Here's anoher, tighter look at it. So long as we stay in the channel, it's just going to be a game of volleyball - this has got to be all retail, market makers and and reactionary institutional. Nothing new here ... including money.
Which means you probably have a hit-rate of around 66%-70%. (I'm a stats guy, and I kinda wish you had'em now ... just for confirmation of hunches). Later, JJ
Nice trade. I thought about doing that myself but since I had the channel drawn to 1273.75 I would have only taken about another 1/2 point safely. So I didn't think it was worth it. Forget Law school go to Med school and I'll show you how to make real money. The docs I work with right now are doing very well.
The full 2 point trades is ABOUT 66%-70%, my gain days are better since I do get out early when I need to like Monday was just 1.25 points that day. It has been a longtime since I took a 2 point loss for the day though.
Good deal, I just hope everyone understands the next time we get a busted trade. Nobody or system is 100% and nobody will fault you if you take less than 2 points out of a trade.
Here's an idea of how 5P does it: 1. Take the S/R trade as you've outlined it. 2. Add a 2nd contract after 2 ticks of total profit. 3. Add a 3rd contract after 3 ticks of total profit. 4. Add a 4thc contract after 4 ticks of total profit. 5. Take profit on 1st contract after 4 ticks of total profit. 6. Take profit on 2nd contract after 6 ticks of total profit. 7. Take profit on 3rd contract after 7 ticks of total profit. 8. Take profit on 4th contract after 8 ticks of total profit. If trade reverses he probably has the opposite position setup 1-2 ATR's from original entry. If you could program it the results might be interesting. Later, JJ
Which way will it go? It has been moving up with less volume so unless we get some vol coming in should be down. Let's see.