Rule of 10 Journal

reaction low 10 points below last retrace on yesterday afternoon's rise.

god help me, i'm turning to volente

 

I do have one question, jagmont:

This morning the swing low was 1271.25. We went short at 1281.25 but the price (after entry) went to 1282.25 (a new swing high).

Shouldn't we stop & reverse at 1272.25? This will give us a profit of 9 pts. (ignoring slippage, etc.).

 

correct volente..

It's a "turbo-booster" for your winning percentage..I know because I practice it every day..

 

God, I must be slow or something is amiss.....why this trade?

 

So far the only difference between Jagmot's and Tortoise's is the exit. So far it looks that taking the 6 points gain was the right decission (I think you also advocate scaling out and taking partial profits) and Jagmot is almost back to his entry point... ES is around 1280

 

No trade management of any kind -- including scaling out or partial profits. All in. All out. 2:1.

 

target hit

+6 points.

- 3
+6
+6
---
+9 total today

This has been interesting, but I've gotta run now. 'Later.

 

This last one was a good trade...but didn't seem to have anything to do with the Rule of 10.

OldTrader

 

That's what struck me....it appears to have been a 50% retracement from the 81.25, wherein he took his profit and reversed the trade and caught it at 81.25.

Nice trade anyway.

 

He said:

"reaction low 10 points below last retrace on yesterday afternoon's rise."

He is refering to the low at 3:35 pm yesterday. (I think)

Since this would be a low to low entry and I usually don't use the previous day's chart, I would have missed it...