I did want to say that your call for a short at the 1299 area yesterday was very good and if it wasn't for the wine early in the day I found myself questioning my judgement and did not take it. however were you influenced Buy the fact we had these generally bearish reports waiting for us this morning and if you were than I would agree it was a very probable trade. Good call!
http://www.elitetrader.com/vb/showthread.php?s=&postid=2045507#post2045507 going to scuttle this trade for a break even 2 points reasoning for my entry was blackguards rule of 12, not any signal off my main system.it wil be a while before that happens. basically this is a daytrade nothing else. btw I invented blackguards rule of 12 in this Journal.It is property of Blackguard Trading LLC.You guys can use it,but cant sell it or distribute it for personal gain.
Here is a chart of spy. The green line on the bottom was drawn in this morning, can a new trader tell me why it is here? Blackguard thanks for letting us use the rule of 12.
I use r:r on trades that have lower win %'s. I keep stats on new systems until they have either proven themselves (whether good or bad) or they have made enough profits that the setup won't ever give back all the profits. r:r can definitly be misused as a crutch to get in a trade. (ie. The person is going to close out the trade at a profit before a trade is hit) I will admit I have been guilty of this in the early stages.
Quick update on this trade. I've pulled the remaining sells at 1302, 1305, and 1308 and am short 4 contracts at an avg price of 1290.125. Stop at 1315 Targets are 1264, 1247, 1226, and 1204.
Aside from R:R, 1315-1318 is a key selling zone if it gets there the 1st time within a week. There it drops to about the current level 1304-1308 in about 10 days.