I'm going to change the exit strategy a bit. I will take profits at certain value-ranges. My targets will be somewhere between 4-8 pts. I'm going to be out of town till Wednesday so I might not be able to update this journal till Thursday. Anyway 1292-1293 is the value-range for Monday.
Would you publish your P/L from the start of this journal? If you have a list of your individual trades would be even better.
Absolutely. I won't have time today but I'll try to do it tomorrow, if not next weekend for sure. So far it is 6 trades 3 winners and 3 losers. Net 8 pt loss. The thing is there was 1 trade that was a loser right away but all other trades showed a profit of 4-8 pts. before revesing.
The Holy Grail: how to harvest the small profits before turning into losses, without cutting off your profitable trades with counter-trade spikes ... Go figure!
Hmm, harvesting small profits is very important. Not letting profits turn into losses is very important. Cutting losses VERY short is very important. Riding large winners = most important.
I guess it is easier said than done. I can understand not letting profits turn into losses but I cannot say the same about rest of the rules. What happens if I cut a loser VERY short and I see the market move up/down 10+ pts. in the direction that I had anticipated. Same thing with harvesting small profits. I'd like to ride large winners but how can I tell if and when it pulls back whether it is a retracement or a reversal. The best thing to do is have a plan and expect to see days when things will not work for you and accept it.
I did some more research on long-term value-ranges and discovered that prices pause or reverse at those points. For the June contract the prices are 1279, 1291 and 1299. In the last 3 months these prices have been identified as the value-range multiple times. I am not going to be trading tomorrow because I won't have access to a computer and the internet but if I were here is what I'll be doing. If the prices open below 1291---sell at 1292 with 1296 stop. If the prices open above 1293---buy at 1292, stop 1288, target 1299. If the buy order is not filled, Sell at 1299 with a stop at 1303. If we get a Sell signal tomorrow---1279 is the next support. Good Luck.
I have a post going here at this forum...we are trying to figure out longer term profiles when you roll to a new contract month....It seems that a high volume area for March would need to be adjusted to get an accurate reading in the June contraCT BUT HOW.....? hERE IS THE LINK http://emini.deltat1.com/forum/topic.asp?TOPIC_ID=848