Short rimm on this switch back resistance level. Will add more shares at 50%, but would like to see this hold up and go lower.
In order for this journal to be accountable, and give those a way to track my performance, I need to share some number figures. Keep in mind these are sim trades, however the account balance is a realistic number that I would use to trade this system, should it work. Account balance starting out --> 15,000 risk per trade @ 3% --------------> 450.00 (however this wont mean much if I use a martingale strategy ) number of trades taken so far: 16 Winners ----------------------------> 11 Losers ------------------------------> 6 Total pnl -----------------------------> -35.07
From now on, I will be trading YM, and NQ off tick charts, maybe some other futs too if I can find some good ones, and forex off 2hr, maybe 15min charts if I feel like staying up all night. Unless I can find a handful of stocks that make some big intraday swings and dont cost a fortune, then I'll be sticking to only futures and forex. The only problem with day trading is the lack of time. I'll try and make my money in the first 3hrs of the day. Like I said, if I lose on trade 1, then I double my size on trade 2. Not the best MM in the world, but hey. The whole point of this journal, while it will be a fun ride, is for me to A) learn what works and what doesn't and B) try to fix what doesn't work at all possible. I will either "make it" or lose my ass pretty quickly I imagine, so this simulated journey should be interesting.
Didnt get much sleep. Went to bed at 2:30 last night. Maybe I can get some good moves, and go back to bed. --- edit. + 70 (14 ticks on 1 lot) on NQ scalp. Going back to sleep. Cheers.
For futures, I take the opening gap and follow price with my channel lines until price retraces about 50% of the move. Once that happens, its fair to say that the bottom (in this case) or top is a significant level. Once I have that high and low range, I take the break, which ever direction that may be. It's a bit more difficult in reality, because its all done in real time. The size of the bars themselves are important too.