JTH's Account Talk

[JTH]

if it comes down again, I might consider buying some TNA. Not decided to do so.

I expect an EoD rally but I don't think it will be a big gainer. For the most part, I've been sitting on my hands, this isn't a difficult market to trade, but these aren't the setups I tend to look for. Right now, the markets appear to be equalizing with each other, narrowing the performance gaps, once this gets settled in, then I expect the primary direction to be revealed.

 

[JTH]

I expect an EoD rally but I don't think it will be a big gainer. For the most part, I've been sitting on my hands, this isn't a difficult market to trade, but these aren't the setups I tend to look for. Right now, the markets appear to be equalizing with each other, narrowing the performance gaps, once this gets settled in, then I expect the primary direction to be revealed.

Nice peaceful day in the markets, fun to watch the whipsaws, now it's the most important time of the day, nap time

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[ravensfan]

Uhh...I thought the most important time of day was happy hour...

Nice peaceful day in the markets, fun to watch the whipsaws, now it's the most important time of the day, nap time

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[Cactus]

Uhh...I thought the most important time of day was happy hour...

Ahhh. You must be a youngster. At my age you look forward to nap time. It's one of the few pleasures left that the doc will let me have.

 

[airlift]

if it comes down again, I might consider buying some TNA. Not decided to do so.

JTH, I bought a position in TNA in the After Hours trading. The order was filled at 6:21:00. I was lucky that I bought TNA after it had risen to around 80.00 $. It came back down and I was was filled @ 79.60. At 8:06 the ask price shows as 81.44. (The market closed at 8:00 P.M.). Cross fingers and let's hope this rallies tomorrow. Good luck!

 

[JTH]

JTH, I bought a position in TNA in the After Hours trading. The order was filled at 6:21:00. I was lucky that I bought TNA after it had risen to around 80.00 $. It came back down and I was was filled @ 79.60. At 8:06 the ask price shows as 81.44. (The market closed at 8:00 P.M.). Cross fingers and let's hope this rallies tomorrow. Good luck!

I won't be accepting as much risk on Thursday as I did today, I'm using a rising stop currently set at 78.38, based off a 75% retrace of the most recent 15-min wave's price action. Looking to see it we'll test or bust the recent 81.95 top, this may turn out to be my exit, but anything above 79.00 makes the trade worth the price to play.

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[airlift]

I won't be accepting as much risk on Thursday as I did today, I'm using a rising stop currently set at 78.38, based off a 75% retrace of the most recent 15-min wave's price action. Looking to see it we'll test or bust the recent 81.95 top, this may turn out to be my exit, but anything above 79.00 makes the trade worth the price to play.

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I find a great help in your response. Thank you! I have much to learn, and while I set an approximate %centage of gains for my exit, I do not generally use stops (which I should). I am afraid that I might be bumped out too late. I did buy today using a limit order and walked away to have dinner, thinking that early tomorrow I would have another chance to buy in the pre-market hours. On the other hand, I will be watching the trade and ready to exit. If we have a substantial rally I will take some gains and call it a day. I suppose I should use a rising stop, but I will have my finger on the trigger to exit if things turn bad on me. But we have had so many up and down days that I am afraid to extend my stay too long.

 

[JTH]

I find a great help in your response. Thank you! I have much to learn, and while I set an approximate %centage of gains for my exit, I do not generally use stops (which I should). I am afraid that I might be bumped out too late. I did buy today using a limit order and walked away to have dinner, thinking that early tomorrow I would have another chance to buy in the pre-market hours. On the other hand, I will be watching the trade and ready to exit. If we have a substantial rally I will take some gains and call it a day. I suppose I should use a rising stop, but I will have my finger on the trigger to exit if things turn bad on me. But we have had so many up and down days that I am afraid to extend my stay too long.

Thanks, I don't like to use stops myself, but losing a large percentage on a trade is much worse. I'd rather just place stops below where I think other traders will try to take me out. I don't lose any sleep taking a small loss on a trade and living to fight another day. If you keep your loses tight, and let your winners run, you can lose more times than win and still come out ahead.

Right now I'm in beta mode, fine tuning the processes until its ready to go full-time

 

[JTH]

Charting: Some Alternative Views

 

[kave]

Thank you Jason. As I've said before, you put a tremendous amount of work, thought and insight into your work!

 

[airlift]

Thanks, I don't like to use stops myself, but losing a large percentage on a trade is much worse. I'd rather just place stops below where I think other traders will try to take me out. I don't lose any sleep taking a small loss on a trade and living to fight another day. If you keep your loses tight, and let your winners run, you can lose more times than win and still come out ahead.

Right now I'm in beta mode, fine tuning the processes until its ready to go full-time

JTH,

I am with Scottrade. My cost basis is TNA@79.60. Can you please show me how you establish your rising stops in this case? I know that Stockcharts has a setting for Fibonacci values, but I don't know how to make practical use of this in a changing trading market. Perhaps you can help? Thanks in advance.

 

[JTH]

I won't be accepting as much risk on Thursday as I did today, I'm using a rising stop currently set at 78.38, based off a 75% retrace of the most recent 15-min wave's price action. Looking to see it we'll test or bust the recent 81.95 top, this may turn out to be my exit, but anything above 79.00 makes the trade worth the price to play.

JTH,

I am with Scottrade. My cost basis is TNA@79.60. Can you please show me how you establish your rising stops in this case? I know that Stockcharts has a setting for Fibonacci values, but I don't know how to make practical use of this in a changing trading market. Perhaps you can help? Thanks in advance.

It really just depends on which wave you plan on riding, in the case I cited, I'm working off the mid-session lows/highs, using Quadrant lines (not Fibonacci) with my stop placed on the 3rd line down or a 75% retrace. As the wave expands, so does the stop, if the wave crumbles, then there's some built in cushion to absorb risk. At some point in time I may move over to a different wave, I don't like to pin myself down to just once thought pattern. Because I'm at home, my rising stop is getting punched in manually (I like to have the extra control)

Added: Because this is a 15-min chart, I'll change the stop every 15 minutes (if needed)

View attachment 32414

 

[airlift]

It really just depends on which wave you plan on riding, in the case I cited, I'm working off the mid-session lows/highs, using Quadrant lines (not Fibonacci) with my stop placed on the 3rd line down or a 75% retrace. As the wave expands, so does the stop, if the wave crumbles, then there's some built in cushion to absorb risk. At some point in time I may move over to a different wave, I don't like to pin myself down to just once thought pattern. Because I'm at home, my rising stop is getting punched in manually (I like to have the extra control)

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Thank you. I need to practice this.

 

[JTH]

Thank you. I need to practice this.

No problem, it's just one of many methodologies out there, this one is a bit more enjoyable because there's more involvement. As we can see, the session opened higher, thus expanding the wave and the 78.38 stop (the blue line) will need to be raised to 78.58

View attachment 32416

 

[JTH]

Thank you Jason. As I've said before, you put a tremendous amount of work, thought and insight into your work!

Thanks Kave, and thanks for paying tribute to one of the best movies of all time, JB's work stands the test of time.

 

[airlift]

No problem, it's just one of many methodologies out there, this one is a bit more enjoyable because there's more involvement. As we can see, the session opened higher, thus expanding the wave and the 78.38 stop (the blue line) will need to be raised to 78.58

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I am waiting for the SPX to establish the day's trading range perhaps in the next half hour. I might add to the position.

 

[JTH]

I am waiting for the SPX to establish the day's trading range perhaps in the next half hour. I might add to the position.

It may prove difficult to get a tradable price under today's conditions, this is one of the reasons I took the entry on Wed and planned on being our before today's close. .

 

[JTH]

It really just depends on which wave you plan on riding, in the case I cited, I'm working off the mid-session lows/highs, using Quadrant lines (not Fibonacci) with my stop placed on the 3rd line down or a 75% retrace. As the wave expands, so does the stop, if the wave crumbles, then there's some built in cushion to absorb risk. At some point in time I may move over to a different wave, I don't like to pin myself down to just once thought pattern. Because I'm at home, my rising stop is getting punched in manually (I like to have the extra control)

Added: Because this is a 15-min chart, I'll change the stop every 15 minutes (if needed)

Moved over to the next wave, thus raising the stop significantly. At this juncture, I've locked in a flat trade.

View attachment 32419

 

[airlift]

It may prove difficult to get a tradable price under today's conditions, this is one of the reasons I took the entry on Wed and planned on being our before today's close. .

I get your point. Ok, it appears to be coming down a bit. I am considering adding more funds to this positio, so that the gross gains will be more significant, even though the price wil not come down at yesterday's closing price. Then, I will make an exit later. Hope this works out.

 

[JTH]

Just a quick update, this pattern I drew is what we call in the real world "junk" so in the scrap pile it goes.

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