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sep13 alsi

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Rams
Super Contributor
Well, missed 34700 by 13 points...exiting at 35580.... 34700 an important level...
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Flash
Occasional Contributor
:-) I have been following you guys. I'm not here very often due to full time job commitments, hence no comments until now. Hopefully I will be able to comment more in the future.
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FEK
Super Contributor
34700 taken out, what is next target ?
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Rams
Super Contributor
target 35300...trend maintined if trades above 34600. Below 34600, 15 minute trend change confirmed at 34564. I am not in the trade yet...will get in it there is a retrace and trend still up...
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Flash
Occasional Contributor
Don't you think we will see 35100 before we can expect a retrace to 34700 or as low as 34600? I would also wait for the retrace though.
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Rams
Super Contributor
no, the retrace for entry is different to the retrace for trend change. The retrace for entry could occur now to about 34800, then its a long. Yes we could get to 35100 and then retrace and I wil wait for that before entering. If we retrace to 34600, the we must consider a short...
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Rams
Super Contributor
Mol, take your stop loss, then multiply that by any factor of profit. so if you work out you need a 3:1 profit loss ratio, then exit contract 1 and contract 2 at targets that gives you 3:1 profit/loss and then move your stop to breakeven and then into profit as the market moves in your direction. Now let the remaining contract/contracts ride the trend and exit at your stop....yes you do give some back but thats the only way to milk the trend. This way you managing risk and profit not only for the trade but for your ALSI futures portfolio. Read "Trading in the Zone" by Mark Douglas
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Rams
Super Contributor
and sometimes you get left behind...we at your target of 35100 and we may get to 35300 before a retrace....so we just wait
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Rams
Super Contributor
and sometimes you get left behind...we at your target of 35100 and we may get to 35300 before a retrace....so we just wait
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Mol
Frequent Contributor
Thanks again,understand better and busy reading the book.
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Flash
Occasional Contributor
yes, I see. Oh well, as you say we wait. My issue is the wait, my fingers are always to eager to enter a trade. How did you determine the retrace of 34800? Is it the low of the previous 15 min bar? I would have looked at 34700 or now possibly 34900?
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Flash
Occasional Contributor
correction, previous 1 hour bar..
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Rams
Super Contributor
we cant accurately determine the exact level...its important to know where the retrace will be trend change...right now 34900 or above to get in, below 34900 its no trade for a long yet
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Flash
Occasional Contributor
Ok thanks. I am learning...
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Rams
Super Contributor
came off 34900..above 34950 and a long may be set up if not in already
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Rams
Super Contributor
34950 taken out....long
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orange68
Super Contributor
a nice day today nice weather nice figures and nice p/l balance
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Rams
Super Contributor
And looks like a pancake day too
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orange68
Super Contributor
at least its green for a change
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Rams
Super Contributor
and 4 green days...well, today was a pancake day...was a good day to test that discipline and manage risk...and looks like we closing around the 34700 level..that same level again. June was a good month for ALSI trading...Monday?...well we see on Monday
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