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post #141 of 725
5/21/12 at 3:46pm

No fade into the close, this is mucho different from the pattern over the past few weeks.

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post #142 of 725
5/21/12 at 3:55pm
Quote:
Originally Posted by bluestaq View Post

No fade into the close, this is mucho different from the pattern over the past few weeks.

IN fact, seems like exact opposite. Dollar getting its face kicked in going into cash close. Junior miners hitting the motherlode of late.
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post #143 of 725
5/21/12 at 3:58pm

AAPL setting new HOD on close

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post #144 of 725
5/21/12 at 4:01pm
Well thank God the whole world rallied together and fixed all of the world's problems over the weekend. suspicious.gif
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post #145 of 725
5/21/12 at 4:02pm

Rando, since when have you been so fundamentally orientated?

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post #146 of 725
5/21/12 at 4:02pm
AAPL leading the way on the bounce, got above 560 fairly quickly! cool.gif
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post #147 of 725
5/21/12 at 4:05pm
Quote:
Originally Posted by rst View Post

AAPL got above 560 fairly quickly! cool.gif

 

It's amazing how quickly this thing can run. 3 more days like today and we set new all-time highs. Not that I'm calling that LOL, but amazing how people's perspective can change.

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post #148 of 725
5/21/12 at 4:08pm

jeez.. aapl overkill. scalped it for some nice gains but left $1,000,000 on the table.. wtf..

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post #149 of 725
5/21/12 at 4:10pm
Quote:
Originally Posted by webChris View Post

It's amazing how quickly this thing can run. 3 more days like today and we set new all-time highs. Not that I'm calling that LOL, but amazing how people's perspective can change.

Best to take advantage of this bounce while it lasts!

For now, it's a very good bounce, not a rally.That would require a lot more work! wink.gif
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post #150 of 725
5/21/12 at 4:11pm

Nice trading Warren Buffet.  You'll get that $1,000,000 next time.

Quote:
Originally Posted by tones View Post

jeez.. aapl overkill. scalped it for some nice gains but left $1,000,000 on the table.. wtf..

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post #151 of 725
5/21/12 at 4:12pm
Quote:
Originally Posted by rando View Post

Well thank God the whole world rallied together and fixed all of the world's problems over the weekend. suspicious.gif

Rando, keeping things in perspective!
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post #152 of 725
5/21/12 at 4:18pm
Thread Starter 
Quote:
Originally Posted by rando View Post

Bob, my standard advice for someone who doesn't feel strong conviction and has lots of paper profits is to realize at least a slice of it, 40-60% perhaps. Put your stop 1-2 pts above BE on the rest and just sell it when you feel the momentum waning/dying. If you feel this happened in the last hour, it's probably time to close it all out. Thing is, this volume is fairly light, and each reversal attempt has been denied, so you could ride a trailing stop if you like the pattern. It sort of feels like they are trying to get some downside traction here, but price has been jammed back up a few times already... took a long lunch so I am still getting back into the groove. I think if financials weaken much more and JPM goes to lower lows, we might see notable profit taking.

 

Man I'm sorry but I just saw this. SOH right now for me but after we hit that 1310 I was looking for I was just wondering what your opinion was. I predict we hit 1316. laughing.gif

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post #153 of 725
5/21/12 at 4:39pm

im kind of glad facebook is crashing and burning. The valuation is too high.

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post #154 of 725
5/21/12 at 4:58pm
Quote:
Originally Posted by Nate01 View Post

im kind of glad facebook is crashing and burning. The valuation is too high.

 

That based on your own analysis?  laughing.gif

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post #155 of 725
5/21/12 at 6:03pm
Thread Starter 
Quote:
Originally Posted by Rock Sexton View Post

 

Ahhhh ..... that ol' question.  

 

It's hard to say man, because we all have different strategies.  For myself, I have two things  .... I have my official target on the chart and then I also have my daily profit goal.  Every single day I'm looking to take 20-30 ticks from the market.  I commonly end up selling if I hit my daily goal, even if I haven't yet hit the official chart target of a stock I'm in.  This is why I mentioned I am trying to more effectively manage my trade if the market is trending in my favor.  

 

It's a personal "plateau" as a day trader that I'm trying to work thru.  I'm mostly focused on compound gains, but I really would like to stack a few of those bigger winners to give me some padding.  I have left far too many 100+ tick moves on the table.  I'm going to begin trying to get comfortable with scaling.  It's too hard to ride one position without locking something in.

 

Thanks Rock. It seems like it's a constant struggle for most of us. I'm really good at watching those 100 ticks going down the road without me but I'm much better at turning profit into loss. Ichi has helped me a lot and now I just trade futures and I find it easier than options or stocks to control P/L.

 

I didn't believe in using stops except to cover a drastic, quick move and I never use a trailing stop. Now I'm learning to place stops that will keep losses at a minimum but I still have trouble taking profits. That's why I say that I'm really good at turning profit into loss.

 

I decided today that I am going to lock in 10 ticks regardless of what I see or think. If I get to a 12/13 tick profit I'm putting a stop at 10. If I get stopped out, so be it.

 

If anyone else wants to jump in here please do cause this isn't just a question I had for Rock.

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post #156 of 725
5/21/12 at 6:11pm
Thread Starter 
Quote:
Originally Posted by rando View Post

Bob, my standard advice for someone who doesn't feel strong conviction and has lots of paper profits is to realize at least a slice of it, 40-60% perhaps. Put your stop 1-2 pts above BE on the rest and just sell it when you feel the momentum waning/dying. If you feel this happened in the last hour, it's probably time to close it all out. Thing is, this volume is fairly light, and each reversal attempt has been denied, so you could ride a trailing stop if you like the pattern. It sort of feels like they are trying to get some downside traction here, but price has been jammed back up a few times already... took a long lunch so I am still getting back into the groove. I think if financials weaken much more and JPM goes to lower lows, we might see notable profit taking.

 

Thanks Rando. I usually get the direction right but as you can see in my previous post I don't know when to take profit. This has always been a problem for me.

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post #157 of 725
5/21/12 at 6:31pm
Quote:
Originally Posted by BobK View Post

 

Thanks Rock. It seems like it's a constant struggle for most of us. I'm really good at watching those 100 ticks going down the road without me but I'm much better at turning profit into loss. Ichi has helped me a lot and now I just trade futures and I find it easier than options or stocks to control P/L.

 

I didn't believe in using stops except to cover a drastic, quick move and I never use a trailing stop. Now I'm learning to place stops that will keep losses at a minimum but I still have trouble taking profits. That's why I say that I'm really good at turning profit into loss.

 

I decided today that I am going to lock in 10 ticks regardless of what I see or think. If I get to a 12/13 tick profit I'm putting a stop at 10. If I get stopped out, so be it.

 

If anyone else wants to jump in here please do cause this isn't just a question I had for Rock.

 

Having a set amount of points you take profit/loss at will only work on occasion. Every risk/reward of each trade is different. Btw, if you're going for 12/13 ticks you're considered a scalper. Are you constantly zoomed in on the 1m with that kind of agenda?

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post #158 of 725
5/21/12 at 6:43pm
Quote:
Originally Posted by BobK View Post

Thanks Rock. It seems like it's a constant struggle for most of us. I'm really good at watching those 100 ticks going down the road without me but I'm much better at turning profit into loss. Ichi has helped me a lot and now I just trade futures and I find it easier than options or stocks to control P/L.

 

See for me, I only trade a certain set of chart conditions and the stops are clearly defined ..... so I don't even really think about it anymore, I just obey the system in that regard.  This helps tremendously in regards to controlling the losses.  

 

Again, depending on the size of the position it can be a tall order to expect to maximize moves without either setting a trailing stop or scaling out.  Like Mark Douglas says, every second of the market is unique ..... no matter how similar it might be to a day or move you've previously traded in.  Anything can happen, so locking in profit is important, but so is getting the most of our reward factor in order to offset negative trades.  

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post #159 of 725
5/21/12 at 6:48pm

i'll jump in... when i enter a new trade and see a P/L of green, i start setting a stop w/ an anticipated gain in mind and manually change the stop the closer it gets to the gain i would like.

 

b/c i see trading as you vs. the entire world as ur competition so when i make gains i feel like i beat the world... lol

 

even if it's a $50 gain, someone out there lost $50 and now it's mine koolaid.gif

Quote:
Originally Posted by BobK View Post

 

Thanks Rock. It seems like it's a constant struggle for most of us. I'm really good at watching those 100 ticks going down the road without me but I'm much better at turning profit into loss. Ichi has helped me a lot and now I just trade futures and I find it easier than options or stocks to control P/L.

 

I didn't believe in using stops except to cover a drastic, quick move and I never use a trailing stop. Now I'm learning to place stops that will keep losses at a minimum but I still have trouble taking profits. That's why I say that I'm really good at turning profit into loss.

 

I decided today that I am going to lock in 10 ticks regardless of what I see or think. If I get to a 12/13 tick profit I'm putting a stop at 10. If I get stopped out, so be it.

 

If anyone else wants to jump in here please do cause this isn't just a question I had for Rock.

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post #160 of 725
5/21/12 at 6:51pm

sounds like you should play some poker... lol

 

also sounds like i should not tell you my trades lmao

Quote:
Originally Posted by tones View Post

b/c i see trading as you vs. the entire world as ur competition so when i make gains i feel like i beat the world... lol

 

even if it's a $50 gain, someone out there lost $50 and now it's mine koolaid.gif

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