ditto longshots' comment. I'd certainly join a chat if there's interest in putting one together to elaborate on the evolution of our trading plans. I know I've certainly picked up some ideas from the thread that have made their way into my trading process.
This is not a journal. It's not appropriate to discuss individual trades, or at least that's what I was told by the moderator. Plus a journal has a much narrower focus. This thread is open to any simple means of trading futures. If one wants to focus on any one system or strategy, then a journal seems to be the preferred venue (though Jack Hershey has taken over the Stochastic Indicator thread to expound on one specific method, so I guess it depends on the moderator). --Db
Ah, I see. What do you have in mind? Different folks posting their trades based on their version of "the system"? One person posting trades deemed to be legitimate per the posted rules? Or just a different place to post where it would be appropriate to discuss specifics and to focus on a defined strategy, but not necessarily keeping up a systematic log of every trade?
Since hardly anyone posts here, I doubt that there would be much posting to a journal. That's why I suggested the chatroom. But I don't see any particular need to come up with another system or a set of rules for anything. I'm content to explain what I look for and have another set of eyes look for more or less the same thing (I tend to drift off when I get bored). If somebody else wants to look for other things, that's okay by me. If it's too far different from what I'm doing, I can just not pay attention. --Db
Under my current rules, I will not immediately enter a secondary BO after a stop-out loss unless support/resistance is demonstrated outside the OR on the retracement. Could you provide an example? Yes, I'll try to get to that later How do you feel about the chatroom here? Not sure, only just checked it out for the 1st time yesterday. I noticed today that one can apparently set up new rooms? Do you know what's involved? I assume you'd set up a room, not use the Elite Trader room.
I'll look into setting up a separate room tomorrow. No password. I like this particular chat setup. Very simple. And it doesn't seem to draw much memory. --Db
In the meantime, I'm providing an example of what I look for in retracements. I use only trendlines and reaction highs/lows. In this example, there are only three entries, two of which aren't as clean as I'd like. The first is after price makes a reaction high at 69.5. It pulls back, consolidates for five bars (sloppy), then advances. The advance stalls (also sloppy), then does nothing for eight bars (also sloppy). It then breaks below the last reaction high (69.5), but it does find support at the TL (already drawn), and at that consolidation between 67 and 68. This is double sloppy (finding support at the TL is okay). Even so, the stop can be fairly tight, so for some it may be worth the risk. The second is at 1074. Here you can see that price retreats back to the previous reaction high and also finds S at the TL. I like these double support points. On the way down, more sloppiness, but not a terribly risky entry. Price breaks TL3, then TL2, then finds R at TL2 (the down-sloping TL can't be drawn yet). All of this also finds R at 80, which is heavy R left over from the end of March, and the stop can be tight. --Db