Ok...maybe this is a problem with Big Charts during the day. My chart of UNH has two 5 min. bars up ( the 10:35 and 10:40 bars)....A break of the 10:40 bar creates a lower high(29.20) and the pivot high is 29.32. Does everyone else have this on the 5 min chart of UNH? I just checked bigcharts and it now has the 10:35 and 10:40 bars as green...and it is much easier to see the lower high which I shorted...hope this helps-G Once again, the reason I took this short was based on the daily chart being extended to the upside, the almost vertical run up on the 5 min chart from the open (very similar to WLP), then waiting for the lower high to confirm some weakness to short.
First of all,I want to thank Geez for taking the time and effort to answer to all of our questions and comments.Geez is a "real" guy,he obviously trades seriously...He is not the "paper trading" guy and he doesn't try to sell anything... From my own educational background in trading,I can understand that Geez has studied a lot and,most of all,he was able to split the garbage (95% at least...) from the useful things.If anybody ever tries to sell you a book or a seminar that does not include money management,run away as fast as you can...The guy is not a trader,he is a salesman...... Second,it's useless to try to follow Geezs' trades with charts from sites like Bigcharts.You Americans need a real time provider with good charts such as E-signal or similar.I pay for such a platform in Greece.If you want to be professional traders,you need professional tools. Third and last,I'll repeat that the potential of this strategy is unlimited.If Geez tries to exploit the full potential of his now bigger account,the results will be miraculous....The entry setup is very simple,although it's expressed in several ways.Geez buys strength and sells weakness.And then,the money management takes control. Geez,I believe that your system should work equally well in any market and in any time frame.Maybe if you try to work in a 10min,or 15min. chart you'll have less trades per day,but the system should work fine. In any case,you are doing a great job here and personally I am grateful to you.I was backtesting my system,which as I've already told you is similar to yours,and the results were poor...The reason? I was working with a 1:1 ratio and I was moving my stop after that ratio was achieved (partial exits).The results? 55-60% w/l ratio and an overall loss!!! The reason? with that money management,I've had a ratio of Average win/Average loss of 0.80.....Reading this thread,I realized that this was ridiculus! So,I ran the same backtests following your trade management rules and the results climbed to 1.90!!! The net result? the same w/l ratio (about 57%) and a brilliant 30% net profit in less than a year.... Thanks Geez...have a nice weekend.
Most people would rather die than look foolish. There are so many threads on ET about why 98% of traders fail. Geez, you nailed it. Trading is a sloppy profession where admitting very quickly when you are "wrong" actually makes everything right. On a more important note, what's up with the blonde commentary??? I am waaay more blonde now than before I left for the cayes. What of it?
Ha!!....visiting an SLF....jumped on the computer to post FITB short. SLF= Special Lady Friend. C'mon guys..it's friday night!!! Have a great weekend...-G
Ah, the previously posted chart was WLP but it was 1 min candles. Here is the correct one. Sorry about that. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2419959" />