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     msparks
Member
Username: msparks
Post Number: 1135
Registered: 10-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 07:24 am: |  
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Please assess the attached charts 1 min, 5 min, 15 min and hourly and let me know where i am getting it wrong please.
The cheques in the mail OK.Thanks
what i did good
i had the trend nailed as short
i exited but had to allow to much room to be proven wrong
what i did bad
lost some money
entered without separation in the ma's short term
feel rotten because i got tricked out of yet another would be profitable trade
observations
the 5 min looks the chart to trade but maybe just this instance, waite until blue ma's penetrated before entry,
perhaps i need to allow more room, larger loss to try to capture the larger moves without the ruddy noise.
" I have my own unique system "
" I buy high and sell low "
"Money is not the main game , it is sticking to the plan, through thick and thin , unwavering from a disciplined approach to share trading "
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ingot54
Member
Username: ingot54
Post Number: 2018
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 09:56 am: |
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MSP - Do you enjoy trading against the trend?
IF not, then stick to the longer TF
Incredible
Charts
now with US Data
- AMEX, NASDAQ and NYSE data
- OTC BB and Pink Sheet stocks
- more than 500 market and sector indices
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Keep Smiling - Don't look back
Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison
Loss and failure are inevitable but misery is optional
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ingot54
Member
Username: ingot54
Post Number: 2019
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 10:01 am: |
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PS - smaller positions and wider stops on Longer-Term charts should see you off to the Bahamas for Christmas.
See you there.
You have the basics right - just spending too much time in front of the screen - you are scaring yourself out of thousands of dollars.
Turn the @$#@%%$$# thing off and play with the twins for a few hours.
If you are using LT charts, you've got it made.
ST trading is for folks who are bored with the real things in life imho.
If you have nothing else to do with your life ... trade ST TF.
Keep Smiling - Don't look back
Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison
Loss and failure are inevitable but misery is optional
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ingot54
Member
Username: ingot54
Post Number: 2020
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 10:01 am: |
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PS - keep the cheque.
I no longer need money.
Keep Smiling - Don't look back
Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison
Loss and failure are inevitable but misery is optional
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pse
Member
Username: pse
Post Number: 92
Registered: 10-2007Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 10:47 am: |
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Msp
1]
Those averages on the 1 min chart where u opened are terrible. When they are tangled up like that it spells indecision. You want to trade certainty not indecision. (unless of course you are in a channel with at least 4 obvious pivots then the rules change; which u r not at entry)
2]
Also, I have had success using a 1 min chart for entry and exit signals, and a 5min just for a different perspective. But 1 min is the dominant chart for me at present. It gets confusing if u r reading each chart for entry and exit signals. It is better to pick just one and focus on it.
3]
I am quickly coming to the conclusion that the only way I am going to succeed at this is if I have “very tight and very clear entry signals” – to the point where I never guess, or wonder “should I, shouldn’t I?”
If I don’t see one of my 4 entry signals then I simply don’t trade. And every day my entry signals are triggered without fail.
Do you have a very clear set of entry signals which u have tested, imprinted in your mind?? If u dont u will be subject to "guessing" in the heat of battle.
4]
Where you shorted, I see if anything, “a potential long coming”. The first short opportunity (according to my signals) occurs as the red avs cross over the blue, and as the candles show convincing break-out behaviour.
You’ve got your colors mixed up by the way – red should be blue and vice-a-versa.
Good luck, I hope u crack it. I sure would like to.
5]
PS please send the cheque – there are many, many mistakes to be made to learn how to trade the index.
"TRADE WHAT IS, NOT WHAT MIGHT BE"
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ingot54
Member
Username: ingot54
Post Number: 2022
Registered: 05-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 11:27 am: |
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MSP - On further reflection ... it seems like your entry was just too early.
It may be worth going back over your trades and:
a) Finding out what the result would be if you had received confirmation prior to entry
b) Kept the next 2 longer TF in mind as you entered
In this case, when looking at the 1 min chart (only for thrill-seekers imho) I would also be looking at the 10 min and maybe 1H charts.
The "secret" is not a secret really - it is merely a matter of trading with the LONG TERM TREND.
Got that?
If the LT trend is INTACT, then it WILL eventually assert itself over the 1 minute and 5 minute "noise".
This is why you get into trades, then get scared out of them when they run against you, only to see the trade turn and go in your (previous) favour.
There is only one thing to watch here imho - SMALL "noise" movements are the beginning of MAJOR turning points ... they all start somewhere.
To avoid getting locked into a disaster, just be certain the LT trend is powerful and stable (at the time of entry). This can be confirmed by referring to the Stochastics in each TF.
If they line up (all running in the same direction) then you have a "safe" trade. At least "safe" in the sense that the probability is stronger than 50/50.
If you follow my notes here, it is unlikely you will go too far wrong - and that trip to the Bahamas will be booked for sure.
I repeat - no need to send the cheque - I always have enough for my daily needs - and now I hope I have taught you how to fish!
Keep Smiling - Don't look back
Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison
Loss and failure are inevitable but misery is optional
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peter1
Member
Username: peter1
Post Number: 186
Registered: 12-2005Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 12:26 pm: |
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Mark. It is extremely difficult to trade the SPI profitably during the night. Tight stops will be hit all the time. Please look at the out of market hours volume.
Look at the FTSE (Opens 7pm AEDST) and if you can't sleep, look at the DOW or S&P500. At least these markets are open and have enough liquidity for you.
Give yourself a chance.
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smallworld
Member
Username: smallworld
Post Number: 677
Registered: 01-2004Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 01:16 pm: |
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SPX is not SPI Peter
Mspark
You've been around long enough, I think you know what there is to know.
Just some background regarding trading SPX
SPX is around the range of support at 1400. In addition, long weekend is coming up. What do you think people who are short right now is looking to do?
Rugby is just a game, it isnt a matter of life or death, it is more important than that
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hilarius
Member
Username: hilarius
Post Number: 3236
Registered: 04-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 01:25 pm: |
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SW
An interesting question :-
Are there more nervous long sellers than short buyers ?
Very Best Regards
H
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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smallworld
Member
Username: smallworld
Post Number: 678
Registered: 01-2004Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 01:59 pm: |
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H
Are you looking to buy or sell when market is at a low?
Rugby is just a game, it isnt a matter of life or death, it is more important than that
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hilarius
Member
Username: hilarius
Post Number: 3237
Registered: 04-2004
Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 02:10 pm: |
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SW
Most certainly I would want to buy at a low, or at least in a convincing bounce up after a low
Are you offering a rolled gold guarantee that we are at a low 
H
I come in peace to share my thoughts and to shine my candle light on possible long term opportunities
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pse
Member
Username: pse
Post Number: 96
Registered: 10-2007Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 04:12 pm: |
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hi ingot
your idea re trading the days major trend makes a lot of sense. it certainly would be more efficient than opening and closing all day.
what is your technique for determining and trading the days main trend; keeping in mind complicating variables such as: stop losses
margin calls
and overnight trading which often values in much of the trending activity before morning
do u work it out the day before or in real time. can you put up an A2C chart or equivalent, and project a day ahead, just as an example.
thank you
- peter
"TRADE WHAT IS, NOT WHAT MIGHT BE"
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captain_chaza
Member
Username: captain_chaza
Post Number: 2848
Registered: 02-2003Rating: N/A
Votes: 0
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| | Wednesday, November 21, 2007 - 04:58 pm: |
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