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No, I drank to much coke, stayed up late goofing off with sound equipment and slept terrible. Pretty tired this morning actually. I just like how clean the chart is, how easy it is to see levels and how much easier trading is once you give yourself permission to be wrong.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
PW, just wanted to stick my head in here and let you know how much I enjoyed your webinar. I thought it was very well done and very informative, I'll definitely view it again, great job.
1. The first is also the least effective. I call it the panic mode. Basically I trail out or manually close after X number of ticks because I think price is stalling or pulling back on me while its still in the kill zone. This rarely is the correct thing to do. It also comes into play after price has gone in my favor quite a bit but not to the overall target. I will bail out manually if I become afraid I might give it all back. This rarely is the case.
2. Go BE once price has gone 1XR and taken my first scale out. This results in my BE on the second position necessitating a re-entry if I feel the trade is still valid. This does work but its not optimum.
3. Leave stop at original location once first target filled at 1XR. This seems to be the overall best option as my win rate for this is very high. If you get stopped out on the second position, your trade is BE overall, a winner and a loser less commissions and slippage.
4. Trail stop behind swings but only after a successful new high or low after a pull back. This is the hardest to do and the most effective. The net effect is that you catch the majority of the move. You basically cut the middle out of the trend move doing this.
Lastly, if price gets within a few ticks of my final target and starts to stall, I may manually close it out. Often times this is also the worst thing to do as price many many times stalls just before my targets as the opposing players come in at those levels. If I just wait, I can usually get the full target. Nevertheless, I will probably continue to trail it real tight once price gets to my target zone.
Hope that answers your question.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I shorted a while after the open on sunday evening, got my first scale, then a BE only to see it go all the way to my original target over night. However, I needed the BE to protect me since I was not going to be up to monitor the trade. So it was a successful trade even though I didn't get all the trade had to offer. I thought there might be enough fireworks to grab a quick one last night but I was wrong.
This mornings trades were tempered by the storm and the knowledge the range might be kinda narrow. However, I still took my trades, waited til price got to the first resistance area and trailed out only to see price head on up to the original target area represented by last nights opening price.
I bought again after price held at the support level which had been resistance and was promptly stopped out. Went short after two levels broken, trade stalled at the trend line and I went BE and then got long for enough to get my first scale off and the second position stopped out. Overall, a decent day in terms of profit. A couple of poorly executed trails but nevertheless, I'm happy to finish green.
The target is still open for the last long trade which I did not take. So later on today, I'll stop back by and see how it went but with the storm and all, I think it might require more patience than I have to wait it out.
Cheers
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I took a nice break and because I had a bit of time before any real commitments, I decided to just see what happened on the charts.
I got a nice set up for a short, and so I took it. I was doing some stuff around the house, so just set it and forgot it. Well I didn't totally forget it but I did go take care of some stuff around the house and after 30-45 minutes, I came back to see my 1st target filled and a new swing low about to be put in which allowed me to move my stop to BE. After that I went back to my chores and a few minutes before I took off for the day, I checked my trade and my runner's target had been filled. I had set the target at a possible support area which was around 4XR +/- a bit. It ran a bit further of course but no way to tell that ahead of time. I placed my target at what I considered the most logical location for support.
In all fairness, I was really looking to be long today based on what I thought might be support on the daily chart. But the shorts won and so I went with it.
It ended up being a really nice profit day.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
