Question for Grob/Hershey

Status
Not open for further replies.
Quote from gerry875:

what is EQ stuff?

anyway - when i first got in touch with trading - one of the most important things i learned was that a trader has to determine how much he is willing to risk on a single trade - in other words - how much is a position allowed to go in the wrong direction.

i try to ask again: i you open a trade (long or short) - and the market does not what you expected and goes against your position 1 tick - 2 ticks - 3 ticks - 4 ticks ... - when are you going to react? come on - this is as simple as a question could ever be.

or are you indeed trying to tell me that you are absolutely NEVER wrong - all your trades are winners?
More...

When you get a lot of experience under your belt, stops are based on market conditions. Not so much relative to entry price. I would say stops are more related to volume and where in the cycle you are. A lot of times if you hold a position against you a few points and you get stopped out, price will swing your way if you are patient. I think Jack practices wash trades to handle this anf get in the right mind set of the market is always oscillating up and down.

For instance look at price 120700(current price as i type). How many times in the current week has price gone through 120700?
 
my FOCUSED view thus far ...

if anyone has ensign and knows how to color volume bars to price please advise - tried all obvious stuff

Irl
 

Attachments

Quote from makosgu:

The stop loss is actually a hindrance but for reasons that may presumably be counter intuitive. It requires a bit of experience to be comfortable operating without stops. Your questions is biased heavily to drawdown as opposed to banking profits. Protection is an indication of not knowing what is happening at the moment. The best stop loss is to simply exit precisely when the above moment is dominant. Now, I say dominant because for some, the moment they enter, things appear highly uncertain, EQ stuff, especially since the bars volatility is exactly what it is, VOLATILE. Grob does not operate with stop losses. What may be needed is putting in some thought and consideration into why anyone would want to trade without stops? Maybe that's an IQ q but fotunately you don't have to be a rocket scientist to ponder over that. Everyone has the ability to answer these type of questions.
More...

Mak

your posts last night were of great interest. You have sparked my next task namely to collect data in excel ( I think using DDE) and assessing the relationship H-L : bar volume.

In ref to your point on stops I see several scenarios

1. You some how nail the top and bottom so no stop needed
2. You asses your chances of doing item 1 above and make several attempts at key moments and simply wash if you are wrong i.e. no draw down tolerance therefore
3. Are both long and short in multiple accounts e.g. riding a wider channel downward while picking trades off to the upside.

I'm thinking #2 but clearly there may be other options not yet clear. The sweeping continues ...

Irl
 
Quote from Ireland:

my FOCUSED view thus far ...

if anyone has ensign and knows how to color volume bars to price please advise - tried all obvious stuff

Irl
More...

Great CHART... Your lines are so clean... And you are aware of FTT's. FTT's are always failures to reach the left trend line. It is a traverse that fails, not a retrace. The diff between a traverse and retrace is always corroborated by volume. Increasing volume, traverse, decreasing volume, retrace... In a chart yesterday, I annotated a retrace to traverse transition. The transition was a volume characteristic.

Someone somewhere also has PRV bars for your software package (ie. phantom volume bars). Any assistance for ireland?

Thanks for your Q, stalker!

MAK!
 
Bloody ET 60 sec post limit. Maybe i should pick up a second handle...

Thru Bar 17...

MAK!

FWIW
if there are others without any software whatsoever, you can use http://www.prophet.net/analyze/javacharts.jsp and detach.
It is completely free with lagging data. I have ZERO affiliation with them (except as being a subscriber for RT data), but they do do the channels line feature in case you have some difficulty creating an exactly parallel line... Tools->Drawing Tools->Channel... Also, it is web-based so I can trade from any java enabled terminal since IB also has a web interface.
 

Attachments

Status
Not open for further replies.
Back
Top