I know that's what I do, go for the 5 or 7 to 1 ratio. Course I always feel dam fortunate when I get a 2.5 or 3-1 to hear the ca-ching sound! Friday was just GREAT though... Got in a really tight spot once and managed to sneak out with 2 tics... Now that's what I call a good scratch...! Gota love this electronic stuff! Well there was the time that Globex went down... I see VTs pictures came and went and came back again. Wonder how he likes the webmaster thing. Man, he thinks he's busy trading, now he's adding web pages. If I had his mailing address I'd send him a flashlight so he could find his supper later on... Scrutch
The guy in the corner is GL Scrutch. Where's Starsky? Good to e-meet you. Really appreciate the kind comments. Sorry, but you have to earn your T-shirt here. Best to let me know your size though.
You said.... I'm in the process of setting up my charts to follow along with VT so I can chipher what's going on here. Using MetaStock and have to build all the indicators so I can change the settings with a variable and match the posted charts. Right now I'm trying to build a ribbon that will show when we have divergence with the Stoch and MACD and mark any high/low that's got a partner back behind. I say... I don't use 8-3-3. I did play around with this setting though and the results looked pretty good. I will go back and try to take a look at it a little better. I really think the method and not the indicator settings are the most important You said... VT: Is there any definition of how many bars need to be between the high/low match? I've also noticed some correlation with n number of bars between the high/low where it seems to move much more rapidly in the preferred direction. I need to study this a bit more as there may or may not be something to it. I say... My entry is very subjective and I use an additonal filter.It does not have anything to do with the number of bars or any high/low. The pages are starting to accumulate here, but you might want to re-read. I have posted a lot of charts and I tried to circle the entry candle on most of them. If you decide to hang around for a while, we can talk about the trades during the days I trade. I think that will be the best way to understand what I am doing here. THIS IS A GOOD TIME TO REMIND YOU THAT I AM DEVELOPING THE SYSTEM HERE IN THE JOURNAL. DO NOT MAKE ANY TRADES BASED ON SOME IDIOTS POSTS. I AM GOING TO CONTINUE TO EVALUATE THIS WITH EVERYBODY AND WE CAN ALL MAKE OUR OWN DECISIONS ON ITS WORTHINESS AT SOME POINT DOWN THE ROAD Welcome and I hope we type some more.
I also want to thank you for your contributions here. Well said Scrutch. He has been a big help to me here and does not hesitate to answer a question. Really appreciate it. By the way... I will be out tommorrow in our Nation's Capitol. Will not be here. Will try to take a look at the day when I get home tommorrow night and point out any entries where signals would have been generated. I plan on being here on Tuesday. Also, I am going to work on getting the stats page up on a website somewhere as time ticks by. Look for clues. I should be around tonight if anybody has any questions.
I also want to make it clear that I understand the risk/reward principle. I am really not as dumb as everyone may think, just a little idiotic. There has been a lot of good discussion here about this. I understand 3:1 and money management. As Breakout has told me...I understand, but I ain't listening. I'm listening and respecting what my elders have taught me. I am trying to get to an acceptable variation on my traditional stops. This is one of our biggest challenges and I do not take it lightly. What I am doing is not going to be approved of by the seasoned traders, but it has worked in my backtesting so I am going to stick with it. I am fine tuning it here in the journal. I think we have to evaluate our results and see what happens. Depending on the entry, I will generally have a 2 point stop and a 2 point target. I have used some advice from breakout and am trying to enter with a one point stop when possible, but that does not always happen. It depends on the signals. Many of my trades will have a 2 point stop and a 6 point target. I have studied the price movement of the ES on the 1M chart with my signals. If I make the correct call on short term direction, I see an above average chance for a 2 point profit. I am watching my filter and if I get a sell signal, I will generally get out and reverse on the signal. Also, I am moving my stop to B/E as soon as practical. You will see this in my trades. I respect the Livermore's, etc. but "Times they are a changing". My goal is to make a few points each day. It is an income strategy based on a position with several contracts. I think everyone will agree that you can make a lot of money on 2 points. The point here is...I know the risk/reward is an issue and I am working on it.
No, it's not just you... The site never came up when I tried it... I haven't done a search yet for this but it might be interesting. Maybe BO will take pity on us and post a valid link... Scrutch