Dennis,
Today (2/22/06) I was a piece of cheese. Took the first bar trade and was stopped out also took the 3rd bar trade and was stopped out. Ouch! Can you please talk about this day some...
Thanks,
Mario
February 22, 2006 1:53 PM
Mario posted this in the comment section so I "would" like to talk about it. Well, first of all there is a lot I could talk about and pretend that I make a killing and you were stupid in some way and didn't trade it according to the rules and so on......but the truth is I got nailed on both trades also.
The first bar trade: The stoch on the 70t was oversold when it triggered so I allow it to come back up and re-cycle down into oversold again and then use the high of the last bar as a place to take half off....that would be point "B", but it never made it down there.....so when the third bar triggered........I reversed since my stop it a tick above the high of the first bar....LOSER!!!!!!
The third bar trade: The stoch on the 70t was overbought when it triggered so I allow it to come back and re-cycle up into overbought again and then use the low of the last bar as a place to take half off......that would be point "D", but it never made it up there....so I was stopped out with a LOSER!!!!!!!
Once in a while this happens...simple as that....BUT what to do after that might be a good question?
That would be my ideal setup because I am down at this point and would not be playing games......I was watching the ticks and saw them move from below -400 to above 400 and then back to zero....as price held. Anyone that knows me, knows I am all over that one and we even talked about it in TradersHaven as it unfolded. There was also at setup at "F" when we saw another 50 CCI ZLR with the stoch and painting bars......and of course "G" gave us another one......to consider a trade.
The secret sauce was green and only gettin greener....as the day unfolded and I can only say thank you to all the short sellers today. I did a short for a number of reason including a divergence in the internals against price after I had covered this move...again we talked about it live in the chat room. But when "G" setup and triggered I reversed and got it back plus lunch money......
So you have to have a plan, one that you will live by and die by, that is solid in your eyes and belief and stay away from the latest greatest noise you hear or think you see the holy grail......you already have it...you just need to believe in it.
Posts
3 comments:
Dennis,
Thanks for posting that; I greatly appreciate your work. I will search though your archives to see if I can learn more about how to use the ticks as I am not familiar with it.
Mario
Dennis,
A trade that has worked for me is that when I miss the short on the ER and it starts moving so fast that it's not worth the risk of the chase, if I see the ES just sitting in neutral as though it's not affected, I short that and it's usually good for a couple of points. In the case of this morning, the ES finally went down in sympathy from 1188.50 to 1186.50. It's like it was served up on a silver platter to short in slow motion, given the rate of downward acceleration of price the ER was already experiencing.
Dennis,
It's nice to see even you get nailed once in awhile! Bet Matrix et al didn’t screw up their trades!
The best part is the effort you have put into the debrief for the rest of us. It's a real solid give-back on this side of the fence, and helps us enormously. Thanks.
Kiwi - also a great post. Who said birth wasn't painful . . .
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