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Looking for our next trade setup as 24 hours has past. Our last reaction high was 1274.75 and low of 1265.50. We will bracket trades from there with a long at 1264.75 and a short at 1275.50 with corresponding 3 pt stops.

I ignore the PA because unless I hit the exact high or low with my entry, I would always need to reverse before we hit the 10 point target. For example, say I enter a trade long at 1294.00 (from a previous r10 signal) and have a stop at 1291.00 and target at 1304.00. The market moves to a...

Thanks OT. In addition to helping people understand r10 better, I've also tried to be as clear as possible because I know that sometimes I will not be able to post in real time. So far, not in one case has anyone said something to the effect of you didn't call that trade out in advance...it...

Unfortunately, this trade was stopped out. Remember while in a trade we ignore price action. 2nd trade 1305.75 overnight night Long 1295.75 Stop 1292.75 Target 1305.75 2nd trade stopped out as well Trade entered at approximately 9:45EST 2 stop outs at -3.25 each or -6.50 total...

I apologize that I was not able to post on Friday. I trade a lot of equity options and with Friday options expiration day I was quite busy rolling some positions and closing some out.

The second trade was initiated at approximately 10:35AM on Thursday. Per the 24 hour rule, we would have missed the first r10 signal long at 10:05AM (which was successful for those who only take a break till the 4:30EST close) The second signal short at 10:50AM EST was past the 24 hour...

I prefer the 5min

I agree with you, but for purposes of the journal I will not be moving my stops at this time. I have enough problems posting in real time on just the trades, let alone moving stops etc. I think regardless, some trades are going to stop out at be like this one (that did turn into being a...

I've qualified the rule previously in the thread. For 24 hour break, I use the 2nd entry time and not when I get stopped out. I do not have a record of consecutive losses as I only started papertrading this strategy with the start of the journal.

I created the rule of 10 (r10) journal to provide a framework for people to understand r10. I am very happy that the journal is accomplishing this goal.

Yep we just got "bowled over" 2 trades both stopouts -6.5 5 of 12 +27.25 total points Stop trading for 24 hours per rule.

You're welcome. This is still a learning process for me, I did not state this rule initially but have come to embrace it. I am of course trying to be as consistent as possible, as I've realized that automating this system would be way too complicated. Only if you used exact highs and lows...

We were in a trade, while in a trade we ignore the price action. Once the trade is complete (either stop out or target hit), we look for new reaction highs and lows.

Setup for the next trade We currently have a low of 1281.00 so we would have a short ready at 1291.00 with a stop at 1294.00 if we get there. We do not currently have a reaction high as we were in the trade. I will continue to watch and see if we can get a reaction high shortly for a...

Target hit 5 for 10 +33.75 total points

Now we are looking for our next setup, long or short, my r10 system has no preference. Currently we see a reaction low of 83.75 so we would place a short at 93.75. With the market making a new high now, we don't have a reaction area yet for our buy. Our previous buy was at 1279.25 but that...

Thank you for the question. You can see my previous posts as discussion as well. I have stated in the past I ignore price action while in a trade. The reason for that is otherwise, unless you hit the nail on the head (ie. the exact low tick or high tick) you will have to reverse the trade...

Target hit 4 for 9 +23.75 pts total

I traded the reaction high of 86. I'm not sure where you got the 85 from...anyways close enough. Again we could argue that the new reaction high was 82 so then no trade would have been taken... I must use different logic for a reaction high/low then you do. Perhaps you would care to...

If you want to keep it simple, you could try this (trading off of round numbers) http://www.elitetrader.com/vb/showthread.php?s=&postid=2022130#post2022130 We have to remember that a big part of winning overall is having risk reward in a good balance. In the example above, we only need a...