Traded 5 instruments today. Four (ZW, ZS, ES, NQ) hit target and one (YM) got hurt in the stop and reverse logic of the system. Watching YM was like sitting at a baccarat table and seeing players switch between Banker and Player to catch a streak only to get chopped up as Banker and Player randomly alternate winning hands. That may the only issue I have with this system. If the asset can't find a decent short term move (not a runner by any means, but a short burst), a loss will occur from chop. The botom line was a net loss of $142.50, which is manageable, however. And, of course, if I had held the position a bit more, that loss would have been gone. That's trading! The system stops trading when daily targets are hit or 11:30 am ET. Two hours of risk is acceptable for a scalping system like this one.
It sounds like commission is less than one tick, and slippage is occasionally one tick, usually when buying. Is this correct?
Here are the two trades that the system took this morning. As a point of reference, if the system is in a trade and market moving news is soon to be released, the trades stays on. In these instances, non-manufacturing ISM report was released at 10:00 ET and the trades closed in our favor.
Here are our final two trades of the day. Profit realized in 13 seconds. Time in market = risk. This system tries minimize it.
A weekly performance update will accompany this journal and any comments that may be important in evaluating this system as a candidate for scaling up. I will try to be as transparent as possible in the weekly update. For the first week, I'll let the summary speak for itself.