Canaccord Share Discussion Threads

[fivesboy] 28/5/2008 11:39

Good call Henry, You were right.

[fivesboy] 28/5/2008 11:29

I see what you mean but I like your CCI being over +100 still.

[henryatkin] 28/5/2008 11:28

The problem with doing that is deciding when to get back in - it can be a long wait for a new signal and with only about another hour in my trading day it may never come.

[henryatkin] 28/5/2008 11:22

Personally seeing how the price is struggling to get to the pivot point I would tend to take profits from the three long positions that I would have had open. That is when the pivot is hit. Again an individual choice. Like now!

[henryatkin] 28/5/2008 11:15

Fives ... getting back to Ross. The low of today 6047 at 09.59 gave a Ross 1,2,3 breakout at 10.05. The uptrend from that is still valid. We'll see how it ends.

[fivesboy] 28/5/2008 11:06

I'm there! looking for above 6080 or below 6074.

[henryatkin] 28/5/2008 11:04

I would now be watching for a break on the 20 period consolidation.

[fivesboy] 28/5/2008 10:55

Ok. Thanks H.

[henryatkin] 28/5/2008 10:46

Fives .... about now I would be keeping an eye on the 6088 pivot.

[henryatkin] 28/5/2008 10:43

Fives ..... not very far. My first impressions are that it is built around highly liquid futures market trading the tick. I'm not sure about other timeframes. His top and bottom signals do show up all the time on ftse 100 charts but not 100%. I am thinking that dow overnight influence could mess things up sometimes. US traders really do speak highly of him. The general top/bottom of peak, retracement and break of the point two does seem to crop up all over the place.

[fivesboy] 28/5/2008 10:14

Sorry to bombard but I'm also looking at Law of Charts / Joe Ross. How far have you gone into his method?

[fivesboy] 28/5/2008 10:09

Henry, Am I missing something or are my settings all wrong. Did not see an entry with your settings circa 6060. Would you be able to elaborate for the unenlightened? And I thought I was doing so well! :0

[henryatkin] 28/5/2008 10:02

Well done fives.... a good entry a few minutes ago at 6060 short but I would have waited for the next bar to break the previous low.... will see how it pans out.

[fivesboy] 28/5/2008 09:57

Good call from me, shame I was in the shower when it happened. Arrggh! Whyd didn't I put that limit order in???

[fivesboy] 28/5/2008 09:41

Both 1 min and 5 min charts working their way towards a the point of a pennant at the moment. Will be interesting to see when the squeeze breaks out.

[henryatkin] 28/5/2008 09:11

Just watching today .... may join in later. The way the ftse often seems to go is action between 08.00 and 09.00 the quite for an hour or so then a bit more active later morning as the market reverses earlier optimism and starts to take in news from the US. Between 12.00 and 14.00 often most active but beware of 13.30 major US announcements.

[adyjudge] 28/5/2008 08:18

hi gang,
henry good idea re.thread, i will read with interest

going to go through your email again & make sure my settings are correct in sharescope so will able me to do some serious testing

market seems a tad undecided at the moment hey

[fivesboy] 28/5/2008 07:42

It's interesting your repeating that this is not amechanical system but that is exactly why the Turtle Traders were successful, in their opinion. I say that because your system is close to being mechanical with some subjective override yet you are currently finding it works. So I think as you said in your e-mail, you do what works for you and what you feel comfortable with.

With regards to your saying you don't give the SMI that much consideration, is it the jumbled MAs that make you stay out more or just reading the 'music'?

I'm finding your notes on consolidation are helping me get out of my strategy more successfully.

P.S. I am really enjoying this process. Thanks again for kicking this off and being so open.

[henryatkin] 27/5/2008 20:47

Sorry I couldn't get back earlier I've had connection problems today. Lost connection four times - good job I wasn't trading.

Fives .... you are so right. The one minute chart is hard to trade. A lot of mind game issues with the market. It is especially hard on days like today where there are a lot of trades that don't come to anything. I would much rather sit there watching for hours with no trade signals at all than keep being in and out. I think understanding the strategy is much easier than being able sit down and apply it. At the end of the day this is as near as I can get to futures trading without using a direct access broker and paying tax. The longer I do it the easier I find it.
Regards SMI - I don't give this much consideration but use it just to confirm what I am already thinking. I must enthasise that this is not a mechanical system so an element of common sense should be used. For instance there would have been a short trade at 6098 at 09.54 which was signalled to close out at its crossover. But at the time of the crossover the candles were falling so I would have let the trade run on through the consolidation and into a small profit instead of a small loss.
I have tried to be honest with myself and check back how I would have traded between 08.44 and 12.45 when I would have packed up. I believe I would have come out with about 80 points from the three positions. As often happens most of that came from the last part of the session. Its like some sadistic B...... is looking down and trying to make you panick into packing up before your winners come along. Not easy to do, I agree but well rewarded imo.

Smarm ... we wouldn't want the colours to clash with your wardrobe would we?

[smarm] 27/5/2008 19:03

henry -I'm set up, that's a start. I've had to use colours that work for me, namely blue and green (blue sky, green grass, I'm a simple soul)!

I'm going to watch tomorrow morning. Any retrospective trades would be helpful.

S

[fivesboy] 27/5/2008 15:26

Have found your 1 min harder to trade so far. I know it will take time to get used to. I like the variety of having 3 options with CCI being the lynch pin. Difficult to judge when SMI is going wide enough to start entering trades. There are also a lot more signals!

On my EMA 8x21 5 mins I've had two very clear signals thus far and going well. In for a sell at 9:15 using the re-trace @ 6113, out at around 14:05 for 6065 after it broke in wrong direction after consolidation. Could have grabbed more earlier but I felt there was a good chance of further downside. In again around 14:30 for a buy at 6066, again after first re-trace and it's going well so far.

Once you're in a trade, do you set a stop loss of break even or just let the trade run as it needs to? I like the idea of Ady's ATR. I'm trying see how I can use it and feel comfortable with it. At the moment I have a general tight stop loss of around 5 or 6 points to see if the trade is going in my direction initially. If not, I've only lost a few points. Then once the trade is going as planned I then have a stop loss of entry point for a free trade.

[henryatkin] 27/5/2008 14:51

Fives.... had to visit my mum this morning but entered three positions at 08.44 short ftse 6111 and had to close at 09.27 ftse 6096 after it started to retrace from a big down candle with SMI overbought. A bit fortunate with that because a few candles before the big drop 20/20 and D/T had both crossed over but as the candles were falling & I was about to go out I let it run. Haven't looked yet so don't know what happened next.

[addventurer] 27/5/2008 14:09

Thanks for the email,Henry.

[fivesboy] 27/5/2008 08:55

So Henry, did you get in around 8:35 this a.m. or was SMI still too low? My educated guess is that you are still waiting.

[henryatkin] 25/5/2008 16:24

A couple of errors spotted by Mach21 on the friday afternoon chart:

I wrote that the CCI entry was 6160 but it was as per blue line on the chart at 6143. The trade close I had crossing the +100 line instead of the same price but at the zero line (about 17.05). As I said I didn't trade this chart and having looked at the morning chart I would not have traded at all - preparing another email to explain why with the morning chart and details of "when not to trade". Just to clarify the CCI entry for our settings is cross zero and then breach +/- 100. The close is at the next cross of zero line.