tyro's Post
down 15pts from when 2,000 broke, and 40 pts from the gap close! incredible.
15 Replies:
on days like this its embarrasing...u look back at the chart and it seems so easy...not so easy in real-time
I am beginning to think more and more that catching these trend days would be like winning the lottery.... anyone care to convince me otherwise?
phileo - I've been reading up on tinyurl.com/24s8fh a lot and his system seems to catch most good trends. Not all, but most.
I'm trying to adopt his strategy to mixed success. Still not fast enough. If you want to collaborate & swap notes, let me know.
phileo: absolutely!
bat/sat/dat trader: r u saying absolutely you want to convince me otherwise, or you absolutely agree with me?
i absolutely agree with u...just because i don't know how to do it, doesn't keep me from agreeing with what u say...its imperative to recognize these days
I think it is much better odds than winning the lottery
There was too much chop in the morning, 4-5pt swings in the ES.... ugly, do you think today's trend was "catchable"?
Definitely. I didn't get much of it, but check out the 30-min chart on IWM. There was a nice candle to go short below at 10:30. Or same with the QQQQ and SPY 30-min chart. You would just need to keep your initial stop in place and let it ride.
I think the perfect time to short the ER2 was exactly at 11am
also the 12:00 candle tagged the downtrend line ym fairly obvious now :(
I shorted it at 11:02, but I covered way too soon. That's the hard part, letting it ride even though it was already down so much for the day. If I would have kept my original stop, I would have done well.
ugly, that is exactly my point.... the urge to take profits too soon is very compelling when you are staring at 4-8pts profit ..... but look at how much ER2 dropped after you exited.... same goes for ES, YM, NQ, blah,blah,blah..... but if you leave your stops too wide on a day like this you get your head handed to you..... these 2 elements combine to make it near impossible to catch trend days like this
but the thing is, it's also very easy to hold a trade like that - I never once would have been in the red. It was all green all the time. So that is often easy to hold.
Even more easy is if you can sell half and let the other half run.
