TRADING CLUB

odd1

how about a traders club, where traders post what they will trade for the day/days ahead and reasons for doing so.
different traders trade different instruments so it could be fun and educational, not to mention the disagreement of views.

what say ye?

odd1

simple trade this morning i,ve shorted the dax at 2euro per tick as all indices in asia are well down. 7708 loooking for 1% so 77 tick target

neil.p.b

Odd - DAX opened at 7654 this morning not 7708???

Was there any other reasons in shorting? You are not going to find strong daily correlation in your way of thinking and will certainly lead you to going bust - if you opened your DAX short on open you would have been down over 50points not so long ago, or assumingly stopped out well before hand.

I will try my best to contribute as much as time permits to the thread, it's a good idea.

odd1

reasons for the short was employment levels in europe at new highs industrial output down. also if chinese index is up or down over 1% the dax tends to follow. this morning china was down more than this on property result.

sorry for the incorrect figures and lack of detail this morning half asleep and running out the door. needless to say my limit order never got filled.

i dont have any trades planned for this week until after the non farm payrolls come out. if the data from usa is bad and with the uncertainty in europe and maybe china i think there will be new money for gold.

if the data is good it might make the markets less volitle and a little easier to trade.

i will have a have a punt on the s&p for the paddys day lift, and i will be looking at gasoline ready for driving season.

freeze4real

I tend to stay from forums like this, due to many reasons but I'll be keeping my eye on this.



Looking to go long on the EUR/USD when If it doesn't break the 50% line on RSI on the 1 day chart...adding to the 4hr chart that its already in the oversold position.

JM2C, DYODD

Roonbox

short S&P 500 futures, long Corn, stop at 680

Rightwing

Long DJones €10 p/p @ 14238

Rightwing

Rightwing wrote: »

Long DJones €10 p/p @ 14238

Out at 14252.

Tugboats

Currently weighing up a silver short.

odd1

thanks guys for taking the time to post your trades,some winning trades already.

when posting trades can ye please give a brief reason for doing so, the reason i ask for this is you can have a winning trade for all the wrong reasons and a losing trade for the all right reasons.

i personally find it easier to see what i did right or wrong when i have the trade reason wriiten down., as im sure most of you do to.

good luck to all with your trades, the markets are big enough for all of us:cool:

Rightwing

Gone short on the Dow. €10 @ 14255.

Reason: Gone into over bought territory.

neil.p.b

Rightwing wrote: »

Gone short on the Dow. €10 @ 14255.

Reason: Gone into over bought territory.

Any stop or using a tranche policy?

Just haven't been able to pull the trigger on DJI short yet, so strong but will probable get my first tranche soon enough. Looking like an extended wave 5 which means it could have a bit of legs left in it yet.

Rightwing

neil.p.b wrote: »

Any stop or using a tranche policy?

Just haven't been able to pull the trigger on DJI short yet, so strong but will probable get my first tranche soon enough. Looking like an extended wave 5 which means it could have a bit of legs left in it yet.

Just closed it as 12245.

Still a bit risky.

neil.p.b

Rightwing wrote: »

Just closed it as 12245.

Still a bit risky.

Well done on your profit.

Rightwing

neil.p.b wrote: »

Well done on your profit.

A profit is a profit.

I do believe there is a lot of money to be made going short, but the market is a bit out of control at the moment.

Have you any idea on where the 'top' may be ?

Rightwing

The Dax is down 28 points on the futures, the FTSE looks good for a short.

€10 @ 6424.

Roonbox

Roonbox wrote: »

short S&P 500 futures, long Corn, stop at 680

closed corn long at break even, in red on S&P short, holding

Tugboats

Short Silver @2904 SL 2955 looking at target of 28

Rightwing

Rightwing wrote: »

The Dax is down 28 points on the futures, the FTSE looks good for a short.

€10 @ 6424.

Closed at 6419.

Rightwing

DJ Long @ 14282

Rightwing

Rightwing wrote: »

DJ Long @ 14282

Out at 14285.6

Market seems to be getting a little toppy. Maybe time go short in a big way shortly.

Rightwing

Rightwing wrote: »

Out at 14285.6

Market seems to be getting a little toppy. Maybe time go short in a big way shortly.

Short DJ @ 14294

Tugboats

Happy to see the euro go below the 1.30 area. Will be looking for shorting opportunities tomorrow when retesting it. Still short silver.

Good thread this. Hope it remains active. Will try and get couple of charts up..

Rightwing

Rightwing wrote: »

Short DJ @ 14294

Closed this at 14287. I feel we have seen the top tho.

Rightwing

Opened a €20 short on the FTSE @ 6438.2

Will leave it run overnight.

odd1

Rightwing wrote: »

Opened a €20 short on the FTSE @ 6438.2

Will leave it run overnight.

Why,-whats your reason for the trade.

Rightwing

odd1 wrote: »

Why,-whats your reason for the trade.

Markets are way overbought.

I will be stunned if this isn't a winner.

Tugboats

Silver back up retesting resistance on the 1hr. If I fails again thinking of adding to my short position...

Rightwing

Anyone here trade the currencies?

Sterling looks oversold v the $. Will watch it for a while.

Ok, bought 10 sterling v $, @ 14982.1

This could be a risky trade as I don't often do currencies.

Rightwing

Rightwing wrote: »

Anyone here trade the currencies?

Sterling looks oversold v the $. Will watch it for a while.

Ok, bought 10 sterling v $, @ 14982.1

This could be a risky trade as I don't often do currencies.

Sold this for 14995.3

More of a gamble than anything, but cable below 1.5 looks good to me.

neil.p.b

Rightwing wrote: »

Markets are way overbought.

I will be stunned if this isn't a winner.

RW, i have seen you mention 'overbought' and 'oversold' a few times now. For any beginners out there indicators like stochs, rsi, etc. do no signal 'overbought' or 'oversold' areas. These are all momentum indicators. A lot of the time when they reach their extreme areas momentum wanes and prices fall back or consolidate for a bit. But what you MUST remember is that anything that goes on a strong run will stay at these levels for quite a while. Trading off this is a road to ruin. I've attached an old chart of TNI as an example. Mid September, after prices have already gone on a big run they reach 'overbought' again. Within a couple of weeks prices are 50% higher and there was no winning point during the trade.

TRINITY MIRROR2.png

RW - trading 20pp on the FTSE i'm sure you know this and i agree with you on that being a winner but it totally depends on your trading strategy. IMO, using that attitude of 'i will be stunned if it isn't a winner' at 20pp means you've got to have a very large stop and bankroll to allow it to get a bit away from you. If you've haven't got a large bankroll and haven't adjusted your trade size and stop accordingly you're panicking and f***ed if it moves 20pips away from you.

neil.p.b

Rightwing wrote: »

A profit is a profit.

I do believe there is a lot of money to be made going short, but the market is a bit out of control at the moment.

Have you any idea on where the 'top' may be ?

Depends on your time frame!! In the bear camp at the minute just waiting to pounce, want a little more from them before i jump in and i think we'll see a bit of a slump but longer term (2013) i think we're still going higher, wouldn't be surprised with 7000s FTSE but i don't trade long term, only the bounces, so i don't worry myself too much by it.

freeze4real

neil.p.b wrote: »

RW, i have seen you mention 'overbought' and 'oversold' a few times now. For any beginners out there indicators like stochs, rsi, etc. do no signal 'overbought' or 'oversold' areas. These are all momentum indicators.

Another example is th usd/jpy

Tugboats

Short EUR/USD @ 129.92

Tugboats

Tugboats wrote: »

Short EUR/USD @ 129.92

Stopped out @ 130.25

Last night my plan was to short any moves above 1.30. Lack of patience and I jumped in too early this morning probably looking for action out of boredom. Lesson learned!

Rightwing

Tugboats wrote: »

Stopped out @ 130.25

Last night my plan was to short any moves above 1.30. Lack of patience and I jumped in too early this morning probably looking for action out of boredom. Lesson learned!

I'd go long on the Euro if anything.

Thanks Neil for your input.
Down on the FTSE trade at the moment, had my chance to close it earlier but I didn't. Will hold for a while longer.

lucky john

like this thread. Educational.

I dont want to change the focus of the posts and turn this into a discussion on Day Trading but in the interest of learning a bit from you experience I have a couple of questions based on the posts so far.

would i be right is saying that there are two types of trader. A... gut feeling (based on experience I assume) B... trade by chart.

Is the volatility around the place at the moment good or bad for trading. eg. will the UK print more money or not... Will the fed ease back on printing dollars.. Is the US really recovering... not to mention Italian politics or german elections.There is so much info to evaluate and it changes so fast you would need to be at the computer day and night.

Rightwing

lucky john wrote: »

like this thread. Educational.

I dont want to change the focus of the posts and turn this into a discussion on Day Trading but in the interest of learning a bit from you experience I have a couple of questions based on the posts so far.

would i be right is saying that there are two types of trader. A... gut feeling (based on experience I assume) B... trade by chart.

Is the volatility around the place at the moment good or bad for trading. eg. will the UK print more money or not... Will the fed ease back on printing dollars.. Is the US really recovering... not to mention Italian politics or german elections.There is so much info to evaluate and it changes so fast you would need to be at the computer day and night.

Volatily is good, but keep stops tight. They are your life jacket.

My gut feeling is this is a massive bubble and will end horribly. I never thought the indices would be up so high so quickly. The markets are being manipulated.

I post my trades live. Makes the thread interesting and I like to see what other people are trading as well.

Rightwing

Rightwing wrote: »

Opened a €20 short on the FTSE @ 6438.2

Will leave it run overnight.

Sold this @ 6433 for a €100 profit. Could and should have been more.

Rightwing

Rightwing wrote: »

Sold this @ 6433 for a €100 profit. Could and should have been more.

Just reopened this short @ 6442.3

Rightwing

Rightwing wrote: »

Just reopened this short @ 6442.3

Closed this one @ 6438 for €80 profit. Feel I could leave a big one behind, but all the small ones add up.

Rightwing

Rightwing wrote: »

Closed this one @ 6438 for €80 profit. Feel I could leave a big one behind, but all the small ones add up.

New €20 short @ 6443.3

neil.p.b

I opened at 6450 earlier. Will add second tranche at 6550 if it gets there.

FTSE MAR.jpg

Tugboats

Very volatile at the moment with the ECB conference. Still trying to squeeze abit more profit from my silver short trade.
Don't think I'll be adding more trades with NFP looming tomorrow

Rightwing

neil.p.b wrote: »

I opened at 6450 earlier. Will add second tranche at 6550 if it gets there.

FTSE MAR.jpg

Nice chart, can you do one on Dow?

Rightwing

Rightwing wrote: »

New €20 short @ 6443.3

Closed 6439. That'll do me for the moment.

Rightwing

Rightwing wrote: »

Closed 6439. That'll do me for the moment.

Short FTSE €20 @ 6454

Tugboats

Wow Euro is ripping higher...

Rightwing

Rightwing wrote: »

Short FTSE €20 @ 6454

Out at 6449. €100 profit. That'll do me for the day I think.

Rightwing

Tugboats wrote: »

Wow Euro is ripping higher...

I found to my cost a few weeks back the € is extremely unpredictable and dangerous.

neil.p.b

Rightwing wrote: »

Nice chart, can you do one on Dow?

Similar set-ups. I want 14335 (which i just have right now, IN). This is targeted by that '1' line. It's also targeted if we look at the June-Sept rally and the subsequent Oct-Nov drop as a bear flag, next leg up targets 14300, will never be right on the dot but there or there abouts. I will NEVER use this sort of signal as THE reason to trade as it's rather hopeful, just as a small added factor to back up my main reasons. Will take profits at 50% off at '2' line, the rest with a trailing stop, but ideally looking for prices to hit '3' line.

Also prepared for prices to go to 14600. Again, apex target. There's also the 161 extension of the June-Sept wave there.

For the both the above we have bearish divergence on indicators.

DJI MAR.jpg

For anyone newbies again who are just learning you are always taught to NEVER trade against the trend which in a way is exactly what i do! This is because i am not looking for reversals or anything long term. Nothing ever goes up or down in straight lines but in waves so i am looking for a little bounce in the opposite direction of the trend which i find with stocks that are in wedges, find the correct wedges is the hard thing and takes a lot of screen time to master. When prices are in a wedge when they reach the apex high probability of the time prices will drop/rise or consolidate at this point - buyers/sellers become a bit exhausted after a heavy run and need time to rest before the next leg up. When you get divergence (especially on the MACD) over a period of time as well it is a strong signal that there is a problem with the underlying trend and it is due this reversal/consolidation which furthers your probability of success.


RW - how long have you been trading for? In the interest of teaching others could you post stops/targets/reasoning for each trade?