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atto

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I was thinking we could use a thread to easily share charts and make more detailed comments regarding something that was discussed. I've had a few chat discussions bleed into PMs because of the more "formal" setup, so we might be able to get some use out of this.

 

Inviting the regular chat crew, if I forgot you originally, whoops. Likewise, if you'd like to be removed, let me know.

Edited by atto

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i was saying in a thread i started that the size of fractal waves (or minute bars) relative to the legs up or down directly relate to how frequently a trader's risk gets taken out before he gets reward. that's probably not what you're pointing out though eh Atto? what should i be interpreting?

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(second time typing this, browser error..bleh)

 

In chat, the topic of position management can up. Specifically, fixed size exits vs market based exits. When I first started trading (past 1 car), I used an immediate scale out at x ticks ("locking in profits!"). The underlying reason was because I traded scared, and wanted to get size off ASAP. This is not a winning strategy. Soon after, I moved to all-in-all-out (realizing my fear, and simply removing the practice entirely). Phantom of the Pits changed my view on entries, so I started scaling in (for example, I may add to a winning position when I get another unique entry setup). Db helped me also view exits differently, suggesting that scaling out maximizes profits (for him). Trading isn't a game to be "right" or hit home runs, it's all about the P/L. I spent several hours going over previous trades, and realized that I would have profited more by scaling out at "exit setups". I've since moved to a scale in - scale out position management strategy, and am very content.

 

My exit position management is based on S/R and climaxes. I do not exit in anticipation of S/R, but will scale out (or exit completely) at a S/R confirmation where price does not move through. I also (aggressively) move my stops up just under previous s/r areas. Most significantly, I scale out on climaxes (which, if they present themselves, can give you very good exits).

 

I'll get an illustrative picture in here eventually graphically explaining what I'm talking about. Thoughts? I'm no expert, so please feel free to share what works for you.

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Lame answer: whatever works for you. It probably depends on position size, and trading timeframe. I tend to group my contracts in 1/2's and 1/4's for exits and re-entries.

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good idea atto.

I am driving from LA to NY. I am about halfway, so be back in room on Monday. Good luck and have fun. See you guys next week.

 

nice stanlyd, how does the corn look?? take some nice photo's for us. c ya soon!!

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Hi fellow chatters... a lot of people felt that the market behaviour is somewhat different than at other times over the course of the past year, and several people mentioned having problems with S/R lately (see also wasp's thread about The Art of Support and Resistance), perhaps this is due to the fact that price, after breaking out of a R level, fails to hold above it but falls back immediately.

 

I think most of us would expect price to make a pullback and continue it's direction.

 

This is how I see it on the ES. Feel free to correct or comment in any way. The light blue dots indicate breakouts above R, the purple dots is where price falls back below it... perhaps this is where some parts of the problem lie...

 

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es_h4.thumb.gif.5c762f8d1ef37e16a8d65add1276ccb0.gif

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Some interesting things I have found with this particular market is lower volume spanning across the day. Previously what I considered high volume has dropped significantly. I'm not sure what it can be attributed to, maybe it's the Summer doldrums many people keep mentioning, maybe its the bounce we are seeing in what many still believe to be a declining market.

 

Less interest in the buying side could arguably be seen in the way we have risen on this July-Now bounce. It is slow which is healthy for a longer term trend but we are seeing considerably smaller and smaller rallies on each bounce. In fact I might even suggest that the breaking of resistance and falling back into it without clearly taking off (like seen in your chart) would imply the lack of faith in buying right now.

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hi guys, you got 20mins to learn a new setup??

 

about breakout trading. something for you atto! ;-)

 

 

Range Break out video pt2

 

cheers, marius (aka mong)

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geez. not much oneway trending today. !!

 

 

i found two great support area's, using this mis-understood-hindsight technique, where market reacted both times.

 

nice!!

!A47.thumb.png.6edbf88e83dc580cbef6a4d86cc2ffd5.png

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another video guys!

 

http://www.marketmastery.com/video_6pack_risk_shield/

 

 

also a live seminar tommorrow about:

Mind vs. Method:

Getting Subjectivity Out of Your System

 

not sure if the link will work so try it if you want.

http://click.exacttarget.com/?ju=fe3116707d64077c7c1576&ls=fdf412717065017f731d7875&m=ff2e1271746d&l=feba1c767c650074&s=fdf715727060007f7d167871&jb=ffcf14&t=

Edited by mong

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hi guys, this just recieved this coupon from a friend.

 

i think the offer is that they are NOT asking for [credit card details] for the next few days, upto sep 21. normally they probably do cause they offer a trial anyway!!

 

so i just signed up and its true. they didn't ask for those details. so i just put in some details and confirmed thier email. maybe some of you also want to participate.??

 

cheers, mong!

p.s. could be interesting. i always like to see how other professionals are "actually" doing things!!

 

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TRIAL In order for you to appreciate the Squawk Trader Broadcast we are offering a 5 Day Free Trial. The purpose of the Trial is to give you a glimpse into the kind of trading information and data you will be receiving. Currently we do NOT require a Credit Card for you to sign up for the trial. After your trial period is up and you decide to sign up for the service, the minimal amount we charge for our service you will find WELL worth the investment.

 

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