The student is ready

J_Smith said:
Funny how some people think trading is easy work, and I wonder how they came up with that silly way of thinking!
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Crap like this (recall the etrade baby commercials)

RN


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Redneck said:
I worked with Mark several years ago

Best thing trading related that's ever happened to me


There still resides a hole in my heart

RN
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wow. I talked to him briefly a couple of times. He told me to forget about being a floor trader. Said I wouldn't have access to order flow unless my uncle was there. Always thought I'd go back and work with him. Yeah he was good.
 
Handle123 said:
I started in stocks in 1978, and did very well, some of listening to older gentleman at brokerage I hung out and charting I was doing, Listened to what fundamentals had to have as in increasing Revenue, decreasing debt, stable net, increasing dividends and higher lows for uptrend, guys said the highs were of little value and based on happiness or emotions of over paying. Then had thought futures should be the same and lost, lost lost, lost, not the same at all, and day trading is like a year and half of charting in one day, and I have often thought one huge reason many do poorly, your speed has to increase to one and half years quicker to responding as to doing monthly bars.

2_bits, you mentioned you using 40EMA on monthly or weekly? I try to use what most usually use like 200sma on dailies which is 40 sma on weeklies, I don't use ma on monthly other than close beyond pivots for trend. I think William O'Neil was/is very good way to trade, and still is. One of my favorite stock trade is waiting for closure of gap on dailies and on ten minutes before close that is above the gap's low, to sell short risking 1 to 1.5% value of stock but not less than .25 cents. It is like staying in two days and trying to get a half to a buck or 2 week credit spreads on options. Usually so many are happy the gap was filled, so to me happiness runs out for couple days of going other way.

RN, what is PT mean? Yea trend is sort of arbitrary in longer term trading. I look at moving averages more in ideas of how far or how much distance between price and something else, could be price again of recent of 2 hours ago, so more of comparisons of right now as compared to so much time ago and what an indicator is doing. You watch price so many hours and how moving ave should respond and when it doesn't respond as it should, that becomes interesting. Trendlines are so much fun, or more like trend line failures, price breaks out and all the newbs jumping in and of course late, then market pulled back to nab newbs tight stops of they went to breakeven stops already, and I am just waiting for price to come back to trendline again and get in.
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Handle, I am using a 40 period EMA on all my charts. So in the case of NXPI what initially drew me to the stock was the monthly pullback to this EMA after a strong run up. I see RN’s point that on the weekly and daily the trend is still clearly down and there is plenty of resistance overhead. I am coming to conclude based on your and RN’s responses that a much higher probability way of trading this would be to wait for some of this overhead resistance to clear in the form of a breakout, i.e. have confirmation of resumption of the uptrend. Best would be then to wait for a pullback to scare out NEWBs and then go long above the pullback.

However, often the breakout doesn’t pull back much and for these types of pullbacks its been my experience that a fixed target is more profitable. With the current trade where I’ve anticipated the low, the risk is higher but I plan to only take half my profits at a fixed target and let half run by allowing my trailing stop take me or other adverse price behavior so that my overall reward would be compensate for the higher risk. Whether it is better to anticipate or wait for confirmation is an interesting trading question. For most of my trades I usually wait for some kind of price confirmation that the trade is going in my intended direction. Sometimes, if there are multiple factors for taking the trade before such confirmation I will do so, but generally then let half of the position run.
 
Well I reviewed about 50 charts tonight and did not see anything that I felt confident trading. I believe strongly in waiting for setups that i feel confident in and avoiding overtrading. Regarding outstanding trades, no adjustments have been made. In addition I spent an hour doing quality paper trading on the GBPCHF crossrate. This crossrate was tougher to trade than the majors for me because there was much more choppy price behaviour and whipsaws. I have more technical work to do.
 
2_bits said:
Well I reviewed about 50 charts tonight and did not see anything that I felt confident trading. I believe strongly in waiting for setups that i feel confident in and avoiding overtrading. Regarding outstanding trades, no adjustments have been made. In addition I spent an hour doing quality paper trading on the GBPCHF crossrate. This crossrate was tougher to trade than the majors for me because there was much more choppy price behaviour and whipsaws. I have more technical work to do.
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wait a minute--howany trades did you do in an hour?
 
2_bits said:
Well I reviewed about 50 charts tonight and did not see anything that I felt confident trading. I believe strongly in waiting for setups that i feel confident in and avoiding overtrading. Regarding outstanding trades, no adjustments have been made. In addition I spent an hour doing quality paper trading on the GBPCHF crossrate. This crossrate was tougher to trade than the majors for me because there was much more choppy price behaviour and whipsaws. I have more technical work to do.
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The gbp/chf is flat as a pancake. How on earth did you trade it?
 
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