I recorded my first trade of the day. I got fib extensions right away, and chose to see if it would run further, instead of getting out. Was I correct to do so, or did I get burned? You’ll have to watch…
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January 11th, 2008 at 11:07 am
Richard: would you be willing to give me a free trial on your fib confluence indicator, smiliar to what eot does? Also, what price are you selling the indicator for? You may respond to my e-mail privately if you choose.
January 11th, 2008 at 1:03 pm
Wow, I can only imagine how distracting the recording of those trades would be. With the short term model and all the indicators you’re using, trading it is distracting enough! Bravo man.
Do you use market orders with this model?
Also, I like how you manage your stops. If you get a signal in the direction of the initial trade, you reduce your risk if in profit, correct? What happens if you get a signal against your direction?
January 12th, 2008 at 12:33 am
BH: Dude, I am not an indicator salesman. Just an ordinary trader… so I’m not going to spend time setting up fib confluence for time-expiry and giving people trials. Sorry!
Jay: regarding reducing risk on additional signals: Well, it probably looks that way because I usually reduce my risk when we get a solid push in my direction, and a solid push in my direction will probably produce a new signal. But really all I am looking for is a little bit of room between the candles and my original entry.
If I get a signal against my position, then usually I am in the middle of a deep retrace against me, and not having too much fun. If all the conditions line up such that I would get in the new trade if I were flat to start with, then I’ll reverse. Otherwise at worst I’ll just bail for a loss, but many times I’ll just let it ride. After all, in this scenario I wasn’t reading price action very well to start with or I wouldn’t be in the losing trade! Who’s to say that the new signal won’t be just before a big push in my original trade’s direction! :-)
I usually just hit the bid or ask with a limit order, which will act just like a market order unless the market runs away from me as I’m pressing the button. That has happened to me a couple times, but so far I am still too lazy to set up a one-click method of issuing a market order. The TS matrix requires two clicks to issue a market order, sadly.