look like you need more responsive MA, try least sq MA by Woodie http://share.esignal.com/groupcontents.jsp?folder=Miscellaneous&groupid=84 file at bottom.
Trades for today 11-7-03 Trade #1: Long @ 1058.5, Cover @ 1058.5 0 pts 7:27 This trade was confirmed earlier on the 3 minute chart at the same price but slightly earlier, I did not take the signal till it was confirmed on the 5 minute, I felt like the moving averages were are about to really start to ramp up because of how fast price moved in about five minutes, so after my initial target was reached i placed a stop at the fib retracement of 1058.5 (same as enter price) and ended up getting stopped out there. I guess I did not anticipate the trade correctly and should have just gone for the 1:1. Trade #2: Short @ 1057.75, Cover @ 1056.5, stop @ 1059.5 + 1.25 pts 8:00 was not looking for too much here, entered the trade looking for a 1:1 risk to reward and therefore was watching profit very carfefully decided to get out when profit was facing resistance. Trade #3: Long @ 1057.75, Cover @ 1059.5, stop @ 1056.5 + 1.75 pts 8:50 This trade was really easy got in only looking for 1:1 but was given a little bit more and took it gladly when getting out. Trade #4: Short @ 1057.00, Cover @ 1056.00, stop @ 1058.00 + 1 pt 10:55 Once again not much slope just looking for 1:1 risk to reward and got it so I got out of the trade. Trade #5: Short @ 1055.75 stop @ 1057.5 -1.75 pts 11:30 looked like the momentum was going to continue but there was resistance around the 1055 area and it just never happened ended up getting stopped out. Profit/Loss for the day : +2.25 Overall Profit/Loss: +10.75 Well I would like to say that I am pretty happy with my trading today, I was able to follow the rules I have setup , except for maybe the first trade where I got greedy. Following the rules and sticking to the gameplan resulted in a nicely profitable day, even though there were no homerun trades I felt my trading today was solid.
good week. i have been keeping up with your jouranl. i like the simplicity of your system and how you follow it with discipline. just wanted to encourage you and the thread.
On your trades listed for Friday, are your times Eastern or? I can't seem to line up your trades with my chart which is Pacific time... And which time frame are you using? 3 or 5? Oh, and by the way, you are doing really good...
Thanks for the encouragement from everyone so far I really appreciate it. As far as my time frame goes I use a 5 minute chart and I am west coast based and will be posting all of my trades according to my time here so just add three hours to all trades.
yea.. u're off to one of the best starts in emini journals history. and there's only been 1 or 2:eek: Dont wanna jinx ya, keep it up! You can prove to the whole world that moving averages still work
as far as measuring slope.... what bothers me.. when i resize chart on either axis, the slope changes! (at least visibly). what is an objective way to measure slope of MA? Some kind of momentum indicator maybe? rate of change?
Well to be honest I dont really know, and this is one of the things that has plagued my trading so far (see trade #1 today). I personally am planning on creating some sort of indicator via neural nets over the next several week to see if I can get something will accurately measure the momentum behind the move. One thing I have noticed so far with my trading personally is that when both of my moving averages turn up really hard then that is when it is time to get aggressive with profits, but if just my 5 vwma turns up and my 10 just sits there then I notice that the momentum is not very strong. The problem with this is that it is so subjective and I have no objective measure of this, I suppose the feeling will just come in time.
75% of this business is controlling emotions ..no money traded...no emotions...best of luck....please don't complicate your system....some days it will fail and u will doubt its dependability. there are numbers that are very special...you can find them with your system if u add a long term indicator...and study a few thousand hours..