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[minky] 02/7/2008 15:25

Henry, those are useful observations. I must admit I have been watching the shorter term trades and perhaps that is were my returns have been diminishing.

[henryatkin] 02/7/2008 14:41

Fives .... i've got two piles of charts on my desk. One is for the first hour and the other is for the whole morning. What you said about that long term trend made me take a look. I didn't trade it but looking at the whole morning chart it would seem that you would make money trading the 20x20+8 most mornings. It would also seem that the odds are improved if you concentrate on the shorter term moves before 09.00 and the long term moves after 09.00. There are probably managerial reasons for this within the large investment brokers.

[fivesboy] 02/7/2008 14:01

Thanks Minky. I know I'm not alone but it's hard to get back out of that mentality. I am finding when I am, going out and doing something completely different for an hour or so helps. Well, that's the theory.

[minky] 02/7/2008 13:30

Hi all. Fives it is not just you we ara all having trouble at certain times. This tends to affect confidence making one reluctant to take the trade and too quick to get out

[fivesboy] 02/7/2008 12:26

Henry, Yes. SMI kept me out of trouble from 9 until 10:30. Didn't play the 20x20 that was available off a Joe Ross at around 10:27, though would have made a profit. Not sure why, feeling timid with the market I guess. Short term trades haven't gone great which hasn't helped. Just seems lacking in momentum. I noticed three SMI tops confirmed by CCI going lower yet with price still going up albeit slowly at around 11:30.

Long term slow uptrend seems in place but current conditions don't fill me with confidence. Is it just me?

Re Forex. Like you I think I'm best of concentrating on one instrument and learning how that one works ... even though it can be REALLY frustrating.

[henryatkin] 02/7/2008 11:43

Have you taken a look at forex - all the same rules apply but you need to look at the risk/reward because £1/point will cost you more margin on Ev$ than it does on the ftse. Before I came on this thread I would quite often be jumping from ftse to forex and back again as things went quiet. I haven't been doing that lately. I have one CMC page set up with four charts ftse, eurostox, Ev$ and £vE. I think for next year at least I will stick with ftse and get to know it better. I think there is a lot of money to be made and lost simply from knowing what tends to happen at various times of day and under various trading conditions. I'm sure there are more rules to be uncovered out there that can help stack the odds in our favour - just a case of finding them.

[henryatkin] 02/7/2008 11:24

Fives ... I agree but at least we know when not to trade and so retain our earlier profits.

[fivesboy] 02/7/2008 10:38

Reasonable start that has gone nowhere since 9. Henry, your trade the first hour only would have worked well so far today.

[xanbea] 01/7/2008 14:07

Could I be in on that chart email too please?

Had 2 losses early on morning, and then having been distracted for a while, didn't get in at all on the nice long trend after that - as I'd missed the entry. :o(

[fivesboy] 01/7/2008 13:22

Thanks for the thoughts Henry. I think I am not at my best this morning but also as you say expecting something that worked last week to work this week. I think it must be a combination of not being rigorous enough with my trading rules and also my stop loss being too tight and causing a losing position even if the thinking was correct. I'm trying to use a multiple of ATR that works but as yet am struggling to get it right. Look forward to seeing the masterpiece that will be your chart!

[henryatkin] 01/7/2008 12:27

Will do but it sounds like we had simmilar problems as most of my gains were from just four long term and short term trend trades with more loosing trades than winning trades - just that the winners were bigger. It could be that the decision was right but what works on most days did not work today. I think sometimes you get to pre judge the market and anticipate that things should happen (like a trend reversal) and it just fails to produce the goods. That happened to me a few times today. I did the right thing but it just didn't produce a profitable trade. Looks like Fridays ftse low will be broken today - bit of a bloodbath for equities.

[fivesboy] 01/7/2008 11:25

Henry, congratulations on the turn around. I have not done well today. Not sure why just my head not in the right zone. Would you mind e-mailing your chart for this am as apart from the 20MA, I have just done everything wrong and I don't really know why my decision making was so off today? TIA.

[henryatkin] 01/7/2008 11:05

Well, that made up for earlier performance - that 20MA works a dream on those long term trends. +112 points overall so far. Trend lines on SMI have helped me a lot today - more so than price action.

[minky] 01/7/2008 10:37

I have also made a couple of poor bets but watching Henry's indicators and trend lines got me out early.

[fivesboy] 01/7/2008 09:15

Henry, me too though things seem to be picking up.

[henryatkin] 01/7/2008 09:03

Just had the worse first hour trading with overall loss since I started diversified trading system :-) Often seems that when first hour is bad the next few hours make up for it so will see.

X ...got it - will reply later.

[xanbea] 01/7/2008 08:28

Thanks Henry

I received your mail yesterday evening and replied.....

[henryatkin] 30/6/2008 17:04

X ... I have retrieved the email as a "sent email" but can not re send it/edit it etc. I will start another from scratch.

[henryatkin] 30/6/2008 17:00

X ... yes I did recieve email and thought I sent back on reply but may have hit reply buttom instead of send. I will send copy now so let me know if you get it ot not.

I traded OK in the first hour but stalled after that. I packed up after sitting for an hour without a trade. Talking of which over the past eight weeks the first hour has given much better results than the rest of the morning:
Last 20 days results trading three positions are total 1250 points = 62.5/day for the first hour. The next three hours only just doubles that total so it would seem better to split the day into pre and post 09.00. Given my time again and knowing what I know now I would only trade the first hour until such time as that is consistantly profitable. I might even be better off increasing my stake and only doing the first hour for an easier life.

[xanbea] 30/6/2008 12:53

5sboy

Yes, been finding it difficult today too.

Henry, did you receive my reply to your email a few days ago?

[fivesboy] 30/6/2008 12:12

Oh dear Minky. Seems painful. Odd that IG won't work on IE given that most people use IE still (although I do tend to use Mozilla unless I have to use IE for technical reasons).

FYI CMC have a separate application that is Java based but not reliant on a browser which is what I use and Henry introduced me to it and it is excellent and reliable.

[minky] 30/6/2008 12:07

Morning all. I now have internet access but the streaming is not working properly. Have managed to get IG up on Mozilla but not on IE. Capital I can get on IE but not on mozilla. This is doing my head in.

The IE says that the add ons are disabled but when you go into managed add ons it states that they are enabled. Capital says it needs plug ins for mozilla but I cannot get them to load. Consequently, I have done no trades today so far. This looks like it may be a bit laborious to cure.

[fivesboy] 30/6/2008 11:17

Morning all. This morning looks like it should have been good but I have found it hard. I think my brain is 'clogged' today so am only paper trading to see how I actually do ... not very well. How are others doing?

[henryatkin] 26/6/2008 13:42

No .. I've only just google searched Price Action Trading to see what crops up - lots there still to look at.

[fivesboy] 26/6/2008 12:27

Henry. Thanks for the info.

Are you subscribed to Phil Newton's site?