Keeping It Simple

Quote from dbphoenix:



Though this has nothing to do with "the system", as far as the longer term goes, I'm interested in seeing how the NQ behaves at the 11/11 low. There's the possibility of an H&S "top", for those who follow that sort of thing. Or we may just segue into another trading range.

And as for reading the market, I find it helpful to review Wyckoff every now and then just to keep myself grounded.

--Db
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It's hard to convey how badly I want to be short the market on the daily charts. I know I'm early, that's why I have to do everything in my power to fight the urge.... It never pays to be early. If you want to discuss anything beyond single day events, maybe we could move to another thread.

Banker

P.S. I ordered Sperandeo, I should have bought Wyckoff too. Maybe that's what I will do while I wait for things to develop.
 
banker.. I just noticed you attached a chart I'm assuming you wanted me to mark it up with my stuff. I'm not a real frequent bulletin board user so if I'm doing this wrong don't flame me but I'll just post my workstation as it appears after todays trading with what I was looking at in regard to ES. Don't take the trendlines too seriously, they're really there just to help my thought process and may not be as structured as what you're used to. I do have a written trading plan it's just that with this mornings big parabolic move I probably traded more reactionary today than normal.
 

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Quote from jstormbo:

banker.. I just noticed you attached a chart I'm assuming you wanted me to mark it up with my stuff. I'm not a real frequent bulletin board user so if I'm doing this wrong don't flame me but I'll just post my workstation as it appears after todays trading with what I was looking at in regard to ES. Don't take the trendlines too seriously, they're really there just to help my thought process and may not be as structured as what you're used to. I do have a written trading plan it's just that with this mornings big parabolic move I probably traded more reactionary today than normal.
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Well that really wasn't my intention, but I love looking at charts :) Don't worry, I won't flame you. Most people don't even bother to post a chart or explain what they do, so it would be hard for you to do something "wrong". Your workstation does shed some light on what you were thinking today, thank you. I don't mind if trend lines are drawn in a non-traditional fashion. I do it at times also. It is good to have something to keep you focused, that's for sure. Wow, a written trading plan, that's HUGE. I'm guessing that most people who engage the markets never make it that far.

Well, whether it was reactionary or not, it made you money. Keep up the good work. If you ever want to share your trading plan, I would be happy to read it.

Thank you for the chart,

Banker
 
Quote from jstormbo:

regarding my reasons for entering where I did today are as follows.
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It sounds like you and I were looking at the same things only for different reasons, e.g., I was looking at the reaction low and the double top on the reversal and you were looking at Fib.

As for the gap, you had the cajones to take it and I didn't. If the fill hadn't begun at 0929, and if the gap hadn't nearly filled within a few minutes, or if it had been more than 1%, I probably would have gone ahead and taken it. But since there was no reason to expect a surge of buying interest right at the open (note that yesterday's gap didn't fill, at least until today), I was suspicious of it My "system" does allow for early trades, but not that early.

Thanks for your response. When someone is specific about his actions, at least there's something to talk about. Otherwise, it's just theorizing and philosophizing.

--Db
 
Quote from Bankedout:

It's hard to convey how badly I want to be short the market on the daily charts. I know I'm early, that's why I have to do everything in my power to fight the urge.... It never pays to be early. If you want to discuss anything beyond single day events, maybe we could move to another thread.

Banker

P.S. I ordered Sperandeo, I should have bought Wyckoff too. Maybe that's what I will do while I wait for things to develop.
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The system I've posted doesn't necessarily preclude holding overnight, so I don't see any point in starting another thread. There are, for example, a number of variations that one can play with multiple contracts, some of which I've noted here. But with, say, two contracts, there's no reason why - if a trend day has ended at the end of the trend and not in chop - that one couldn't sell one contract and hold the other in anticipation of a continuation.

As to the books, out of all the books I've read, Wyckoff, Sperandeo, and Mamis have risen to the top.

--Db
 
Quote from dbphoenix:



The system I've posted doesn't necessarily preclude holding overnight, so I don't see any point in starting another thread. There are, for example, a number of variations that one can play with multiple contracts, some of which I've noted here. But with, say, two contracts, there's no reason why - if a trend day has ended at the end of the trend and not in chop - that one couldn't sell one contract and hold the other in anticipation of a continuation.

As to the books, out of all the books I've read, Wyckoff, Sperandeo, and Mamis have risen to the top.

--Db
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Hmm. I was thinking along the lines of applying a trend following strategy to the daily charts or the 120,90,60,30, or 15 minute charts. I wouldn't have the balls to do it with futures. Unless my contract(s) were barely leveraged, if at all. My plan is to use ETF(s) instead. I chose QQQ, SPY, DIA, SMH, XLF, BBH, MDY, OIH, IWM, XLK as my "universe" to choose from. Those were the most liquid US ETFs I could find. I like ETFs because their diverse holdings help to insulate me from the effects of any single stock imploding or exploding, and also because they can be shorted on a down tick (just like ES & NQ). I don't know if this idea would be appropriate for this thread though.

Mamis is one of my favorites as well, I own When to Sell, and have read The Nature of Risk a few times. I ordered How to Buy with my Sperandeo order. Then I ordered Wyckoff separately. Some of them might take a while to get to my house though. Thanks for the update on your favorite authors.

Banker
 
Today was a much more typical example of the establishment of an opening range. This took only four minutes, then the NQ took another 25 minutes to break out of it (though the breakout failed).

--Db
 
Quote from jstormbo:

yes.. es trying to take out that wedge to the upside but nq not quite so anxious.
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Monitoring the two of them can save a lot of money in avoiding breakout fakeouts.

--Db
 
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