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[minky] 26/6/2008 10:53

Morning Each. Changing ISP's and it has not gone well. Currently without a computer at home. New broadband modem is apperently faulty. Might stop me losing morer money than ususal.

[henryatkin] 26/6/2008 10:42

Fives .... fairly quiet at the moment, I only have a long term trend position open for now. Short term trend entry usuall on a 123 or CCI peaks and troughs if something looks likely. In first hour of the day I go side by side with price action to get started.

Price Action Trading Method:


after that follow the link to www.trading-strategies.info

[fivesboy] 26/6/2008 10:20

Thanks Henry. I'll need a wide notes section then! I've had a good couple of daysWhat do you use for your short term entry positioin confirmations then?

Pretty horrible out there today so far. Normally when I say that, things pick up ;) There you go, I held off and a minor breakout. Let's see if that kicks things off!

[fivesboy] 25/6/2008 12:04

Yes Henry, inverse of yesterday so far. Good early on and has petered out thus far since 10:30 for me. Waiting on news Stateside possibly. Still had a good-ish day at 30 points. I am concentrating on FTSE to ensure I can make profits consistently before thinking of going on. Once I am settled with one strategy I will need to do what you do Henry and have at least two complementary strategies to help diversify as you do though being able to keep track of them I find difficult on the short time frame. Have you got any tips on that other than paper trade the second?

[henryatkin] 25/6/2008 11:38

My last trade today was at 08.43 - sat there for an hour without finding a convincing trade entry signal that I was comfortable with so I packed up. Still made 55 points from three positions in early trading. I must get back to checking out forex when ftse starts behaving like today.

[fivesboy] 24/6/2008 16:12

Minky, I find it mentally tough as you are looking at something happening in a shorter timeframe that might mean it going against you in the longer timeframe and you have to have the courage to stick with it in the longer timeframe and ignore the noise of the shorter one. That's what my brain is telling me, anyway.

[minky] 24/6/2008 15:43

Henry, congatulations on your points scored. Vey well done indeed.

[henryatkin] 24/6/2008 13:17

Fives ..... you've got it spot on. Except today I started with three positions: long term trend (20/20), short term trend (CCI and price chart trend lines and price action ( ross patterns and moving average). My best performing strategy is the short term trend lines so when I added a position on a pull back I treated it as additional short term trend and finally exited as such.

Minky ... I would think it very hit and miss if you can't trade for fixed trading hours.

[minky] 24/6/2008 12:03

I a have found it difficult as well. Slightly down at the moment bu have not been able to trade continuously. Fives, looking at two time frames can cause a problem, although it is in part the indicators which can be misleading.

[fivesboy] 24/6/2008 11:34

Wow. Well done Henry. Funny how things turn out after such a lacklustre start. Is that your best points gain to date?

I've meant to ask you in the past but I wanted to understand how you apply your positions in the context of a spreadbet as you can only ever have a spread as a long or a short £ per point. So what you are doing is effectively scaling in or out your £ per point that is open at the time. This also means that if one of your indicators is going long and the other two are pointing short then you are only effectively trading short on two positions? Have I got that right?

[henryatkin] 24/6/2008 11:14

Fives .... If you look at TNT thread home page trades you will see that he adds to his positions at each pull back until the previous low is breached (thats where he tends to set his stop). Today I did the same on this latest down trend and gained a total of 245 points by starting off at 5670 with my usual three positions and adding an extra position at each pull back. The only problem I had with it is there is no clear signal as to where to enter during the pull back so it was gut feeling - must try to sort out something a bit more technical. By the way I closed all my positions on a signal from CCI trend lines at 5593. Thats me done for the day I think blimey - 10 points in first 90 mins and 254 in the following 60 mins :-)))

[fivesboy] 24/6/2008 10:38

Joe Ross @ 10:33 looking good.


EDIT: No. Shortlived. Overexcited now. Maybe will take a backseat again.

[fivesboy] 24/6/2008 10:35

Wow. 74 points in 26 minutes. Shame that doesn't happen more often! And I still don't have a clue why.

[fivesboy] 24/6/2008 10:20

Whee!!! Glad I was there for that trend breakout down @ 10:04! CCI had signalled some entries earlier on but with no SMI couldn't get in until confirmed by something else. 30 points so far and still going down. Any news trigger this?

[henryatkin] 24/6/2008 09:49

The problem I find with markets like this is having the confidence to not trade. I think I have mentioned befor that consolidations can range anywhere from about 10 points to 25 points so it can be a tough call sometimes. Also I have read that after very long consolidations the breakouts are usually not as strong as short consolidations. Have to keep reminding myself that first priority is capital preservation.

[henryatkin] 24/6/2008 09:36

Ye' Ross says that 123 patterns in consolidations should be ignored. So the breakout we just have he says wait for the retracement towards a No3 and enter there (not that easy to do).

[fivesboy] 24/6/2008 09:28

Not a good morning at the moment so am doing a Tea and Toast and going to do some reading up.

[fivesboy] 24/6/2008 09:17

Henry, in the TNT thread you mentioned Thomas Bulkowski. Are you spotting any of his patterns real-time? I guess you also would only use them when confirmed by another indicator. Makes Joe Ross spotting look easy, and that's saying something for me. I spotted a Joe Ross at 8:06 today but I didn't get in in time do your "just before the price bar moves on to the next period" trick so I got in at 5672 for a modest (i.e. small ;) ) gain.

Quite a wide consolidation going on at the moment of 10 points between 5675 and 5685. I've found generally consolidation has been a 6 point spread.

I know I keep repeating myself but good old SMI keeping me out of trouble.

Which settings are you on today? I find your 3+1 x 3+2 very difficult to keep track of. I like your 20 x 20+8 Wilder as that is easier for someone as slow as me to keep an eye on.

I'm also keeping track of how Dr Elder's settings are working on 5 min. Seems to be good for the first hour or so and then becomes difficult to know when to trade. Keeping an eye and seeing if there is something on the indicators to help. I have realised though that mixing time-frames is nigh on impossible to actually trade ... for me anyway.

Interesting the way CCI has been steadily trending down since 8:30 but the price has been going sideways.

Sorry for rambling. Will get back to charts as something interesting is about to happen me thinks a downward pennant forming.

[henryatkin] 23/6/2008 13:56

Minky ..... I am happy to trade anything with a chart butmoney management is key to successs imo. 2% is my absolute max on any one trade which can be equities, FX or indeses. That way any losses are emotionally comfortable. To be practical I prefer to trade FTSE 100 index for its trading hours. FX is just as good especially the early hours which seem quite easy to trade. I like FTSE because I am getting to know its likely patterns of activity throughout the morning. I only trade equities and ETF's on an end of day basis using simmilar buy sell signals as I use for 1 min trading.

[minky] 23/6/2008 13:15

Henry, as a matter of interest do you trade any other financial instuments such as shares, FX, Dow Dax etc. or try and learn one very well. Also do you know if there is any guidance for writing code for IG or other advanced charting with live data.

[henryatkin] 23/6/2008 12:54

Getting back to that SMI business. There has just been a slow sideways move and crossing the zero line trades would have lost money but if you had only traded when the CCI is outside of the 100 lines it would have kept you safe.

[henryatkin] 23/6/2008 12:50

I agree Fives.... I had a couple of big (8 points & 12 points) losses in early trading but managed a small profit in the pre 09.00 session. After 09.00 made some very good gains. What I did notice today was that if you had bought and sold SMI every time it crossed the zero line you would have done very well. Obviously it would work best on trending days like today buy worth looking into. It would need some sort of confirmation so that you dont enter a trade in a slow sideways market like our not trading within the +/- 40 lines.

That divergence is always a bit iffy. I wouldn't take it as a trade signal but rather use it to confirm that at the end of the up trend there will be a reversal rather than a sideways pause. It worked well today to confirm the 123 between 08.46 and 08.53. It gave confidence to not just close the long trades but reverse them into shorts.

[fivesboy] 23/6/2008 09:47

Henry, Just wanting to know how and if you played the SMI reversal today as it wasn't easy imo? Also the divergence between CCI / SMI and price took a while before it kicked in. Your 20x20 working well this a.m.