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OK mg what's a MoTU?

I'm short too by the way.

Harlosh, MoTU - Master of The Universe!

Masters of the Universe -- wasn't that orginally the Salomon Brothers traders in NYC?

Harlosh
Sorry - yes - it's a term we used to use in another place to warn each other of the risks of getting too carried away with/believing your own hype. Sometimes it just seems as if you've cracked it - only to discover that it's the market that rules - not you - and that it is ready to stick one on you when you think it's starting not to go as "predicted".

There are some out there who will sell/tell you that they are the market gurus - follow my system and you will be the world's greatest trader etc. etc. - they actually believe they are professional MoTUs.

I think we know differently - and we know to DOYR - don't we ??????

Anyway.

MoTU-like I've added to my shorts @ 505 ..... Gulp !!

Klal, mg thanks for the explanation. Don't think I was ever going to figure that one out but I can see the reasoning behind it.

Oooops
Not a good start to Friday - stopped out of all of them for -54, -50 and -45 so -149 :( and the sun isn't shining either so I'll have to think of something else to do - Golf sounds less punishing........

Yes not a good trade mg :-)

Nope - using the same indicators (sort of) that had served me well - this time they didn't. Just shows that it don't always go to "the plan". Good learning for me AND I was getting out of my hard learned discipline, patience approach - this time trading when I had told myself to wait - greed/confidence etc etc.

Aspiring MoTU (retired)

My gut feeling was that the market wanted to go higher yet my indicators suggested a correction was due. I listened to the indicators and not my gut.

Now if I could measure my gut feeling on a scale 0 - 100 oscillating around a centre line of 50. Hmmm!

Been trying to get rid of my gut - and my gut feeling - neither are much use to me. It's got to be the indicators every time - even though my interpretation of them - on many occasions - is suspect. I can end up willing them to be right rather than looking for confirmation.

On the face of it, the main indicator I use (MACD) is suggesting a turn back up which I'll try and show below. Looking at the MACD you can see the logic of a short around 18:00 last night - but now the likelihood of a long emerging:

mg,

Fwiw I think that you were right to go short yesterday pm based on the 1 hour MACD.

May I make a suggestion though please? The high before the MACD turned yesterday was 1.8518, so why not use a figure just above that as your stop loss on the short? The reason being that if you think it's coming down, it's not going to make a fresh high. And if it does make a fresh high, then it's going up and is a long. Therefore it can also be sensible to have a buy order in at around the same level as the stop.

Just a thought.

Hils
Thanks for that - given my time again I would still have gone short - the indicator I use was giving me the signal that has served me well. Obviously, on this occasion it didn't give the result - just one of those things. If it were that easy we'de all be millyunairs !!

Good point about stops and buy orders - I must admit that I'm a bit too generous with my stops - I think it goes back to my "hit and hope it'll come back" days - rather than my new, shiny, disciplined trader approach. Clash of cultures with my alter-ego.

BTW - the MACD60 is being a right tease at the moment - bit of will it won't it.

The sun's coming out so I think I might drag myself away from the screen.

Good luck to all you disciplined traders.

mg,

err, that wont be me then!

Btw, you have mail.

pth

Still here - Golf later.

There she goes - MACD60 finally crosses to confirm long.

No position - still sulking !!

pth - thanks - August possibilities noted - but I'm getting a bit tight with diary dates - bloody day-job stuff.

long from 547
Above recent highs and quite a bit of space to previous highs

Personally think a correction is due hodgins - so I'm looking for a short.

OK, so I was a little premature :-)

First trade last night for a while as I have been concentrating on other stuff. However, opened a short before going to bed and was quite happy to find my Limit had been hit this morning for +58.

Can go back to bed now :-)

pth

Nice one Pete.

Took an almighty spanking on Friday when I shorted and it went the wrong way despite all my signals screaming for a short.

Continued to trust my charts and signals etc and shorted last night. I dont normally open a trade the night before but felt that it was ready for a drop in thin trading before the big boys entered the scene. Eventually closed out for +96 which more than made up for Friday's hammering :-)

Baks :-)