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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Chip McVickar who wrote (18914)3/19/1999 12:37:00 PM
From: Bull RidaH  Read Replies (1) of 44573
 
Chip,

<<Did you use anything else to make that determination....to confirm
your choice? >>

I also work with a 5 minute SPX chart. The morning slide had broken through the 18 bar moving average at 1318.5, and the price held low long enough to turn the m.a. down. I find that when this happens, it is best to cover opposing positions on a retest of the m.a. line that is now pointing in the wrong direction. Your 11 a.m. T.P. coincided with this retest, giving me confidence to unload the whole march call position, which worked out nicely.

I'm going to try a new idea with your T.P.'s. I'm going to use them as S-T cycle indicators. As you've stated before, typically the recent trend moving into a T.P. is reversed. Say I want to put on a long position because my daily cycles are biased to the long side. I will look for a T-P where we're sliding into a T.P., and enter the position. I will then put 10 minute brackets on each side of the T.P., and use the low during this 20 minute period as a stop. If we are rising into a T.P., and i want to put on a long, i will bracket the T.P., and buy stop IN to the position if the 20 minute high is taken out.

This is very similar to what I do with daily and weekly cycles. I think this will dramatically improve s-t entry points. Have you tried anything like this, and what buy and stop parameters are you using now?

Regards,

David
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