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

To: GROUND ZERO™ who wrote (15349)	2/12/1999 8:47:00 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 44573

Yes GZ, The reversal at the close....I went back and looked again....then checked some reference books.......It was not an Island Reversal. Those have to be separated away from the general market trend. But it does seem like a simple Reversal with a spike. Anyway the fork set-up was a good signal. After watching a lot of small interday forks for weeks, I've seen their structure on indexes, how they work and how forks from 1-3 days influence interday trading. Although day trading is difficult and exhausting it's a good way to build up a portfolio balance. The principles of Andrew's work that you have passed along is clearly illustrated in Day Trading and interday market activity. It's Beautifully Simple. But now I'm moving further out and concentrating more on Position Trading. Serious results can also be obtained buy taking out multiple contracts and holding to the longer fork signals and of course setting stops to get out of positions that go against your "read." One of the transitional mental problems is the "Quick Trigger." Looking at a 20 point profit or even 10 points at the end of a day.... It's very Difficult to "Not" take the profit....the future looks unknown, you might lose the gains and the profit is looking right at you. When I start 'live trading' commissions and margin requirements should play a part in these decisions. Anyway it is a switch of thinking. Another problem is mental...To walk away from your system. Let it go and not be on top of it hour by hour (to go to the beach).... Now that's a "Real Leap." I've recently held on to contracts and watched my reaction. Some recent swings have been 60 points. After taking the entry signals trying to hang on after 20-30pts is very difficult....even on paper. >smile< The biggest problem is knowing when to SELL. This is what I'm now working on....When To Sell? My Best Chip