CO, I know what you mean. It's like dying the death of a thousand cuts. One of the things I'm looking at with S/R is observing the position of stochastics once the S/R area is approached. Odds seem to be better if you buy when stochs are something less than overbought and sell when stochs are not yet oversold. Will this become a nice confirming indicator? Time will tell.
I use pretty much the same combinations with a short term tick chart for determining my entry, if the stoh is out of line with the direction I want to take I usually wait and save a tick or two. Basically it saved me from going Long earlier because it was overbought. .
I use pretty much the same combinations with a short term tick chart for determining my entry, if the stoh is out of line with the direction I want to take I usually wait and save a tick or two. Basically it saved me from going Long earlier because it was overbought. .
That's right CO. The hardest part of trading (to me anyway) is to stay disciplined after a couple of losses. Hey, we followed the rules on that one. My gut feeling was to not take the trade at all, but what's the point in having a rule based system if I'm not going to follow the rules. At times like this, we have to take our lumps and remain disciplined the next time. That's the test. C&S
Well, looks like I'm done for the day. Gotta' go to work. This is my biggest issue to overcome. I have this small window of opportunity to trade, about 2 hours, 3 mornings a week, most of the time. I feel like a vulture waiting and then finally saying F it, I'm gonna' kill something. That results in entering bad trades more often than not. Somethings gotta' give. Good hunting to those still in the market.
Thanks for the advice B1S2. That is definitely something I want to look at going forward. I feel like the way I trail my stop tends to skew my winners toward 1 pt while my intial SL is 2 pts, so possibly, it's even worse than 1 to 1. I'm very new to this method though so I still have a lot to learn about it. Unfortunately, it's a very difficult strategy to mechanically backtest because of the need to manually evaluate and set S/R levels each day. Also as mentioned above, I am trying to rid myself of the discipline problems during slow markets, adverse conditions etc. This system is very good for that purpose as it is very cut and dry what is going to happen in the next days trading. It is also one of the reasons I find the thread so valuable - it helps to keep me honest about the trades I'm taking. twink
An individual in your position needs to seriously look at not doing any daytrading at all. Take position trades only and hold them for days/weeks. When you are trying to cram your trading down to a time that is convenient for you and not for the market, you are setting yourself up to lose. Just as in a marriage, you must spend sufficient time or a divorce will ensue. As you force trades and don't spend the time needed, the market will divorce you.