Futures Trades

Thursday, March 30, 2006

 

YM system short today

System signal for scalp short to target +40 today:

Risk is 30 points, stop to even after +15 points. Early exit for breakeven if moves -18 points.

chart

Comments:
No joy on the YM overnight scalp. Just fell short of my 40 point target.

Got as good as 30-odd points and the bull stole it back this morning. Stalking for a swing long now.

Good trades all!

Regards,
Spike
 
Greetings Spike,

Its Tom from the MM forum.I planned to short YM at 11230 with a stop at 11240,would have covered at 11180 with the indicators Im using.Problem is with setting stop with short on IB,with Scottrade when I set stop on short trade it automatically bought,as I was entering it wrong.Which function do you use to initiate the initial short sell,and then how would you set a stop?Im assuming when target is met you place a buy order to cover?Much thanks for any help,missed a nice swing because of this.

cordially Tom
 
Hi Tom.

Just posted a detailed reply over here http://www.mrmarketishuge.com/showpost.php?p=46829&postcount=7131

To your questions here, I think what you've done is used a buy limit order instead of a buy stop limit order. Simple thing. Within TWS, right click YM and Trade and choose buy and then left click the order type box and choose STP LMT (stop limit) and then adjust your price you want to stop your short trade. You can left click and hold the price box and a scroll will open up for you to choose the right price. Check the order and click the blue T to transmit/or right click the order and choose transmit. Easy.

Good luck. And stay tuned for my online video of how to work TWS and Booktrader. Oneathese days! hehe
 
Greetings,

Thanks Spike for your help,its always appreciated.I hope you received my contribution to your effort here,will continue to do so.

Would you prefer my YM trade ideas here,or on your MM thread?Im currently using 3 indicators for trading,with the limited # so far its worked nice.Still fine tuning the preferences to pick up direction of market.

cordially your friend Tom
 
Tom, you are very welcome!

And thank you very much for your continued support.

Regards,
Spike.
 
Oh, and Tom, yes, you may absolutely post your YM trades here. I would read with much interest, so please do!

Godspeed and blessings for your venture into futures. I'm sure with your skill it will be most rewarding!

Regards,
Spike.
 
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