This thread is a good example of the main problem of learning how to trade. How do you know if anything works unless you do the same thing the same way for a statisically significant period opf time. This thread is over a month old and Ill bet not one person has traded the system as laid out by trader28 for a month running. I am basically a breakeven trader and have been for several months. I was profitable last month but this month did not get off to a good start so I am back on the simulator. I am in dire need of a more systematic approach. I had pretty much given up on indicators but I am beginning to think that an indicator may be what I need and this seems to be a pretty good compromise. I am going to stay on the sim for a couple of more weeks taking nothing but these trades using only the macd and the 9sma. This is my second day with YM. 70 pts. yesterday. 36 net today. I will post the results here daily.
First trade this morning. +20pts YM. The only thing Im doing differently is starting my charts at 9:30. I like to see those gaps.
I added to my last post to say that my charts start at 9:30. I had a zero line cross at the open and was looking for it to pull back to the 9sma. I think this is the only thing I am doing different that Trader28. I also wait for a pullback to 9sma to enter so I guess I am doing a couple of things differently. If this is too far off the system or offends any one I will stop posting.
Belly use a 3 period SMA +2 horizontal shift to get in early as it is approaching the zero line, it would have got you in around 1215-20 and considering it is such a down day you should scalp it for 10 ticks rather than 20 on a buy
Thanks for the hint. I will study it for awhile. Reentered at 12030. That opening move on ER2 was worth about $700 so I know you made out ok. edit: Stopped out flat on last entry. As I stated yesterday I move to breakeven after 10 pts. Could have had 2 10 pt. winners, hmm. Will stand aside until after lunch. Lowering targets on down days is something I will have to consider.
Or we could all just go over to Woodie's and use his autotrader thats in test mode, think it's eleven grand up for the month and you only needs a $2700 account, of course you have to don the white robe and bow down before the cci... heh heh... dont drink the kool aid if it's offered
I actually stopped by Woodies site the other day to see what was going on. He has really gone commercial. I think PFG must have bought the site.