I should point out that since the NQ made a higher high last night, the demand line can be fanned again. It is therefore unbroken.
Thanks, still having trouble defining the precise exit, I am working on it. But all the entries are defined in real time. At the end even with my sub-par exits today was a positive day.
I wouldn't worry too much about precision. However, if you procrastinate about exits, you're going to have trouble taking the other side. I suggest you look at exiting faster, then standing aside while you decide whether to re-enter in the same direction or take the other side. Being in complicates things. Take for example the chart I posted this morning: The first short was exited at a break of the supply line. However, there was no long entry. And by the time that became clear, a fast re-entry on the short side was not practical, at least in terms of demonstration. And the next op was at what turned out to be the bottom of the run. It's worth remembering, though, that even with all the tap dancing in the first downmove, the win rate and P:L for the session were still much higher than what most could accomplish.
dbphoenex - first thanks for so much contribution on ET Its a rarity these days. Because of the length of the threads, I have not read the whole threads. I have few 'general' questions if you don't mind. 1) Do you think your method can be automated? 2) For how many years have you used this method in your real trading? What has been the results like, especially PF and # of months profitable in a year.
Sure and thanks as always for the advice So far I am testing different exits: 1. Losing exits: a. Initial stop: This one is the LSL or the LSH, if I can do my homework correctly this will not be hit. b. Break of the line before turning green. That happened in trades 1 and 2 today. This is where I am focusing (observation) some times these are just pokes, so if one is too frightened one ends up out of a winning trade and with depression for the rest of the day . I am testing here for example 1 to 4 ticks away from price to see what I come up with. 2. Winning exits Here I am testing two exits: a. The fast line break: As suggested. b. The line break + > 50% RET in order to avoid deep pokes in the line, this one in order to stay in the trade in case one of those trend days shows up..
1. No. 2. It's easy to determine the answers to these questions by applying the principles illustrated in the first post to any chart anywhere for any timeframe and bar interval and deciding for yourself if it's worth pursuing. I'm going to assume that you're smart enough not to just take my word for anything.