I believe that the fact that we have so many pages in his thread so quickly is proof of the fact that many traders are still looking for that holy grail that will simply tell them when to trade without thinking each time. Markets are constantly changing and so automation will never be as successful as trading with your head first and the signals second. The only hard and fast rule that traders should keep that way is the limit on the amount of losses and that must be heavily influenced by percentage of total portfolio.
New low is at 1302.25 so new stop will be 1302.00 unless taken out this bar. 5 Min CCI is still above the average so I'll go long after this bar unless a new low is formed. Last trade of today from long side if stopped out.
Moved my stop to 1305.25. 5 min CCI crossing downward. 30 min CCI still in buy zone. Don't see any reason to lose money on this trade if it comes back down.
these kinds of discretionary decisions make all the difference. i'm afraid we will never be able to learn and be in sync with what npp is doing.
Stopped out at 1305.25. I like the upside today. I'm looking to re-enter if 5 min CCI crosses back above the average. I know I'm ignoring the rules. I figured since the rules can't be coded anyway I might as well just trade the way I did last month (which is to use the method as a guide...not as a system).
And this is why the experienced human mind is a better trading tool than an automation system. The automation system cannot adapt, it must be rekindled by the human. There are still a lot of people looking for an exact system for an inexact science, thus the number of pages so early in this thread. As I have said before, trading with a chart is like looking at a painting. Is the painting done by Van Gogh or by William Gaines? If it was created by William Gaines or Don Martin, try to stay away. Automation cannot appreciate artistic beauty.
hi npp, why did you move up the stop? any particular reason for doing that? I am trying to know what to look and what to think when in position? if you don't mind telling us. thanks, g0d0t