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Establish an entry price to enter the trade rather
then support resistance. Make sure that the setting for the stochastic is
set to the half cycle of the cycle that you are trading. i.e. 22 bar
cycle stochastics first number should be 11. Always count cycles from low
to low, never high to high due to translation of the highs.
Remember that there are always two trades on any
chart. One up and one down. If you are entering long determine ahead
of time what would signal the entry to a trade in the opposite direction.
The first thing you want to know is what will make
your discussion wrong. You don't want to get panicked in a market
and start to mentally defend your position and the trade that you entered.
I am not talking about a stop determination I am talking about a trade that is
going your way. What would be the entry price for a trade in the opposite
direction? Trend or contra trend. It might not be worth trading but
it might pay to exit your current trade and re-enter on the next leg up or down.
Hope that this helps a little. Have a good
week end. Ira.
----- Original Message -----
Sent: Thursday, July 14, 2005 9:50
AM
Subject: Re: [RT] S&P
Thats what I have been doing for the past year
odd
buying weakness in uptrend and selling on my price
target and
missing the peak 2 to 3% each time, but
this time I screwed up big time
expecting more
weakness when it was already weak. Thank my lucky
stars
that I dont trade futures-just stocks, else I
would have been in big
trouble by now. Analysis
paralysis is what I went through.
Ben, Ira
a question - How do you know "IN TIME" when a
price move is the real deal
and not a fade? I look for
price validating the signal(I just use the
stochastic
in addition to PitchForks and the periods for
stochastics
vary according to the last confirmed cycle
length in the issue) by follow
up action i.e closing
above the signal high. Is there anything more that
one
can look for?
Regards
R
--- "mr.ira"
<mr.ira@xxxxxxxxxxxxx> wrote:
> Ben:
>
> Everyone
enters and exits their trades based upon
> the system they use. I
would exit based upon
> reaching price objectives and then confirmation
from
> my two indicators. I prefer selling into
strength
> rather then being stopped out due to weakness.
I
> liked to give it to them when they screamed for them
> and buy
when they were dumping them. Whom ever they
> might be.
>
> At this point there is no position to defend and all
>
that is required to re-enter the market is a buy or
> sell signal.
> ----- Original Message -----
> From:
Ben
> To: realtraders@xxxxxxxxxxxxxxx
>
Cc: ntt-list@xxxxxxxxxxxxxxx ;
> e-mini_traders_anon@xxxxxxxxxxxxxxx
> Sent: Thursday, July 14, 2005 8:12 AM
>
Subject: Re: [RT] S&P
>
>
> Hello
Ira
>
> the 2 most important warning sighs
are:
> a: new high new low did not improve last 2
days
> with higher prices,
> b: McClellan osc for
issues and vol are showing
> bearish divergence,
> As
you know , My belief about taking profits is
> Very
important,
> this is why I called my 2 main indicators ,
one
> profit index and one long term trading,
>
Both measure profits at different time frames,
> my
sell is cash close under 1212
> p/c is still pointing
higher, and so is volume,
> set back is just 2-3 days
to 1180
> then new highs,
>
Ben
> ----- Original Message -----
> From: mr.ira
>
To: real traders
> Sent: Thursday, July 14,
2005 10:56 AM
> Subject: [RT] S&P
>
>
> This rally is over. I don't
know what is going
> to kill it, but today should be the last day with
a
> retracement on Friday. Let us see how that works
>
out.
>
> I don't have a sell
signal, just a warning that
> it is time to take profits. Ringing
the cash
> register is the name of the game. Like a very
wise
> old timer said, " I will give someone else the
>
first 10% and the last 10% as long as I can get that
> 80% in the
middle". The indication now is to take
> the 80% and sit back and
wait for the next signal.
>
>
>
Ira.
>
>
>
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