Pete's Place

"But I like to keep the option of holding overnight open, on every trade."

Why do you like the option of holding overnight? If you're day-trading; it shouldn't matter. I think that's an edge a day trader has over a swing trader; he can go long and short throughout the day.

-Fast

 

Pete
I read somewhere that a system should be:
1. Explainable to a reasonably bright 12-year old;
2. Doesn't need a calculator and
3. Is explainable in no more than 5-minutes.
There were more but those are the ones I use to keep myself from getting too esoteric.

Do you feel your system-method falls within those guidelines?

On a separate note, it's often said that those with less than extensive experience would do well to learn one method and work it until they own it. It occurs to me that that's ok if you use that method (Oliver Velez says 85% of the battle is getting the best entry) on a number of different issues.

Or do you feel it's better to concentrate on one issue (say S&P e-mini) and have several methods? The latter is my preference.

Best wishes,
JD Schaefer

 

No, I have some issues to clear up. The system still allows too many trades. But i'm aiming for something very simple.

From NQoos (I should follow his advice):

 

Furiously traded one lots for the past 2 days. Worked out an outstanding filter for pullback trades. Worthy of its own post (see next msg).

 

Do not enter longs on pullbacks off new lows for the day.

Do not enter shorts on pullbacks off new highs for the day.


Corallary:

It's OK enter a long off a pullback off the low of the day, as long as it's not a new low (i.e. double or triple bottom is OK).

Likewise, it's OK to enter a short off a pullback from the high of the day, as long as it's not a new high (i.e. double or triple top is OK).

 

<--- me

 

Instead of boring you with charts I thought i'd post a concise summary of my trading day:



Thank God I was only trading a 1 lot.

 

Peter, today sucked for me as well. You can see details at my journal. Market was on some serious crack all day.

-Fast

 

You're not taking pullbacks after new lows ?
Do you mean like the attached chart ?

This is my favorite set up because is shows great signs of support.

 

pete you should've cleaned up on 17th. it was a freakin trendtrader's day. if u didnt there's something wrong with your system in my humble opinion.