Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Online Share Trading

Engage and learn about markets and trading online

Alsi Futures 28Oct10

Reply
HateGauteng
Super Contributor
Gap today. Now why am I on the wrong side of it.
0 Kudos
102 REPLIES 102
SimonPB
Valued Contributor
HG here's an idea .. post your system/strategy on the forum, the entire system end to end .. not so we can follow it or debate it, but so that you have think about it and form it into nice bite size post .. an then maybe it'll help you understand what you're trying to do and fromthat maybe you'll do it ??
0 Kudos
Not applicable
Good idea Simon.It can also help other traders.
0 Kudos
nala
Super Contributor
0 Kudos
SimonPB
Valued Contributor
well only in that writing something down makes one think about it and also makes it real .. warts an all .. if we don't write it down, then we hoping and in truth have nothing ..
0 Kudos
SimonPB
Valued Contributor
it is also about how our sub concious works .. we write something down and we believe it .. and when we believe we trust and then when we trust we can have discipline ..
0 Kudos
Not applicable
Help the ignorant - where on this site does one find the info as to what the Alsi is prior to 9:00?
0 Kudos
SimonPB
Valued Contributor
assuming you talking alsi futures .. then on either trade or quote page, watch list or ET ..
0 Kudos
Not applicable
0 Kudos
Shard
Super Contributor
Gap is for day traders, if you're on the wrong side you're not a day trader, hence you shouldn't be worried about gaps...
0 Kudos
HateGauteng
Super Contributor
This is the system since I've re-entered the market largely this week. (My larger long term strategy takes too much time to post and it involves getting into the mindset of the HG which is not a nice place to be and so the post will get deleted anyway!). The Dow is currently on the right shoulder of a POTENTIAL 10 year H&S. Recently the strong uptrend has encountered heavy resistance corresponding to a previous high hence forming a POSSIBLE double top. The highs of the possible double top correspond to the 61.8% fib retrace using the 08 high and 09 low. Therefore the PROBABILITY is strong that there's going to be a strong drop in the market. On the more immediate term, the Alsi futures have hit resistance at the 27320 mark and pulled back below the 26765 mark confirming a short term triple top (ref: OST TA). The HG was short most of the time and then went long yesterday just above 26765 expecting strong support at this level. Alsi fut went up to 26995, just 50 points below my exit and so my exit was missed. (I could have exited manually but at the time was visiting my mom who was admitted to ICU the other day.) The market then promptly went down (lost all my profit) and then there was problems connecting to OST in the afternoon and had a long wait to get someone at the call centre to enter my short, which was at 26695 a point which confirmed the triple top. I'm still short but there's that gap up today and hence on the wrong side of it. My strategy now is to remain short because of the confirmed triple top!
0 Kudos
Not applicable
Todays price action indicates upside
0 Kudos
Mar-11
Super Contributor
and stop loss @ 26995 or 27130??
0 Kudos
kwagga
Super Contributor
So if you miss your exit, that's it no stop loss in place ? How do you protect your profit, or prevent yourself from sitting on the wrong side of the market ?
0 Kudos
Not applicable
For me there are 2 aspects to day trading. The first is market analysis. A Kind of overview of the environment in which the alsi is operating that day (outer circle), what is at play, what could potentially unfold. This HG has provided. But then one has to look at the price action and implement the analysis based on that. So getting it right is fine but one really has to TRADE it right. (inner circle). I also note a third aspect each day, which is where I am at. What mood am I in? Tired? Stressed etc.
0 Kudos
asylum
Super Contributor
You should give pivot points a try also helps you identify where the market is going, the market will either trade above or below the pivot point,and the resistance and support pivots will be a guide as to how bearish or bullish the market is.
0 Kudos
Not applicable
I think for me as day trader there is 4 very important things to consider: 1.Stoploss 2.No overnight trades left. 3.Money management. 4.trigger. Items 1 2 & 3 is dissipline required and if u can sort your dissipline out it is easy. Item 4 the trigger is not that easy because u are either right or wrong. I now that people on the forum would not like what i am saying but i do not beleave in moving averages or osilators because the are all based on history. I use basic elliot wave paterns to trigger my trades.I am still learning but am determined to get to a point where i am sucsesfull. I use the graph of the dow and the dollar index to trigger my trades on the alsi. By the way i think the top is in place and we going down this afternoon.I also think that we must consider a alsi trading group to determine triggers so all of us can benifit.
0 Kudos
john_1
Super Contributor
A sytem needs.. A clear objective reason for entry. it requires a pre-determined stoploss. It must have a clear possition sizing. and a clear way of determining long or short, when to take profits and finally it must tell you when NOT to trade. so conjecture about double tops or sick mother has nothing to do with it....really!!!!
0 Kudos
Not applicable
I agree with your analysis that the ALSI is going down this afternoon.There is also a huge gap of this morning that needs to be filled today or tommorrow.The Resistance line was not broken at 26 995.
0 Kudos
HateGauteng
Super Contributor
This stop is in an obvious place. . . It will be . . . sorry has been hit! My stop is above tops of the triple top. This means closeout. A tight stop with 10x gearing doesn't help too much.
0 Kudos