HRFP-CF

I knocked one out of the park today on CF. I only bought 4 In The Money Put contracts. Take a look at the HRFP on the 233 ( 12/12/12). Then take a look at that HRFP on the 55. Now, take a look at the 8. I placed my trade at about 9:48. I sold at 3:40. I picked up over $5 despite the Dow being in the green and NAS in green. Those HRFP's on the 55 and 233 were looking too strong. On both charts, candles started to move away from the 8 period. I knew I would make a profit, but I did not think it would be $5. Honestly, this was one of the easiest trade that could have been done. As a sniper, I simply do not pass up on HRFP's that have set up on 2 fairly small charts- especially if my action sets ups as perfectly as today. I look a couple of other things, but for the most part, there will be some profit in those trades. I am not trying to wear you guys out, but I AM GOING TO RETIRE from this trading thing, and I hope I can help someone else as I roll along.

Now that's trading!

Darcy, Thanks... I read your previous post the same as I read and try to interpret GW's information. I just gotta stay humble and calm. I am more interested in managing my losses and not as excited about wins. IMost importantly, I can never forget how it felt to lose my entire basket! I want to avoid that mistake.

I understand about the basket thing. I have not done that. What I began to do a few years ago was not go beyond a 10% loss and if I lost I had to refund my basket the loss before I could trade again. When you have to start cutting into business expenses as I did to refund my basket it makes the money REAL and you more careful!

And yes one key and a big one at that... is to manage your loss and make them small!

I was in CF too...I used the moving average 10 minute chart (not Garys')only to get in and stayed in from the open until about 3:00. I was happy in Hawaii.

The moving average chart is the 20, 10 and 5 moving averages only along with the money flow study. Nothing else. If the 5 crosses the 20 there is a trade. If the 5 and 10 cross the 20 there REALLY IS A TRADE. I still use Gary's chart for entry. On CF the pull back happened the day before which made me jump on the trade.

Gotta run watching a few more today with HRFP on the 55.

Darcy, thanks for the charting tip. I am actually practicing by using the chart parameters you talked about. Unfortunately, I was not one of the chosen recipients of Gary's Chart. I have no idea what that is, but I assume it is a big key to accurately identifying trades. Did you receive those charting parameters in advanced training?

Once again, I think I am going to pull back from "real money" trading for a while. I am not confident in what is going on politically. This fiscal cliff stuff has me uncomfortable. I do not think anyone has a clear indication of which direction the market will go within the next couple of weeks. I am not going to take chances right now. My mentor taught me that good or bad new will void out all technical trading rules-Period! I think for the most part that holds true on the short term.

I was in Apple from yesterday and sold shortly after the open with a very small gain from yesterday. The good thing about some stocks is, they will give you a window of time to get out before they turn against you. I was pretty lucky to get out before it dropped today.