I'm currently in a 9-5 situation with only a few mins. here and there to observe the charts in real-time during RTH. I swing trade currencies in a small way (E7) and make a few pips net-net. I follow a few journals - this one, Game's and couple others, have read Wyckoff chapter 3 and 7, regularly read comments from you, 40D, NoDoji and a few others.
I know I have a lot to unlearn, my current situation makes it even harder to do so - but definitely not trying to copy anyone.
In essence, I guess I'm trying to observe and learn even though a full immersion may not be possible at this point.
 
Quote from pokito:

Point well taken.
My problem is I'm currently in a 9-5 situation with only a few mins. here and there to observe the charts in real-time during RTH. I swing trade currencies in a small way (E7) and make a few pips net-net. I follow a few journals - this one, Game's and couple others, have read Wyckoff chapter 3 and 7, regularly read comments from you, 40D, NoDoji and a few others.
I know I have a lot to unlearn, my current situation makes it even harder to do so - but definitely not trying to copy anyone.
In essence, I guess I'm trying to observe and learn even though a full immersion may not be possible at this point.
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Your results may not be what you hope for. You're not going to learn how to trade by catching snippets during the day. More likely you will not only reinforce bad habits you've already acquired but also acquire new ones.

Far better to go through an entire session -- the length of the session is up to you -- via replay during periods when you are free to do so, probably in the evenings. Depending on the lengths of your trading sessions, you can do two of these a night. After a month you will be much farther along the road than you will be snatching itsy bits.
 
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