Traded well again. Patient waiting for proper entries, consistent with exits. 1 out at nearby S/R , next out at PA target, MM or HTF S/R, or on reversal signal. I'll look into the exit strat more after this weekend. Trading calm and detached again. picked up +29.25 pts the past two sessions on 10 trades done for the week..
Way to go, concentrating on easier instrument than Crude oil, and what do AFTER you get in is as important as BEFORE you get in. Many don't look at S/R as places to exit, like it is going to melt just for them and go through it, I never try to get out right on trend lines, I am never early enough to get limit orders there, so getting out one tick short works for me.
Hey @Handle123 , Just to clarify: the 3 bar time stop; does that mean if price doesnt meet your target in 3 bars you will exit? I am trying to backtest this. Thanks, IWDI
If in 3 minutes after entry, I need to be at breakeven plus one tick for protective stop, if position at a loss, new target is plus one tick, you have to watch Dome, if it doesn't look like you be filled at the plus one tick, take the out at breakeven, but I rather try to get out so others pays my fees. Your back testing will show you what you want for targets and stops, etc.
Using the "Simple System", I have not been using any stops, so that is why if you are considering trading this entry method, you need to do back testing to find what works for you are a protective stops, same with targets. Today was one of those days where system just didn't have many signals even though I stayed longer. And being a Scalper, I simple don't have patience past three minutes, my back testing STATS shows me winners take off in direction I desire is 3 minutes or less and staying in a trade and not be able to have plus one tick stop will get losses greater than 10%. Plus, when you average down as I do, I am going to be profitable on plus one tick profits of original signals. And I do not recommend anyone to average down unless you have been able to sim where you don't lose very often, you have to be able to read price well. If you don't have patience to sit on your hands waiting, you will lose in day trading. Look at Jas_in_hbca, he has come a long way with much help from Redneck, Jas going to have weeks of doing dumb, but he is getting better and eventually he will have profitable weeks all the time, it is not so much trading is hard to do as it is to being relaxed, more you are relaxed, more the brain allows you to be able to think and remember, but when you stressed, brain lucky to remember one or two things. Ever try to add simple numbers when you in a trade? Need a calculator sometimes and yet when out of a trade, you can add in your head. So when designing systems, less rules are better and more rules on when not to take the trade, like is the "Swing" over extended, is price showing S/R or Head and Shoulders, two counter-trend signals that do rather well so I certainly don't do trend trades against them or my time rule is quicker. Starbuck time.
I transfer signals to another charting when I post, I have my own charting program and platforms, won't make copies to anyone of what we have built, but it does more than available commercially. So I use Futuresource to apply signals and those charts are in timezones of exchanges, like New York markets EST, ES/NQ in CST. Problem with most charting packages are they are built for what the masses want the most and not for those who found niches of where the money really is, but alas that takes even more time to back test. Like I wanted to have Commodity Spread charts but in bar form and wanted the platform to do it in and be able to do bizarre spreads between more than 2 exchanges, take for instance Wheat, it trade at MGE, KCB and CBOT, but if I wanted to throw in 2 other markets, most charting can't handle it. Also using indicators on spreads and eventually automating it all. Most charting packages can't track 15,000 different stocks and/or options seeking misaligned pricing, like on a day like today, misalignment went insane, so spreads happen to take advantage of opportunities but by close most liquidated. I fully expect in ten years there be much less manual trading and much more automation, days like today where a trader gets huge moves will be much less happening. August often makes highs in Indexes often due to lack of volume as many taking vacations. Today really took me by surprise but luckily I don't trade by what I think I know but on well back tested signals. I live in Mountain Time zone.
Last two days = a sustainable move = I found it to be quite refreshing =========== Folks speak of volatility like it some damn godsend - I just don't get it I much prefer momentum w/ follow through Just me of course RN