Man, this has been a rough day for me so far. I got a little chopped up in the morning, and managed to dig myself back to just a tiny bit of profit. As this video gets underway, you can see that I miss a trade I wanted to take. My matrix isn’t in the video, but I hit the bid with my order. Between the time of my click and when the order was activated, the market ran away from me. That has happened to me THREE times today, and I see lots of prints going off right in the middle of my bid/ask depth info. So, I have come to the conclusion that Tradestation has me bent over and is reaming me. (and, their stop server wasn’t functioning this morning, either…). I am going to look into hot keys so I can just send a market order from my keyboard. The reason I usually don’t use market orders is that it takes two clicks on the matrix, and you can hit the bid with one click…
Anyway… I jumped in on a secondary signal… was I too greedy? … did I get hurt? … you’ll have to watch….
I started to explain a chart change, but got interrupted. I’ve added a 377 period CMA to my chart. I’m trying it out because, Harry in the eotpro.com live room likes to watch an 89 CMA on the 6000 sb chart or so to determine the main trend. If you do the math, you’ll see that 377 CMA on 1597 will be pretty darn similar to an 89 CMA on a 6765 sb chart. So it’s practically the same idea except I have it all on one chart. We’ll see if I like it enough to keep it.
[EDIT: shortly after making this video the market started sucking substantially less, and I made some nice money on the big run up. Lesson: KEEP SWINGING, no matter what]
January 9th, 2008 at 6:28 pm
i won’t be able to trade tomorrow, so i need u to make two videos…thanks
January 9th, 2008 at 8:42 pm
Nice trade in a tough market.
From Dictionary.com…
chop verb, chopped
1. to cut or sever with a quick, heavy blow or a series of blows, using an ax, hatchet, etc. (often fol. by down, off, etc.): o chop down a tree.
2. to make or prepare for use by so cutting: to chop a log.
3. to cut in pieces; mince (often fol. by up): to chop up an onion; to chop up a trading account. “Rob’s demo account was chopped up this morning by a nasty little market.”
4. (in tennis, cricket, etc.) to hit (a ball) with a chop stroke.
5. to weed and thin out (growing cotton) with a hoe.
6. Fox Hunting. (of a hound or pack) to attack and kill (a fox that has not begun to run).
7. to make a quick, heavy stroke or a series of strokes, as with an ax.
8. Boxing. to throw or deliver a short blow, esp. a downward one while in a clinch.
9. (in tennis, cricket, etc.) to employ or deliver a chop stroke.
10. to go, come, or move suddenly or violently.
My trading this morning fit nicely into definition #3. I’m using the power hour setups and there are a lot of signals. Took about 12 trades in 2 hours. Definitely need to find some additional filters though or switch to a higher time frame.
January 9th, 2008 at 8:58 pm
Thanks. Did you stick around for the afternoon? There was some pretty smooth trading once the massive run up started. Made up for the rough morning.
The power hour presents you with some very aggressive setups … some of them are definitely not for beginners. I really like the approach, though, and am trying out various pieces of it like the longer term 89 MA. My point and figure charts take the place of his 5-minute chart in my setup. And I am strictly a volume candles guy… tick charts just don’t make sense to me, even though they obviously look very nice. I only resort to tick charts when the volume is very light and uneven, as in ZG.
January 9th, 2008 at 9:00 pm
MWF, I usually take a big chunk of Thursdays off… I guess it all falls on Eric. :-) I’ll try to record at least one trade a day, since people enjoy them so much.
January 9th, 2008 at 9:18 pm
Richard, In order to have one click market orders on TS try using the Market Depth order bar under your matrix. If, you’d like I’ll email a picture of how I have it set up.
January 9th, 2008 at 10:56 pm
I can relate, Rob. I’m rather discouraged after a week of simulator. Lost more than half the virtual money yet? I’m down about $20k on a $50k simulator account and about $400 in real money as of today. The last one bothers me more than the first, of course. I guess there’s a reason why they call it ‘risk capital’…it’s at great risk of ending up in Richard’s bank account. lol.
January 10th, 2008 at 9:57 am
Ya, looks like it got better in te afternoon. I still work full time, so I usually trade until about 9:30 pst.