| September 21st, 2010 09:21 AM |
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| membar |
Hi wanlorn, if you're listening: what settings do you use when you trade Emma? Today is FOMC day and I've looked at the backtest and it seems horrible for buy-and-hold-'til-EOD-type strategies, so I want to put Emma in Scalping Mode today and not trade my other strategy. |
| September 21st, 2010 09:40 AM |
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| membar |
Quote:
membar wrote:
Hi wanlorn, if you're listening: what settings do you use when you trade Emma? Today is FOMC day and I've looked at the backtest and it seems horrible for buy-and-hold-'til-EOD-type strategies, so I want to put Emma in Scalping Mode today and not trade my other strategy.
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OK. I think you're using MultipleStopOut=true, MultipleStops=4, Gain=1.01, NoLossExit=True and Stop=0.015. I'm too chicken to trade that, so I'm going to sit this dance out today.
Good luck to everyone and Happy Scalping today. The days I sit out, the market either soars (buy FAS) or tanks (buy FAZ), so enjoy your winnings, everyone. |
| September 21st, 2010 09:52 AM |
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| Black Swan |
Ah! Here comes a day of no stops. Burnt my hands at TNA and TZA with a 1% stop.. One was so bad, it hit as I was canceling the trail.. Guess have to work the day without scalping. |
| September 21st, 2010 09:54 AM |
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| Black Swan |
It's as if at my trigger point, market turns around and bounces back to my buy price and some more. ARGH! Sitting out for clarity. Will be back in an hr. |
| September 21st, 2010 09:56 AM |
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| membar |
Quote:
Black Swan wrote:
It's as if at my trigger point, market turns around and bounces back to my buy price and some more. ARGH! Sitting out for clarity. Will be back in an hr.
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FOMC days are Evil. |
| September 21st, 2010 10:02 AM |
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| membar |
Quote:
membar wrote:
OK. I think you're using MultipleStopOut=true, MultipleStops=4, Gain=1.01, NoLossExit=True and Stop=0.015. I'm too chicken to trade that, so I'm going to sit this dance out today.
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What the heck. I'm going to allow Emma $60 in losses today and give her a small amount of money with the above settings to see how she fares. So far, Emma hasn't placed a trade yet and has printed this:
H = 794.39
L = 778.30
C = 792.60
P = 788.43
R1 = 798.56
R2 = 804.52
R3 = 820.61
S1 = 782.47
S2 = 772.34
S3 = 756.25
Bear Day P - R1
I had to use automatic pivots because MoneyCentral doesn't seem to have refreshed its OHLC data, so if someone could verify (at least the H, L, C values) somehow, I'd appreciate it. |
| September 21st, 2010 10:49 AM |
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| wanlorn |
RIFIN
20100921
H = 794.31
L = 778.03
C = 792.77
P = 788.37
R1 = 798.71
R2 = 804.65
R3 = 820.93
S1 = 782.43
S2 = 772.09
S3 = 755.81
RUT
20100921
H = 670.34
L = 649.86
C = 669.76
P = 663.32
R1 = 676.78
R2 = 683.80
R3 = 704.28
S1 = 656.30
S2 = 642.84
S3 = 622.36
Membar I am using stops = 2 like you. Everything else you have above is correct.
EMMA RUT bought TNA 45.83 @ 10:18 stop @ 45.19
EMMA RIFIN has not had any action yet. |
| September 21st, 2010 10:55 AM |
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| membar |
Quote:
wanlorn wrote:
Membar I am using stops = 2 like you. Everything else you have above is correct.
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Doh! Thanks. |
| September 21st, 2010 10:56 AM |
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| membar |
Here's a nice article on wealth building vs. thrill seeking:
http://www.marketwatch.com/story/adviser-goes-for-brokeand-loses-2010-09-21 |
| September 21st, 2010 11:01 AM |
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| ISA_Coder |
why the dip....good time to get into FAS or TNA? seems so to me but what do i know |
| September 21st, 2010 11:02 AM |
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| membar |
Quote:
ISA_Coder wrote:
why the dip....good time to get into FAS or TNA? seems so to me but what do i know
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My Emma still hasn't made a trade yet. |
| September 21st, 2010 11:05 AM |
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| ISA_Coder |
I scalped TNA earlier from 45.49 to 45.81 |
| September 21st, 2010 11:08 AM |
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| wanlorn |
Today is one of those days where pivots won't help much for RIFIN. Yesterday was a Large white candle. P to R1 is 10 points. If you break the pivot band down to 66% 50% 33% with 50 = P 33 = S1 66=R1 then you get a clearer picture. |
| September 21st, 2010 11:12 AM |
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| ISA_Coder |
wow i'm glad I listened to myself on that one, got back into TNA at 45.60, will probably sell real soon, 46 seems like a nice round number |
| September 21st, 2010 11:13 AM |
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| membar |
Off-topic: Twitter security flaw:
http://www.cnn.com/2010/TECH/social.media/09/21/twitter.security.flaw/index.html?hpt=T2 |
| September 21st, 2010 11:14 AM |
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| wanlorn |
I don't expect emma to do well today. Historically Emma only gets it right 1 in 4 times on a day like today. Adding in the extra bands as I said above should help you scalp today.
Go Bull from 791.81 to 793.54; 795.26 to 798.71
Bear from 795.26 to 793.54; 791.81 to 788.37 |
| September 21st, 2010 11:18 AM |
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| membar |
Quote:
wanlorn wrote:
Historically Emma only gets it right 1 in 4 times on a day like today.
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If you've researched that, then that's a good excuse for me to pull the plug on this. It's somewhat comforting to know that Emma's genius doesn't completely dwarf my strategy's. |
| September 21st, 2010 11:18 AM |
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| ISA_Coder |
Quote:
ISA_Coder wrote:
wow i'm glad I listened to myself on that one, got back into TNA at 45.60, will probably sell real soon, 46 seems like a nice round number
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ah, missed it, got out at 45.91, wasn't quick enough then i waited another minute, got called into my boss's office for a second so I just sold at market, still was a nice scalp though, now i'm done for the day, I have to go do some work. |
| September 21st, 2010 11:23 AM |
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| wanlorn |
Quote:
membar wrote:
If you've researched that, then that's a good excuse for me to pull the plug on this. It's somewhat comforting to know that Emma's genius doesn't completely dwarf my strategy's.
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Yea today is a day I would not use emma. Not unless you added in the granularity of the bands like I just mentioned. No as far as a quick scalp you could go to a 1 or 2 min chart of FAS or FAS and using the cross and the RIFIN price as guide scalp 0.5% here and there.
Looking at the chart pattern I expect a down turn in short term.. SMA of RIFIN just below the 791.81 lvl. |
| September 21st, 2010 11:24 AM |
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| wanlorn |
Quote:
ISA_Coder wrote:
ah, missed it, got out at 45.91, wasn't quick enough then i waited another minute, got called into my boss's office for a second so I just sold at market, still was a nice scalp though, now i'm done for the day, I have to go do some work.
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good job on the scalp |
| September 21st, 2010 11:26 AM |
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| membar |
Quote:
wanlorn wrote:
Now as far as a quick scalp you could go to a 1 or 2 min chart of FAS or FAS and using the cross and the RIFIN price as guide scalp 0.5% here and there.
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I'm notoriously horrible at that kind of stuff, so I'm going to just kick back and watch today.
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| September 21st, 2010 11:29 AM |
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| ISA_Coder |
Quote:
wanlorn wrote:
good job on the scalp
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thanks. the main idea i try to stick to is that a good scalp should be quick. once you're in the profit zone, sell, sell right away. today is a great example of both sides of keeping it quick and how it should not affect the emotions/mentality of the trader:
Scenario 1 - I scalped from 45.49 to 45.81
- right after I sold at 45.81, it shot up more to 46+, but I didn't care about that at all cause I had already made a profit that I was happy with.
Scenario 2 - I scalped from 45.60 to 45.91
- right after i sold at 45.91, it dropped down below 45.50 (and still going down right now). Does not make me feel like I made the right decision because it went down, only right decision because I sold while I was in the profit zone.
I should also mention that right after I made both purchases, I slapped on a 1% stop order which in both cases never hit.
Maybe a good time to jump back into TNA now eh, at 45.34ish?
OK now i'm REALLY going back to work. |
| September 21st, 2010 11:30 AM |
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| wanlorn |
It amazes me sometimes how predictable the moves in the market can be when using the pivots as a guide. Expect a nice bounce off of 788.37 to keep us afloat for a few.. the TNA position is probably going to stop out soon. |
| September 21st, 2010 11:35 AM |
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| membar |
Quote:
ISA_Coder wrote:
thanks. the main idea i try to stick to is that a good scalp should be quick. once you're in the profit zone, sell, sell right away.
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How do you quantify the "profit zone" and the stop loss? |
| September 21st, 2010 11:36 AM |
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| wanlorn |
ISA thats how I've made the majority of my winnings. Except my stops are real tight like 0.25% would be a close approximation though I set them based on my entry condition. I prefer to scalp when I've seen a double bottom in 20 to 30 mins. Jump in on the 3rd bottom stop if it breaks below lower bollinger and exit at the upper keltner as an approximation to how my mind plays it. The only time I don't have a limit sell in after entry to scalp is when market shoots up after execution of entry and pushes past my exit point. Then I move to a market sell as soon as I see a dip start to form. |
| September 21st, 2010 11:41 AM |
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| ISA_Coder |
Quote:
membar wrote:
How do you quantify the "profit zone" and the stop loss?
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Well recently, I've been using a 1% stop loss because that is what I am comfortable to lose.
For me, profit zone is usually anything above .5% but it also depends on how fast it moved up, and that's where gut feeling comes into play and something that unfortunately I do not know how to describe.
If it moves up .5% real quick, say in 2 minutes or less, I will usually sell right away. A lot of people may disagree with this because they would fear missing out on more gains.
On the other hand, if it seems like a slow and steady incline, say 10 minutes or more to get to .5% profit, then maybe i'll just move my stop up to the buy price and let it ride.
I don't always follow strict rules for selling but I can say I do base it on how much i'm up and how fast it moved, the rest i do not know how to describe in words, and therefore cannot code into a program. It's been working for me though, scalping is the way to go, at least for me, but obviously it requires a PDT account. |
| September 21st, 2010 11:44 AM |
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| membar |
Quote:
ISA_Coder wrote:
I don't always follow strict rules for selling but I can say I do base it on how much i'm up and how fast it moved, the rest i do not know how to describe in words, and therefore cannot code into a program. It's been working for me though, scalping is the way to go, at least for me, but obviously it requires a PDT account.
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I feel like I'm this investigative journalist who's landed in the midst of a race of Intelligent Beings trying to figure out how they make their decisions, all the while not having the brain capacity to do so.
Have you thought more about taking time off and daytrading for a week or two? |
| September 21st, 2010 12:20 PM |
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| BullDog |
I have two scalp entries/batches in into FAS, one at 23.10 and one at 23.48
I am not worried about the 23.10 entry, think that will clear. The other one maybe not today. |
| September 21st, 2010 12:30 PM |
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| wanlorn |
Quote:
membar wrote:
I feel like I'm this investigative journalist who's landed in the midst of a race of Intelligent Beings trying to figure out how they make their decisions, all the while not having the brain capacity to do so.
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Along this line.. I'm curious how several of you would fair on the Aspie Quiz especially those that trade by perceived patterns and gut instinct.
Short quiz - AQ Test
Long Test - Aspie Quiz
It would be an interesting poll to me to go with the day trader poll.
I score very high on the Aspie quiz but its been so long since I took the test I can't remember my score. I'll have to retake it.. |
| September 21st, 2010 12:33 PM |
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| wanlorn |
Emma bought FAZ 12.57 at 12:30 stop 12.38
I lost my connection to my desktop. So I'm not sure what RUT is doing but it should still be in TNA. |