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As prices break through the blue bands (see circled areas) that is where I executed.
Extreme Top Warning
Duma.
what did you see as a "buy again" TIA!
As you know I pulled back to 100% Fri, but then the action looked good to go back to 150% just after the open. Got a quick rise and then a pull back. Went back to 100% and really expected to see a 123 reverse. It never came so when prices gave a buy again, I added to get back to 150% long again.
Love this chart. Worked like a dream this morning. Kudo's spdpro.
I consider what I am seeing as bullish. Market held small pull back well.
Don't be sorry. Always good to go back and refresh on issues that are important. Glad to hear that you are still refining your trading, good luck.
What an interesting morning. Using your 233t chart I made a nice run this morning and then exit. What a great chart.
Looks like we are setting up for a 123 break down. If we do I will take more off the table.
Duma
Yes now that i am reading your posts and others i realize that it was indeed the actual way i was lead to believe i was to present them to the IRS etc. i watched the IB video and etc. to get an idea of the way to present the package. Guess i was use to the gain/loss summary. But i did have good records of all the trades i did do for they where part of my work, study and etc.
So when i started putting them together by myself it did get a little funny but in the end it worked out and yes i did not make as much i thought i did, so again a little learning process for me.
ch
*** sorry about the many posts about this issue ***
Hi Duma
And thank you for your replay and interest in this matter.
Perhaps i was not clear in my post.
i am not going to over day trade from now on.
So my plan when indeed i day trade ( and i will from time to time for certain reasons) will be far less trades and wider stop with larger profit target :o)
Kind of what i was working on but much less tests of confirmation.
In away i would not see you as having this wash aspect as much of an issue for your patience and entries are of the quality.
Also, i really feel i am in need of the change that i am making etc.
ch
Wasn't too difficult to gen up an excel program that would keep track of cost basic for sells at a loss. But others might like the software, so thanks for posting.
FYI - Tradelog is a very good software to manage this problem. Their technical support is also excellent. In the past when I had some pretty confusing problems, they had me email them my files. They then fixed them and emailed them back to me.
http://www.tradelogsoftware.com/products/tradelog/
CityHawk, you are the 2nd or 3rd person I have heard say they are stopping day trading because of the wash rule. I could be wrong and please someone correct me if I am, but I don't see where anything has changed. If in the end of a series of trades all one has is a loss, then yes, the wash rule would disallow taking the loss for income taxes. But if one is not generating a profit in aggregate, then what is the point?
According to the example I copied below from the IRS concerning wash sales, losses are just carried forward to the next trades until a profit is finally achieved. Then you get to pay taxes.
www.irs.gov/pub/irs-pdf/p550.pdf page 60
Example 1. You buy 100 shares of X stock
for $1,000. You sell these shares for $750 and
within 30 days from the sale you buy 100 shares
the same stock for $800. Because you bought
substantially identical stock, you cannot deduct
your loss of $250 on the sale. However, you add
the disallowed loss of $250 to the cost of the
new stock, $800, to obtain your basis in the new
stock, which is $1,050.
Thanks for posting again. I bookmarked so I can follow for a bit. Confirms my thinking that staying 100% long is good. We'll see if we get a small pullback or not. If we don't I will up the anti again.
Duma
Glad you liked that story. Perhaps i can update if my pal allows me to meet him ??? That might be fun.
i was a little taken back by the new IRS rules that applied to my day trading from last year and am now going to be very very selective about this type of trading. Not saying that i am not going to do it but most likely will only try when i see either from the close etc. into the next morning a set up that i really think has max potential or perhaps even a set up the week or just a great 123 type of thing etc. Yes i was for the most part kind of doing that last year but i realize that do to my not taking big losses i feel i over traded and it hurt my total profit with this Disallowed Wash Sales. So a lesson learned.
In an interesting way i think that from what my pal kind of says is that the big trader fellow mostly trys to time reversals ( maybe a major S/R , Fib and a Wave thing???) then sets up the order with a really loaded boat and takes the profit a little early but the thing seems like the stop loss is a little wider and perhaps due to the fact the trade is contrived with such understanding of what is to risk reward happen etc.
That style has always been a little harder for me for i seem to like the 2 with a trend line if there is enough space from the one LOL or just the move from the 3 etc. if also enough room has transpired. Guess that would be more of a trend type trader.
Well i will be looking into my minds eye more for this other set up as well. BUT again i am not going to be day trading much unless i move to Futures etc. So i am really working on the swing trade process more for all the reasons.
Ok a rather long post but what the hack.
i hope all is going well with your projects and etc.
If i may say i have confidence in your trading :o) so i was really speaking of life in general.
Best wishes,
ch
CityHawk, good to hear from you. I'm just doing my same-o here and I guess you are doing the same. Interesting story.
Greetings :o)
Oddly enough the former sbird indeed might have had used the s in place of a personal name and perhaps the name of a bird.
In this case the name of a bird was sparrow which was taken from my 1st. kind of trading book ever read do to that fact that my pal who convinced me into trading, told me this was the only trading books on at the store aside from Trader Vic's book. For some reason i enjoyed the Mark W. section of the Wizards and indeed took that sparrow trading from him,but of course realize the lion trading is also very note worthy LOL.
So to make a long story short, a pal who really was a full time prop trader from the 90's and then some etc. Was recently in a NYC coffee shop, which had some CNN or something with the Indexes printing live. As my friend says a man sitting there was kind of mumbling along with the price action etc. So this pal of mine being a funny type of man anyway started asking the man what was his interest in the action and then the man started talking about a few trades he was in etc. Well one thing lead to another and so it seems my pal is now some what befriended Mark W of the 1st. Wizards book. And as i or anyone who remembers reading his interview knows his trades winning % were noted due to a friend.
Of course i always assumed that his account of the traders winning % was do to his mirroring his friends trades.
At this point i am not sure if my pal is doing this but he does mention some of the extreme nature of this Market Wizards trades.
But i am really with out details as of now and this is very second hand info but fun for me to share.
Aside from that i wish all well and etc.
city hawk
Price has now moved into a 3 day channel with the close of Fri at the high end of the channel. I decided it was time to pull a little off the table, so I cut back to 100%.
Fri's range was very confined. Prices could break out to the upside, but it seems there is a lot more room for bad news than good. Either way I sorta win. We will see what gives Monday.
Certainly no sell signal at all from this chart, so staying 100%, I hope was a smart move.
For a rare week, SPY actually out paced IWM 1.99% to 1.70%.
That will generate a few bucks in one of my other accounts. Thanks.
D> extreme top of range > be careful
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73313970
I think you don't have to look any further than your friendly banker at JPMorgan! Don't ever doubt that the patients are running the asylum!
EVEN BETTER
Yea but my idea of sleeping pill is 9mm
just saying
M
AH futures jamm job
I wish I knew who was staying up doing this stuff
would give that sons a gun a sleeping pill
damn this is so frustrating
N
JPM front ran the FED
got the Algos flying
More BS to ramp the market
It had to be deliberate and cleared thru "Whom" FED included
===========================================================
The Fed released the results two days earlier than planned after JPMorgan sent out a news release saying it had passed the test.
same crap
Last year, the Fed allowed some banks – including JPMorgan Chase & Co. and Wells Fargo & Co. to raise their dividends because they were deemed healthier.
JPM raisied again
Whoa, I just back home. I'll take a day like today any day.
I hope few people are following BuySellHold. They are now down over -10% for the month. Hanging on to a 300% short takes real staying power in the face of this market. Never seen anything like it. He (she) has no market experience, just running numbers.
Sounds good and good luck. With the market up >1% and me better than that, I will just ride it out. Will be gone in a few minutes.
13:19:05 In TZA again @ 18.38, light load
?? light wild sell off. whip saw
What do you expect to happen?
>>>>> FOMC Day <<<<< 14:15 Trigger
Got a SR60AT sell signal y at 12 at 81.33 and then it reversed this morning at 11 at 81.95. This now appears to have been a false signal that generated a -.75% loss.
The good news is that I only used the signal to pull back from 150% to 100%, so overall I still did ok.
Looking back at the events of the last week, what happened y should not have been a surprise. Last Tues we saw a huge -2% drop in the market. Then it rebounded Wed-Fri for .94%, 1.31%, and 1.37%. Y the market pulled back a modest -.22%. Surprised, should not have been. SR60AT over reacted to the situation.
Over the course of the last 9 months we have seen the VIX spike up and now move to very low levels. I when back in history and just did an eyeball average for the VIX each month to compare to the SR60AT returns. Guess what, really good coorelation.
So I have three charts I can use for 60min trading.
1. SR60 anytime - over reacts during low VIX like y, but was
extremely successful last fall when VIX was over 30.
2. SR60 10am - did not siganl a sell y
3. Slow 60 - appears to be a great chart to be used during very low VIX.
So going forward I am going to be looking to use SR60AT for VIX>30 and Slow 60 for VIX<20 in general. However I may still use some combination. But for the present, with VIX under 20, I will no longer use SR60 AT.
Duma > flip over to Desert's board
I'm jamming in a lot of TOS there
http://investorshub.advfn.com/boards/board.aspx?board_id=18585
I checked and you are right, I can stop the notifications. But that is not the point. Why does TDA want to make a change to my computer every time I log on? Do you know?
Duma > I assume you are talking about Win 7's
user account control that pops up Before the actual
TOS login screen, if so that is a WIN 7 function and
can be changed to notify you by clicking
Change when these Notifications appear that is just
below the Yes / No box
My remodel project is drawing to a close and soon I will have more time on my hands to trade. I have made less than 5 trades since the beginning of the year. It has been really good for me to take a break and just paper trade several strategies. However I have been active with my Slow 60 chart, but as the name implies, the number of trades is low. But this is perfect for another larger IRA that I want to start using it on. "Sell in May and go away" time is coming, so I hope to kick it in by that time.
Still tracking my SR60 chart and it has been doing really good considering the low volitality of the market. Jan returned just over 5%, Feb just under 5%, and Mar is already over 5%. Remember this is all based on only trading at 100%. I typically trade long at 150% and short 50%.
For March Slow 60 is currently up just over 3%.
These are certainly not the type of returns that day trading can generate, but the returns are excellent considering the amount of time spent. I would expect that SR60 will return between 50%-100% for the year, and I would expect Slow 60 to return something between 15%-25%. Not a huge %, but a lot of $ for a larger account.
Although I have not been tracking SR60 10am trading vs Anytime, the difference between the two is going to be small. Most of the recent trades have been coming at either 10 or 11am. With the low volitality, I think I can trade 10am only and do well enough considering I still can not trade all day.
So beginning tomorrow I will start trading some combination of SR60 10am and my Slow 60 chart. I am currently sitting 150% long. If I get a SR60 short signal then I will probable pull back to 50%. I want to keep trading some part of my assets based on the Slow 60 chart just for the real time experience. I could certainly see myself going to 100% for each strategy. That would have me trading as high as 200% and short as low as 100%.
By the last week of the month, I may once again try a little day trading again. But it will different than before. I want to wait for certain types of set ups to greatly increase the odds of success.
Hope all have a good week coming up.
spd, got a question for you. Everytime I want to open TOS, I get a message asking permissin for TDA to make a change to my computer. It is the same kind of message that one gets when a software upgrade or new program is loaded. Does your program do this also? I am not concerned except that I hate for TDA to keep making repeated changes to my computer's registar. Eventually it gets gummed up.
I learning ThinkorSwim and it's partner software Prodigo which should accomplish what you want. They do require a pretty good investment of time. Read the brief summary below the video and listen to the the beginning to find out more about the program Prodigio.
Murray, good to hear from you. Yes I am fine, but so deep into a remodel project that I have had no time to trade during the day since Jan 2nd.
To directly answer you question, the only way I would have to do what you want to do would be with TDA's TOS software. I opened an account with them, but never funded it. I have had access to their site for months. I think writing script for what you want would be pretty straight forward although I am really not good at doing it yet. SPDPRO would be your best source if you get to that point.
Quote Tracker would be easier, but history could be a problem.
Just a quick comment for you on what you are trying to do. IMHO, a stoc period 14 is really fast. But then that is just my style, maybe it is exactly what you want to do. Since I could not trade daily this year, I had to go to what I call my Slow 60 chart. I am using a stoc with a period of 139. See my sticky post if interested.
Good luck.
Hi Duma,
Hope you are well. I'm looking to construct a market scanner to trade trending ETFs for my retirement account. I would like to construct a daily market scanner which is defined by;
EMA20>MA50>MA200 + Full STO %K(14,3)>%D(3)
I would then like to apply this scan to the TSE Horizon BetaPro funds if possible although a TSE/TSX scan would be acceptable. If I like the results I may expand it to US markets.
Would this be possible in entirety or partially with any of the free or other other software you are aware of? I expect that I will be able to accomplish this with a Stockcharts.com subscription if necessary.
TIA,
Murray
Below is the graph I believe he is taking his signals from in part. He does have an interesting twist in that he takes his signals from SPY and then trades TNA/TZA 100% (300% of assets).
http://buysellmodel.com/
where was this again
I need a good laugh
Gotta ya. Have a good weekend.
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As of Oct 2013 I made a major shift in my trading to Phase Charts. I then stopped all my trading with SR60 and F85 although I still use the signals with Phase Trading when the timing is right. I feel that this is a good time to stop using this board to describe and document my trading. This board has operated very well of late as a general board and I like that. I plan to continue posting my general comments on this board just as before, but starting today, Oct 28, I will post all my comments about Phase Trading on a new board that I have created, CYCLE TRADING.
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