Friday, March 09, 2007

Day trader ....close your eyes on hang on....


Well, again the first bar proved to be a little trouble this morning....no problem I said we can wait for the third bar reversal......so at 9:39 we started to wait..then 9:42...then 9:45...then 9:48...then 9:51 and I started thinking about lunch. Then the third bar reversal went short at 9:54 and day dreaming about banana puddin had to stop.

If you study the rhythm of the market...the swings....doesn't matter on what time frame and your favorite indicator dancing to that rhythm....well my heart pounds when it starts to go against me, but when it turns down like a point "A" I can at least move my stop on top of that pivot and reduce the risk I have. When the Stoch go into oversold......and then I just need to wait for the high of the last bar to be taken out.....point "B" and then move on to BE. Once the stoch moves back down which is point "C" then I can again move the stop to lock in pocket change on the second half....seems to work....just enough to keep the frig stocked with orange jello and whipped cream......ROTFL....that's because

Days can be sunny, with never a sigh
Don't need what money can buy
Stoch on the chart sing their day full of song
Why shouldn't we trade along?

I'm chipper all the day, happy with my lot
How do I get that way? Look at what I've got

I got rhythm, I got swings
I got my mouse...
Who could ask for anything more?

4 comments:

Anonymous said...

Thanks,
for your blog - a while ago I started using the 50 & 6 period CCI on all time frames - in addition to my other toys - and it has helped tremendously. I really did an exahaustive analysis of the 14 period CCI and I still don't know how people make it work? Even after I layered a bunch of constraints on the 14 CCI -still was not working for me. Used to think it was me now after looking through your site, its comforting to know that I wasn't alone.

Thanks again,
joe

Anonymous said...

Dennis,

Can you talk about what happened when you got long with first bar trade and how you handled it?

I got long 794.80 and as soon as I did my stoch went over sold so I moved my stop right away upto 794.70 and I got stopped there for the full boat. So a 1tick loser on the full amount.

Is this the same thing that happened to you?

Thanks,
MarioM

Thanks,
MarioM

Anonymous said...

Dennis,

On the third bar reversal trade I see that you did not take some off and go to BE right as it broke down at around 9:53am. The stoch went oversold right away..... what made you wait for another cycle of the stoch (your point B)?

I was filled short at 792.50 and was took 1/2 at 792.20 and the rest was taken out at BE.


Thanks,
MarioM

PianoMon said...

Joe,
This is one of the reason that I do this blog is to allow others to comment on and work thru problems.

MarioM,
Would be glad to do a blog update and work on the questions you have.
Sometime this weekend......:)

It's VEGAS night at a local charty function and it's SPRING TIME in the mountains of East Tennesseeeee.