I know that i am looking at your posted charts AFTER THE TRADES, BUT i feel that if it is possible you should test the system trying to get an extra 2 ticks (1.5 point profit target) when possible. it looked like a lot of your winners could do it. I only say this because I have never known anyone to maintain the 80 % winners you say you need . 70 % winners YES but 80 % winners(?????) Once again thanks for a great thread and i wish you the best.
Short setup - only two conditions MUST be met, well actually three - 1. Price penetrates the BB band on the upside. 2. The 5,2,1 is above the 85 3. Price must move below the bar that penetrated the BB band (the previous high bar) by one tick, and NOT also create a new high. HI DBLARROW no negative comments for your system but I learned that indicator most of the time doesn't work I used them in the past but I had bad entry and if i did good it was just lucky and not for that indicator.Maybe are good for long time frame but for daytrade!!?? SUPPORT , RESISTANCE AND VOLUME that's it!! more funny and you can keep your stop thigh! just 2my cents
Larrybf, Thanks again for the idea of lenghtening targets. 70% on this system would be profitable, not alot but it would consistantly make money - and with size it would make one a living thus far. 80% and better would be real nice money. To keep the high percentage - I feel I must take the 1 point or the .75 or the .5. I have gotten past the idea of trying to make a lot of money. I simply want to be consistently profitable. I know what a losing day does to my brain, thus I know that taking the .5 to 1 profit is good for me. I have come the conclusion that acrary is 100 percent right, http://www.elitetrader.com/vb/showthread.php?s=&threadid=11550 it is the exit stupid! Psychologically, I need a winning exit at this point. I know that many can make profits at 40%, but that number of winners would not let me stick with the system long enough to see if I could live with it. These are my thoughts after learning myself. If you can take this and get 2 points out of it I truelly wish you the best. Make 'em pretty, Chris
All money is gladly accepted ( Heck I am a scalper afterall! ) Guido - at this point all I can say is that time will tell. Make 'em pretty, Chris
Today was ok. Makes a guy think more about larrybf and moving targets - but I am not ready to do so; I wish to be consitent for a longer time period first. 7 Trades 6 winners (86%) for a total of 3.5 points = 141.40 Again used all sessions data: Trade 1 +.5 after big gap down thought wew might get some follow through - but I had a long signal so I took it for .5 Trade 2 -1; Good signal, just came down and stopped me out. Trade 3 +1; I thought that the signal was still valid so jumped right back in. Had Computer Blue screen - doesn't happen much on XP. Trade 4 +1; One of those trades I wish I would have hung on to.... but.... Trade 5 +1; Another on of those trades I really wish I would have hung on to.... but... Trade 6 +.5; Had a 2 bar bottom so I jumped out. Trade 7 +.5; A little slow in developing, but it had the 5,2,1 Divergence so I just moved target to .5 as I didn't trust the little bit of side ways. I am again satisfied that I stayed with what I wanted to do - might have to give more thought to the target in the future but for now am going to stick with the plan. Make 'em pretty, Chris
Thanks for posting The clear report with chart is fantastic, very pretty May I ask, do you enter on a stop limit one tick above/below the previous candle when it reverses ? Or do you just send a limit at that price, one tick above/below the previous candle once you see it up/down tick there ? I noticed one trade yesterday, you didn't get a fill, and was just wondering at what price you look to enter once the price gives you the trigger to enter. Sorry if you already mentioned it, I did read through all the journal, may have missed it. Thank you again for your willingness to share your ideas, and taking the time to post everything. Later, Andy
I first started out with the NQ (slightly different ideas though)- but moved to the ES because often it is the noise I am looking to capture (seems like). It seems to me that the ES will jump 4 ticks faster than the NQ will go 2. I breifly looked at the NQ (with this idea) and thought a guy could get it to work with more patience - but..... Make 'em pretty, Chris
I will wait for the price to break above the previous bar by one tick. I put a limit order at the high of the previous bar (one tick below the signal.) It is the same Q; what I need to see is - previous bar high 900, low of 899 - current bar hits 900.25 (without going below 899) limit is placed at 900. I've tried market orders and orders at 900.25 but in strong fast markets the market will often give me .5 higher than I want and the 900.25 is occasionally not filled (as is the 900). I have notice almost as often as it goes to 900.25 it will come back to 900 and get me filled. Make 'em pretty, Chris P.S. Thanks Mr. Sub!
I don't like it when it doesn't quite make it to the BB's or a crossing of the 5,2,1 so I will take my one point and go home! 8 trades 5 winners (63%) 1 point = a whopping - $11.60!! Not a loser though! Started out with Regular Trading Hours (RTH) because that is where the first signal came in. Had conflicting signals with the RTH and all sessions. Trades 1,3,7 +1; all were as supposed to be. Trade 2 -1; switched to all sessions saw a great buy and proceeded to lose on it. Went back to RTH and stayed there. Discipline!! Trade 4 -1; set up was good just a loser. Trade 5 +.5; Just wanted a winner so I took a quick .5! Trade 6 -1; Thought that would be a good one. Trade 8 +.5; For some reason my stop was not taken (whew) so I bailed at .5. That seems to be a bad habit when I barely miss a stop out I will often take a smaller profit than I could have gotten. Make 'em pretty, Chris