I stopped myself out earlier at 106 08. My original stop was 106 09 but it seemed stupid to give up an extra tick.
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Bond Trader 2007
- Thread starter johnpinochet
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Quote from johnpinochet:
0747 CST Sold 1 more at 106 02. I don't like these entries, but I don't want to get left behind either. May have to carefully consider the stop on this initial trade. We could go as high as 106 09 as I mentioned earlier.
At that point I should have been considering that I was wrong. General rule of thumb is anytime price goes in your favor and then comes back to your entry, and continues past your entry, you need to consider that you are wrong.
Looks like we have the makings of a classic "V" day by the way. My nemesis.
0847 CST Just completed a very quick 1 ZB short trade at 106 08 and out at 106 06. I will take a break for a bit and come back again to evaluate the remainder of the day.
Great job surdo. Looks like we switched places today!
About right as rules of thumb go, but the devil is in the details. By how much do you want to see it in your favour before you apply this rule? Having applied it, how and when do you exit? It's one of those things that are open to interpretation and changes of mind while in a trade, isn't it?Quote from johnpinochet:
At that point I should have been considering that I was wrong. General rule of thumb is anytime price goes in your favor and then comes back to your entry, and continues past your entry, you need to consider that you are wrong.
Actually, I've thought a lot about the actual rule over the years. It is pretty straightforward.
I enter a trade. Statistically, I know I'm good for a minimum of 4 ticks. If the trade goes in my favor 4 ticks and comes back to my entry, I get out. That is the rule. I don't always follow it.
For me, the only time your statement comes into play is in the first few seconds, or minutes of a trade where price hasn't moved more than 2 ticks for or against.
An interesting observation I've made is that the rule makes a good reversal indicator.
I enter a trade. Statistically, I know I'm good for a minimum of 4 ticks. If the trade goes in my favor 4 ticks and comes back to my entry, I get out. That is the rule. I don't always follow it.
For me, the only time your statement comes into play is in the first few seconds, or minutes of a trade where price hasn't moved more than 2 ticks for or against.
An interesting observation I've made is that the rule makes a good reversal indicator.
I had a 1000 CST neural net signal based on turning point calculations. I wasn't here to take the trade so I went short only 2 ZB 106 06 now at 1007. This may only be good for a couple of ticks.
The last hour has been nothing but a very narrow range. Hopefully the best range of the day is not behind us.
The last hour has been nothing but a very narrow range. Hopefully the best range of the day is not behind us.
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