S/R Emini Journal

even if you have a clear cut entry signal, the fatigue can affect you for sure.......the same as a distraction can be at the most inopportune time........such as phone calls, topic of conservation drift off into wherever with brother on other end of microphone conversation, and so on....all my mistakes.....i never pass the blame..............and yes, fatigue......and no i don't have anything automated.....but i can't "call" trades or i break rules.......the system calls them for me........i really don't have a secret code or system.....just trade with the trend........that is the answer.......if we wish to call it that...... that is why i don't watch news.....or s/r or volume/ by the time i decipher all that i missed my trade......or go against the system signal based on what i have biased my mind to believe is going to happen.........so the only thinking allowed is over and occurred during the years of system discovery.......

 

OK

That's it.

Must run to work (which I do not love) now.

You've given me much to think about.

I have everything I need now.

Best,

Jimmy

 

Note to anybody interested:
I have a strategy that I would like to test and would like some feedback. If you are a new trader this is very simple and with you in mind. You don't have to be knowledgeable in technical analysis or anything except basic math to test this. If you are fairly new at this you might even consider it as maybe a challenge if you will. But this is for anybody who is interested in studying the market. It will help you become familiar with the emini a little better.

Any time you want to implement a new strategy you ought to do some backtesting which will only help you so much. You ought to also do some simulated testing. Be sure you know exactly how you are going to do the strategy and all its quirks before actually trading it.

So here it is:

Here is what I am wanting to test. It should be a very easy strategy for new traders to implement.

1.Take the high and low of previous day.
2A. If price breaks through high of previous day go long for 1 point
2B. If price breaks the low of previous day go short for 1 point

I would like for price to break by 1/2 point before entering and we might need to se a tight stop loss or the R/R would chop up the account. Maybe.

If you will test it and I will test it and we can see if it will hold water.

Some might say why just 1 point, I say 1 point is easier on the mind and you can maintain your focus for such a short time. You can also build your account slowly but surely.

I would probably use a 1:1 risk reward ratio on this, so 1 point gain and 1 point stop loss.

You can use the replay mode on your charts or just look back. I would suggest the replay because it will put you in the trade mode.

If you are a new trader and don't feel comfortable posting on here you can PM me. Otherwise post your results for all to see.

Any Takers,
4re

 

4re -

Two questions:

1. Do you think it's best to use the previous days' H/L from regular hours or extended hours?

2. Should entries be taken during extended hours of the current day if previous day's H/L is exceeded by 0.5?

Yes, both can be tested. Just curious if you had any insights in advance.

Sandy

 

Sandy,
Yes, in order to keep things as simple as possible lets just use regular market hours. If price breaks out in after or pre market and does not retrace let us assume that we will not trade that day. It doesn't happen often but it does happen.

Thanks Sandy,
4re

 

My results from January 17 till last Friday: 45 winning trades and 27 losing trades, 1 breakeven.

Saico

 

Dont forget commissions would eat up around 40-45% of the profits additionally.

 

I hope you are not paying that much in commissions. Any more than 5.00 round trip per contract is way too much. I wonder if you went for 1.25 points if the win/loss would be the same. The extra 1/4 point would cover commissions.

 

smart suggestion.........good risk reward........lose 3 gain it back with one win........old school stuff.....most new stuff fizzles out as accounts dwindle........

 

I'll test it if you will. You have traded with me long enough to know that I am all about getting the best probability possible. In fact you and I have traded together long enough for you to know and understand my method and that it works. I hope anyway. I can't wait for you to get back in country and continue making money. I'll ask you since we have been trading together for a while, have I left anything off of this thread that I can't think of?

Keep having a good vacation,
4re