Trade For Wednesday 9/09/05
NAV long at 34.50 sold at 34.60,34.70,34.75 +.10,+.20,+.25
This one came up on the Trade-Ideas scan for longs with volume set at 1.5 times average.Watched it trade for a bit before my entry and set my sights on a blast thru some big orders that kept coming down and getting taken.They played a little fake at first but held it nicely.I had good MACD trend up on my 15,and 60 minute charts and a slight turn up on the 5 minute.5 minute was slightly trending down but I also had a good entry signal on the 1 minute stochastics and the market trend in general.Calling it a day here,like I stated earlier it's my first day back so there wasn't much trading for me today.Good Trading!
posted by txtrader @ 3:31 PM
5 comments
5 Comments:
Hi,
I am doing simulated trading using your moving averages strategy. My winning percentage is less than 50. I wonder how you make such precise scalps consistently. Also do you use any other indicators other than sma, ema and macd? Do you use market orders or limit orders?
have fun,
Prathap
Hi Prathap,
Don't worry about your winning percentage too much. Concentrate on keeping losers very small. My winning percentage hovers around 70% and yes I do use other indicators.The nyse open book plays a very big roll in my trading as well as sp futures direction and many times a one minute stochastics.Let me know your progress and feel free to comment anytime if you need a more in depth explanation.Good trading to you.
Hi txtrader,
Thanks for the information. The reason i mentioned about winning percentage is that so far I my average loss amount is more than average profit amount. I think you are right. I need to concentrate on cutting losses. I often fail to take small profit and end up making big loss.
I am guessing both nyse openbook and sp futures are paid services. Could you give me urls where I can get more information.
have fun,
Prathap
Hey Prathap,
Yes I cut losses very quickly,sometimes even before my actual exit/stop price is hit if I feel necessary.Like if I get a big counter against me.I am very disciplined about cutting losses quickly.As far as my orders I seldom use market orders unless I want to test the market a little(to see where they are filling orders can sometimes give me clues as to the direction of the trend).Mainly I use limit orders or send direct to specialist.Market orders will usually get terrible fills on nyse, so I tend to stay away from them when I can.
Any charting software should have the feed available for getting the s&p futures, I use Esignal myself,you just have to pay the subscription fee for that feed.For info on the Nyse open book go to:
www.nysedata.com/openbook/
Also most direct access firms should offer it for a monthly fee.
Good trading!
Thanks for the info txtrader. I need to do lot of work in my exit points. People like you inspire me to put more energy into my learning.
have fun,
Prathap
Post a Comment
<< Home