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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: MonsieurGonzo who wrote (2284)	8/24/1998 11:32:00 AM
From: Tom Trader	Read Replies (1) \| Respond to of 44573

Steve--thanks for taking the time to post and for the suggestions. >>"The essentials of any good system include trading with the trend..."<< Believe it or not, I have tried to adhere to that -- even preach it at times:) Now there are trends within different time frames--long, intermediate and short term. As of now, I read the long term as being up, and the intermediate and short term as down. My determination of the short-term trend is based on what the status of the signal is on my system for position trading. Last week until Friday, the short-term trend was up though the intermediate term was down. I do by and large try to trade in the direction of the trend when day-trading. And that was the reason why I would only trade on the short side on Friday. >>About a year ago, when I was just beginning to trade the indices, I was discussing a failed OEX short position with Nemer, and he wrote back something like, "you gotta trade in the direction they want to go, pardner!"<< A wise man -- is that Nemer!! He cautioned my yesterday when the market was tanking-- and I was talking with Pat about going more aggressively short for a day trade-- that one needed to consider the fact that we were looking at options expiry which might cause things to go askew. And the nice thing is that he even pointed it out BEFORE the market turned. You indicated that I was trading against the trend in terms of my day trades on the long side last week. I felt comfortable trading on the long side last week--in part because the short-term trend was up based on my position trading system when I entered the trades. So the question is how do you go about determining the underlying trend?? For example, what is the trend as you interpret it as of now--up or down?? Would appreciate any thoughts that you have regarding this -- because I agree with you entirely that the easy way to do it is to trade with the trend. >>You and Pat et al are down there in the tick-tocks, man (^_^) so Pat's experience with pushing the STOPs w/scale makes good sense, especially when the market is "fast", as you observed and commented upon; push STOPs w/speed.<< You and Pat are both right on this score---like I said to Pat, I think it is my position trading mindset that is impacting my day trading approach. I need to work on this. This whole thing is a learning experience for me -- just hope that it does not become an expensive one:) Regards