I did not take the normal S2 trade today (see previous posts). It's basically a buy S2 or sell R2 using a 4 point stop with money management outlined in previous pages on this thread. JJ brings up a good point regarding trading after 3:30pm. I trade with IB and you really must be careful with your position size and margin at 3:45pm. Quite often I have to reduce my trade size after 3:30pm....just something to keep an eye on. I'm glad to hear that many of you want to continue this thread, as do I. It is probably best to not respond to posts that seem a little "off base", it seems if you just leave them alone, they eventually disappear, although it is certainly understandable when someone's integrity is attacked. Murray does a lot of system testing and might add some good things to the forum. I don't mind having him around as I'm sure he can always tag his posts with his web address without selling us anything directly. BTW, Murray, have you ever backtested the following: Sell R2...using a 4 point stop...buy at 4pm? Buy S2...using a 4 point stop...sell at 4pm? Of course, more sophisticated trailing stops etc can be used, but i was just wondering if the basics of the system had a positive bias?
Hi everybody, I asume you are using the pivot points for intraday trading. Could some of you explain to me how could I se the PP to other trading style, like swing trading? I mean, I want to plot PP on daily charts, then what time fram do I use to take O,H,L,C? last week's OHLC to plot PP on the daily chrts for the actual week? or last month's OHLC? Any ideas?? Thanks
JimmyJam, I think what caddyshack is saying is that you never stick to a plan. I used to watch you in 4re's journal (which is very informative) and you were always changing your plan. Then you posted this just 2 days before starting this journal. JimmyJam Registered: Oct 2005 Posts: 1177 08-11-06 01:01 AM ... soooooooooooo, in the final analysis, if you are good at Table Tennis or the old Arcade game of "Pong", you will do a helluva good job trading the pivots. best, jj P.S. Obviously, I don't use them. They mean different things at different times. While they could be useful as potential price targets (that every trader and his grandma knows), I'd rather not trade of 'em. Why start a journal about pivots if you don't trade them? SG77
What I don't understand is "why criticize the guy for trying to improve his game?" Looks to me like he wants to try this and maybe make it a part of his rule set. Kind of a nice contrast from the bullshit that goes on here all the time. Maybe you would be better off over at the "Its impossible to make money trading futures" thread? I am sure a lot of folks are improving their trading skills over there. Basically I'm thinking I will support folks who at least put some effort into trying it out.... Steve
I am not or did not intend on criticizing Jimmy. I respect anybody trying to find their own way. I was just asking a question. And trying to clear up what I though caddyshack was saying.
The excel model and general guidelines are avaible for download on pg 22 of the thread. The process is a developing and I make changes to the method as I use it to enter trades in the market and see how it responds. It is an iterative process. If you want to follow it, great, as it grows, so will my understanding of how to trade it and I will freely communicate this information to you. If not, that's fine too. Best Regards, Jimmy Jam