The Commodity Trading Forum
is a presentation of 		Free
Commodity Chart Service
Commodity Menu
My Charts Menu
Intraday Quotes
Stock Market Data		 News for Traders
Weather Maps
Commodity Brokers
Premium Resources		 Learning Center
Short Course
Glossary
Trader's Books		 Trader's Forum
Live Chat

TFC Home		 F.A.Q.
Suggestion Box
Advertising Info.

[ View Thread ] [ Post Response ] [ Return to Index ] [ Read Prev Msg ] [ Read Next Msg ]

Commodity Trading Discussion Forum

It's Sunday Night.....

Posted By: drmarty
Date: Monday, 12 May 2008, at 4:04 a.m.

By this time I have finished my weekend reading. I have marked down the several markets I want to trade/follow closely during the week, beginning Monday. No more than six, preferably 3-4. I write down the entry prices that I would like (ideal); I write down where I think the market is going; I have already ruled the trend lines and in one case, maybe two, I have marked out the potential high and low for the next day's trading.

If I am really adventurous, in the case of a market following a trading channel, bullish preferred, I have marked the potential high of the day and the potential low. I have entered in my log book where I would like to sell and where I would like to buy. If I am really adventurous I PUT IN THOSE BUY AND SELL ORDERS. I will have to monitor this market closely and cancel the orders or exit quickly if the market BLOWS UP, meaning: goes in a completely different direction or gaps up or down significantly. This can change my idea completely...AND IT HAS HAPPENED. But it has also happened that I was close to the high and to the low and got in a daytrade that was profitable based on the channel moving higher along the lines of the trendlines.

In the other markets I want to follow I will wait for the first 30 minutes or 1 hour to pass on Monday as the professionals re-enter their trades (having gone flat over the weekend) and/or the market takes a direction. (This could change: it does not mean that the market must continue in this direction all day to the end of the session.

For these other markets, I made a note to myself, and only to myself, what I expect the market to do and where I expect to enter in order to exploit this potential. It might mean: looking for a reversal bar in a daytrade, or it may mean "coming back" to a trend after a correction. I have to see it first, I can't just enter an order blindly....

EXCEPT FOR BREAKOUT trades. A market that has been moving sideways and I want to enter a buy price above the highs and a sale below the lows. These are "stop" orders and I WILL PUT THEM IN FOR THE DAY...DAY ORDERS usually. Unless the market is moving parallel and then the prices may not change for a few days and they can be GTC orders.

This is pretty much routine for me...

What I am not trying to do is:
pick a top or a bottom
go against a trend
trade or follow a thin market
trade just before a report
take advantage of a situation, like buying rice options or futures because Burma had a typhoon (I don't do that).

If you want to print this message, you might have better results, and waste less paper if you print this printer friendly page.

Password:

Messages In This Thread

 

Post Response
Your Name:
E-Mail Address:
Subject:
Message:

If you'd like to include a link to another page with your message,
please provide both the URL address and the title of the page:

Optional Link URL:
Optional Link Title:

If you'd like to have the option of deleting your post later,
please provide a password (CASE SENSITIVE!):

Password:
Save Password: Yes No
 

 

[ View Thread ] [ Post Response ] [ Return to Index ] [ Read Prev Msg ] [ Read Next Msg ]

Commodity Trading Discussion Forum is maintained by Mike Ritchie with WebBBS 5.00.

To report abuse of this Forum, please send email to: admin1@tradingcharts.com