Rule of 10 Journal

Good question. The way jagmot does this it wouldn't be a long signal, because he's still short and did not get the full 10 points from his short at 92.50 or so. As you may recall, he ignores price action while he's in a position.

I had a buy in at 1283 personally. It touched it, but I didn't get filled. I think I'm going to cancel it for now and figure out another spot.

OldTrader

 

Well, since we touched 83, jagmot could be out of the 10 and now later on entering on the 83.75 since it did yo-yo back, so I take it as a valid signal...

 

I don't see how he would have covered a 92.50 short at 83.00. My understanding of his strategy is that it's completely mechanical. Therefore, his buy would have to be at 82.50.

That said, even if he did cover, he then resets his entry levels at that point. I've never seen him do a stop and reverse.

One of the things about this strategy is that when one of the signals moves 10 points in your direction, then obviously this could potentially be another signal as well. But equally obvious is that the market doesn't stay in a 10 point range. That may be why jagmot resets from that point.

I'd say if you weren't short, that 84.00 would be a long signal.

OldTrader

 

I was thinking that I would use 2 contracts. Targets would be 5 and 10. If the first target is hit, I would move the stop to breakeven.

 

I was thinking I would trade it overnight and then when I wake up see what happens. If there is a major news event (planned), I will either be up before it, or not place a setup that night.

 

1/16 s/l 92.25 should read 1/8 s/l 92.25...any way academic now as got new BUY signal @ 84.75 so took profits 1/3 X 7.25 points net and 2/3@ 3 mit.

 

Again, I would take the 3 points gain. I know I tend to be early, but again, I have a Williams sell signal and profit is profit...

 

Yes, I could move stop to breakeven. I could also just trail stop at different points, from the beginning or once I move the stop.

 

Did the same for 2/3@87.75 mit...with 1/3 s/l 84.75 (adjusted)

 

Boy this method appears to be "on fire" today if you are liberal with your profit targets and entries like Volente suggests.