|
PureBytes Links
Trading Reference Links
|
Hi Simon, I too wait for a conformation of a move starting whether that be
a retracement or trend change either way I will wait for one of a number of
patterns to set up before entering at the market. I can see that entering
a breakout would require stops to enter but anything but market would be
too fussy for me. If you have the time I would be interested to hear more
of how you get confirmation of a retracement and why a stop is the best way
in and indeed how you manage to keep what to me are very tight stoplosses.
(Perhaps you are trading of one/two minute charts?) I use a five minute
chart but sometimes go to a 3 minute if the volatility gets too high (based
on a 20 period xma of bar size/range). Stops for me are usually 150/250
points. Less than that would be nice and cheap!!
regards
Philip
----------
> From: Simon Townshend <UKTrading@xxxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: Enter on Stops ?
> Date: 14 August 1998 19:28
>
> My strategy is also to trade retracements, but I look to enter in the
> direction of the trend once the retracement has proved it is a
retracement
> and not a trend reversal. So by its very nature the strategy dictates
> entering on a stop. It usually allows me to use pretty tight protective
> stops, usually less than 100pts from my entry, again because the market
is
> going my way by the time I am in.
>
> >From what you say it looks like if you had entered on either a stop in
the
> direction of the move or managed to get your limit filled you would have
> been OK. The market order killed it for you, as is so often the case.
What
> a pain!
>
> Actually that reminds me of the other fact about entering on limit orders
> which is that you always get filled on the losers but can often be left
> "unable" on the winners.
>
> Anyway limit, stop, market, MIT, etc unless we get another move soon it
> looks like both of us have had our fill for this week!
>
> Thanks for your thoughts - have a good weekend.
>
> Simon
>
>
> -----Original Message-----
> From: Gary Kramer <gmkramer@xxxxxxxxxxxx>
> To: UKTrading@xxxxxxxxxxxxx <UKTrading@xxxxxxxxxxxxx>; RealTraders
> Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: 14 August 1998 18:50
> Subject: Re: Enter on Stops ?
>
>
> >The type of order depends upon your trading strategy. I daytrade S&Ps
> using
> >retracements as the basis for getting into a trade. I prefer to use MIT
or
> >Limit orders to get in. This morning I wanted to short the market at
> 108450
> >as the contract traded below this. it moved up quickly to this level
> before
> >I could get my limit order in. I therefore decided to get in at the
> market.
> >My fill was at 1083, so I placed my stop at 108560 (I always use a stop
of
> >about 2 points). The market bounced a little higher and took out my
stop.
> >As expected, it then headed lower to about 1082 over the next 10
minutes,
> >eventually getting down to 1072! If I had gotten into the trade at my
> limit
> >price, i would have had a nice profit as opposed to a 2+ point loss!!
> >
> >Gary
>
>
>
|