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13th November 2017
Today's market discussion
Today's post https://www.hilsdentrading.com/7420-support-held-far-learn-trade-daily-market-analysis
Only a small nudge up for FTSE considering the 1% drop on the pound.
CM is short 7439 and ready to add on the next breach of 7440.
November usually gets one decent correction before the end of year rally.
Out of all long positions this morning.
Only the soft pound is propping ftse up . If it recaptures 1.31 I think ftse can recapture 7400 today.
All-in short ftse on touch 7435.
If I hadn't closed out at 13140 I would be much in bits now.
Just had a cautious long 13001 for 12 points. Not rushing into anything right now. Need to take a breather. 12980 on Dax who would have thought but it's too early to plunge into longs until the support base is formed.
But that was a good decision in the morning, wasn't an easy one.
It was surreal when I was setting off in a car it was 13132, when I looked an hour later it was 13023, where's 100 points gone??? I thought and then I realised "if I didn't close..."
IMO when market moves in your diretgion having a trailing stoploss best way to run winners.
My stop on full short position is 7442 as expect US markets to pressure it at the openso needs a bit of space to hang in there but confident will be sub 7400 by close of US markets.
Quote from Candlemaster on 13th November 2017, 2:28 pmIMO when market moves in your diretgion having a trailing stoploss best way to run winners.
What do you do with losing positions, CM? Do you have stops or close them...
When I shorted ftse at 7439 the stop was 7492, as7490 was major resistance.
Shorted again at 7438 and stop for both positions was 7480.
Market moved about 25 points in my favour so now stop is 7442 which is BE for me.
And it allows position to run.
But mostly I like money management approach, which this is not.
Point is, I always assume I am wrong on my first first entry, either I have a stop if I go all in, or I phase entries in thirds or halves if I am less committed. Always keeping the risk low and always targeting minimum 1% return.
My assumption is 7320 is on the cards, and as I watch ftse bounce off 7403 I ask have you really come this far not to hit 7400?
Jack you should look up turtle trading on google or youtube.
The turtle traders made a fortune years ago by having many BE or small losing trades and a small number lf trades with monster wins.
They were the opposite of scalping.
A bit like chess where the stronger player looks to sacrifice something in order go develop a stronger position later on.
Candlemaster, my entries in thirds and halves nearly cost me the good chunk of account during these 3 days. I just didn't have a stop loss in mind, I was convinced it was going to go up from 13250, but even when it was below that I didn't lose the hope it would bounce strongly. Now it bounced from 12960 nobody could predict that and I was busy at that time, couldn't trade. I feel a bit scared now to go in at anything, I need to gain my confidence back by small trades like I normally do to recover myself.
Thank you for sharing your stop loss approach. I just lost it on Thursday, forgot about my b/e technique, everything cos I was convinced of long. I'll have a look what you mean about turtle trading, interesting.
Dont think its going up or down. Look at a chart and see support and resistance.
Is there a gap to fill? Thats usually my first question.
What is lowest risk trade?
I really messed, I didn't trade by my strategy at all. I usually aim for 10-15 points risk. Sometimes 20-25. This time I had no stop in mind so my risk was unlimited. Not good.