Good morning everyone, Here are my numbers for today. I am going to take my son to school this morning so I hope the market doesn't make a big move before I get back but as Don said yesterday it could happen. If it does I'll decide what I am going to do afterwards. Long 1351.00 - 1370 Short 1342.50 - 1337 Have a good trading day, Gary
Yesterday, at the end of the session the long trigger was reached. Whould you have taken it? We know now it turned into a loss but at the time, was it a valid long signal? I know you use those trigger levels for 90% (as stated in a prev. post) but I'm starting to think that the other 10% are very important. I have - manualy - backtested the breakouts for the past 10 days and I get +3 points profit. No rant or blaim, just looking for a profitable system... I'm still papertrading the setup (and others).
Actually yesterday it missed the entry by .25 the high was 1350.50 and my entry would have been 1350.75. But if it hit and I was watching I probably would have taken it. That is about as late as I would try though. I really never cared for trading the last hour or 30 minutes before the open.
I'm at work when the market opens until midday (EST). So I'm PAPER trading the breakout levels with an automated system. LIMIT Open MARKET S/L @ -2 points LIMIT TARGET @ +2 points MOVE S/L to -1 when the trade is @ +1 MOVE S/L to +1 when the trade is @ +1.5 I know that there is more to concider then just these rules but I'm testing this to see what P/L I get from a mechanical system.
I could have saved some money and just learned this from Gary. He is dead nuts on what the sofware figures. I'm just dead nuts. Now lets make some money. Watch word for the day is DISCIPLNE!
Not that it really matters much but here is what I am thinking for today. Morning rally and afternoon sell off. I am thinking the institution guys are going to take some profits this afternoon so I expect the pump and dump today.