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Market Wizard
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Posts posted by Dinerotrader

  1. What's your feeling on holding through earnings?


    When I was more actively swing trading stocks I used to have a rule to exit the day before the news because I felt it's a coin flip at that point. Of course, there were many, many times I regretted it when it spiked my way and kept going -- I can't say I ever was 100% sure the right thing to do in that situation.




    I normally don't hold through earnings but FEED has had so many good ones that I might have held through even if I had remembered earnings were coming out.

  2. FEED




    Well, I got worked by a bad earnings/new event on FEED. Even if I had had my stop loss move up, the morning gap down was too large too handle. I sold everything at 2.60 so I only made 11% when 2 days ago I was up 42%. There are so many ways to screw up in this game.





  3. What do you use to help you determine the trend is coming to an end?


    If it's proprietary in nature no worries, no need to detail.


    Just thought it would be helpful to others to have some idea of what you personally would look for to head for the exits.




    I'd be looking for multiple failures to break through resistance, lower lows, trendline break, etc.


    I was close to getting out of FEED because it has tested the $3 area several times but didn't make any lower lows after testing so I hung in there.

  4. A friend of mine sent this to me, and I thought I'd share it here. Consider it a contribution to the "Weekend Readings."


    Best Wishes,




    A fishing boat docked in a tiny Mexican fishing village. A tourist complimented the local fishermen on the quality of their fish and asked how long it took to catch them.


    "Not very long." they answered in unison.


    "Why didn't you stay out longer and catch more?"


    The fishermen explained that their small catches were sufficient to meet their needs and those of their families.


    "But what do you do with the rest of your time?"


    "We sleep late, fish a little, play with our children, and take siestas with our wives. In the evenings, we go into the village to see our friends, have a few drinks, play the guitar, and sing a few songs. We have a full life."


    The tourist interrupted, "I have an MBA from Harvard and I can help you! You should start by fishing longer every day. You can then sell the extra fish you catch. With the extra revenue, you can buy a bigger boat."


    "And after that?"


    "With the extra money the larger boat will bring, you can buy a second one and a third one and so on until you have an entire fleet of trawlers. Instead of selling your fish to a middle man, you can then negotiate directly with the processing plants and maybe even open your own plant.


    You can then leave this little village and move to Mexico City, Los Angeles, or even New York City! From there you can direct your huge new enterprise."


    "How long would that take?"


    "Twenty, perhaps twenty-five years." replied the tourist.


    "And after that?"


    "Afterwards? Well my friend, that's when it gets really interesting, " answered the tourist, laughing. "When your business gets really big, you can start buying and selling stocks and make millions!"


    "Millions? Really? And after that?" asked the fishermen.


    "After that you'll be able to retire, live in a tiny village near the coast, sleep late, play with your children, (or grandchildren by that time), catch a few fish, take a siesta with your wife and spend your evenings drinking and enjoying your friends."


    "With all due respect sir, but that's exactly what we are doing now. So what's the point wasting twenty-five years?" asked the Mexicans.


    And the moral of this story is: Know where you're going in life....you may already be there.


    …..Later the tourist met with the wives of the local fisherman and asked about their life.


    “Lazy husbands” they said in unison. “They barely work at all each day, they sleep all the time and go out drinking with their friends every night. Because our husbands work so little we have no savings for unexpected costs like health problems, we still live in a rough neighborhood so crime is uncomfortably high around my family, all we eat is fish for most dinners and he never takes me out to nice restaurants, the kids have no money saved for college…. need I go on.”


    “Your husbands made life sound so good” said the tourist.


    “Well, what we have would be great if all you wanted out of life was to work very little, sleep all the time, play guitar, go drinking with your friends, and sing songs.” said the wives. “That however, is not really what we want out of life. We want to life in a safer area, eat better food, give our kids a better education, have a large savings for unexpected problems, maybe get our hair done every once in a while. It might be nice to also help out the poor or others who are in need. There is much we want from life that we can’t have because our husbands barely work and sleep all the time.”


    And the moral of the story is: Life has much better things to offer than sleeping and drinking and your wife probably wants those better things.



  5. Since my main intrest is also CL, i have been following

    your evolution.

    I see that you are more selective: number and the quality of trades.

    How do you filter?


    Nice progression.


    I'm working on trying to only take trades that have an extra confirmation. I mostly trade CL reversals so I definitely am watching for divergence type price action and then waiting for something extra to help confirm that chances are high for the turnaround maybe a nice hammer candle or other such signals.


    Out of the blue, I got a large amount of extra work to supplement my income so I haven't been able to focus on my trading as much lately. Once that dies down, I'll get back at my posting here.

  6. Nice three day string Dinero....when are you thinking of moving back off the sim? Have recently revamped my trading system - trading small but consistent for the first time - ever.


    July is going to be a light month happily due to vacations - but will start posting again in August!


    Live trading is still a bit away. I need to see a lot of controlled consistent profitable trading first. Look forward to your postings.

  7. How do you define category A (in more detail)?

    Do you include breaks in your 8 hours (lunch, coffee, cigs, etc) as in normal 8-hour day-job?


    No inclusion of lunch, coffee, cigs, pot, heroine, etc. Category A would be actually monitoring positions or watching for entry/exits. Don't get too hung up on the details.;)

  8. Sure,

    As we can see from the chart above, we are looking for possible support in the cluster zone 73,74 - 74,10 (end of Wave 4). If the prices are supported in this area then we will find the wave 5 projections as possible upside targets.




    Okay I more clearly see what you are seeing. Now the question is how do you get in watching a daily chart. At what point in the (4) area will you buy?

  9. Interesting daily chart pattern to monitor in coming days:




    Based on the pattern you see, where is the trade setup in your eyes? If you could show it on the chart that would be great. Thanks.

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