I find this work by Michael Hariss very interesting. I think his articles and blog posts are always very interesting and down to earth. I also subscribe to his journal. He uses his own indicator to time daily SPY moves and he is doing very well. Just google "Michael Harris SPY journal". For the free articles google "price action lab literature".
I use daily and 30-minute bars. I am testing my systems with 60-minute bars now to see if that offers better confirmation. Thanks.
Good thread. I ve never looked at my trading in this perspective but after reading you guys I will certainly be looking to at least keep an eye out on this. My biggest problem for a long time was holding long enough to have a big enough winner to cover my losers. Whats really worked for me is a reversal signal-just an opposite of what made the entry and once its moved far enough to move stop to breakeven. Never ever wondered how many times I got stopped out after having a winner or a loser or how many bars/time period it took but interesting concept. On trending days though i find EoD exit works best but you dont know its a trending day unless the stock moves away from yr entry and stays away. Got a headache now LOL
I had this problem when I tried to trendfollow long time ago. I would get all those small losers that would add fast to a serious loss and then I had to try to hold my winners for as long as possible to cover losses and make a profit. A real pain. This problem went partly away when I moved to intraday/swing/position trading. Still it makes sense to keeep winners run. Hard doing it though.
Biggest challenge is somehow to recognize a trending day versus a narrow range day--like yesterday if you went short at start of day you would be up nicely only to give it all back by end of day-probably wouldve cause a lot of frustration only to find today it gapped down below yesterdays lows and keep going. Uggh I just use same indicators to exit what i use to enter-havent found a better entry/exit system than that.
True but what I meant was like a trade in TIF today -bought at 61.20 and just rallied straight up sold pretty much near end of day--within .20 from the top of the day