The Surf Report

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Quote from marketsurfer:

Rumours pouring into the surf shack, therefore am returning to set record straight...

closed initial short position in YM on run up. gave up more than 50% of profits but still great trade.

i am back short here from 13145 with stops13167. expecting sell off.

surf,

Good Morning! Dave, I would have to disagree that giving up over 50% profits on a trade in this scenario would be great, good would be more reasonable and fair also an option. However without knowing for certain whether you closed on yesterdays reversal, or todays spike would leave me being less than objective about a fellow traders exit criteria.

These type of snapback rallies after a number of down days are severe, akin to steep declines after numerous up days. This volatility is what trading is about imho. It's the expansion of price and liquidity of the chosen instrument that presents the opportunity for very profitable or unprofitable days.

I will say again my friend, that your lack of an exit criteria equal to or greater than your perceived entry is a serious weakness. I believe that time spent in this area would dramatically improve your expectancy in profitability. The reality of it is Dave, we both know you have a bias that has you negligent in this area.

So as not to close a negative note, I still wish you and yours the best. May you continue to gain improvement as you discover weakness.

Good trading and God Bless!

Kelly
 
Quote from glassinc:

that your lack of an exit criteria equal to or greater than your perceived entry is a serious weakness. I believe that time spent in this area would dramatically improve your expectancy in profitability.
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Surf, that is one very GOOD advice, you should ponder about. Well, I also mentioned this a few weeks ago.

I like your channel system to enter a trade, but it says nothing about exiting. And I am not sure you need all that mumbo-jumbo (OK, that might be harsh) Gann method, one could just make up random channels and it would still work, specially in a volatile market...

Otherwise all the best!
 
Quote from Pekelo:

Surf...I like your channel system to enter a trade, but it says nothing about exiting.
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Actually, some of his profitable trades went substantially against him before they turned profitable. Therefore, I think he could polish his entry criteria a bit as well. (Perhaps that's just my heightened risk aversion talking. It tends to babble.)
 
Quote from marketsurfer:

Rumours pouring into the surf shack, therefore am returning to set record straight...

closed initial short position in YM on run up. gave up more than 50% of profits but still great trade.

i am back short here from 13145 with stops13167. expecting sell off.

surf
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Like all great tap dancers, couldn't resist a curtain call.

Hook, anyone? :)

LC
 
Quote from Lamont_C:

Like all great tap dancers, couldn't resist a curtain call.

Hook, anyone? :)

LC
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an encore, shall we say. holding shorts in YM from 13145 stops now 13077, and CROX.

the surf report will be back when there is something important to say, just so happened it HAPPENED soon....

surf:D
 
Quote from Thunderdog:

Actually, some of his profitable trades went substantially against him before they turned profitable. Therefore, I think he could polish his entry criteria...
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Nope, his entry criterias are strict, unless he overrides them. My bitching was about giving back decent profits, because no strict exit rules....

By the way here is an interview with Surf, for old times' sake where he explains his system:


http://www.elitetrader.com/ch/transcripts/marketsurfer_chat.cfm
 
Quote from Thunderdog:

Glassinc/Kelly,

You are far too decent a human being. There's simply no call for that kind of errant behavior here at ET. :)

Mr. Tdog,

Thank you for the kind words. I still have the rest of my life to improve, and will remain a work in progress. My apologies for the behavior.:cool:

Now on a lighter note, how are you doing? Since I see you're still hanging around, is it safe to assume you've found your edge and are managing in this arena?

Though I know you're not a believer as I am, I will still ask His blessing upon you. It is the free will we are given to accept or reject that which we are offered.

Take Care T, God Bless to you and yours, and Good Trading!
 
Hi Kelly,

I'm doing fine, thanks for asking, although I'm strictly small fry. It took a while, but then, I'm a slow learner. You know, in retrospect, the chat room took something a dive some time after your departure from it. It seems you were a positive influence while you were there. I also left when things got out of hand. Thanks for the kind words and sentiments. I wish the same for you and yours.
 
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