b1b2 u r playing s a dangerous gambling game........no stops? unless u r a real seasoned pro don't play that game.......building position......what about the 1 bar that zips u out.........or turn s on u and u can't even catch it much less exit for whateever loss as u watch it go against the rest of day or u scramble out with big loss............i don't know where u picked that up but u will ditch it sooner rather than later if that is emini intraday treading...if not, excuse me please...........
Sounds like your positioned nicely there. What type of break down are you looking to see. Retrace back thru 1250 over the summer time months.
b1b2 u r playing s a dangerous gambling game........no stops? unless u r a real seasoned pro don't play that game.......building position......what about the 1 bar that zips u out.........or turn s on u and u can't even catch it much less exit for whateever loss as u watch it go against the rest of day or u scramble out with big loss............i don't know where u picked that up but u will ditch it sooner rather than later if that is emini intraday treading...if not, excuse me please...........
I am building the short position to catch a selloff to 1180 by years end or sometime in 07. If we don't get that far, then the idea is to cover at price that will give meaningful profit. Right now, the position is too small to use stops. Now if I was to use my full allotted position right now, as I have before from time to time, then I would use a tight stop right now. I've already had this position in the black 160 pts--just not significant enough.
Question for Spike (might be helpful to all): - 1) By not having profit targets on your open positions, would it be correct to assume that you hope for a trend day, rather than a range day (like today in a way) and if it is a range day you would exit at the opening level to break even? 2) Also, I can not understand how do you define the strength of a trend when you open a position at market open, do you analyse pre-market data? I am not sure whether you would be willing to answer in detail, perhaps you could simply provide a brief comment. Thank you in advance, Romik
1) as a trendfollower i always have to follow the system. If the trend reverses too soon i miss part of the move. But on large amounts of trades i found that it is the most profitable way to trade. Today the trend reversed too soon. I said i had to wait at least 90 minutes to go long. Well i had to wait another hour before i went long at 1311 and got out at 1315.50. The short was a break even. My aim is in the first place to have the minimum losing trades and the maximum of winning trades. In the long run i only have about 10% of loosing trades. If the trend is not to weak i take big moves. I take on average more than 5 points net a day by following the system, with very small drawdowns. 2) I tested two series of data: first only the data when Chicago is open; and secondly the 24 hours data. There is no big difference in results, so i take the 24 hours data. I don't care about the opening, i only care about the signals i get, no matter what time it is.
I appreciate the answer, to me, the biggest problem when analysing data after exchange close - is the absence of positive volume, the price swings on small block trades and when the exchange re-opens in the morning volume is much more substantial. Perhaps I should look into opening a position on the very first directional bar on strong volume and exit at either 2 points down or break even if market shoots off in the opposite direction. Maybe I would adjust the stop size to the range of that bar and/or distance from S/R level/s and alter position size. I still have an account with Tradestation Sec, I suppose they will be OK for this type of trading. I can always substitute a loss in attempts to catch larger moves with my 1-3 point short term trades. Romik
waiting 1 1/2 hrs is very interesting.........i like to wait to see my signal which is 100% and that is last 4 days and 45 trades.........ym usually runs aboot 90%......that is low end........ .....but i didn't develop that overnight....5 years ..and 12000 plus hours.................almost perfect syste m is not necessray to make money just makes it easier and less stressful and more successful...........almost killed porgie to endure the process to the final answer.......was it worth it? yes, family benefits......and they don't appreciate it because they didn't sacrifice like porgie did......
My other problem is a lack of programming skills, even Easy Language in Tradestation is like trying to figure out E=mc2. That's why I am battling with visual analyses/observation instead of making a computer do what it's meant to. I'll have to make a deal with somebody to show me how it's done. George, what can I say?...I envy you. Not joking. B1S2, you didn't trade today? Any developments on your system? Have you given it a thought to run MACD alongside RSI? I have attached a 5 minute chart where MACD alongside RSI provides more confirmation IMO. EDIT: Obviously the longer the time frame, the less noise and a lot smoother curve. I do like it on 15/20 minute charts.
still papertrading the system. It works well with relatively tight stops. I do have MACD up and running, but I think it may be more useful on longer term whereas RSI is better on the shorter term charts.