Chronicles of an Idiot
- Thread starter VisionTrader
- Start date
I know that's what I do, go for the 5 or 7 to 1 ratio. Course I always feel dam fortunate when I get a 2.5 or 3-1 to hear the ca-ching sound! Friday was just GREAT though... Got in a really tight spot once and managed to sneak out with 2 tics... Now that's what I call a good scratch...! Gota love this electronic stuff! Well there was the time that Globex went down...
I see VTs pictures came and went and came back again. Wonder how he likes the webmaster thing. Man, he thinks he's busy trading, now he's adding web pages. If I had his mailing address I'd send him a flashlight so he could find his supper later on...
Scrutch
Quote from Scrutch:
I don't know, maybe it's the guy in the corner that's the webmaster...
I've been reading this thread and I would like to comment on the manner in which this thing is being conducted. Tis probably the 'nicest' conversation that I've ever seen on ET... WAY to GO VT. Would also like to comment on the input BO is putting in here, excellent! GL for a 1 on 1 tutor? Now that's impressive...
I have been playing with the methods that you have been posting here and I think there is a great deal of merit in pursuing this further. Looks like with a bit of tweaking and what not that you will have a fairly consistent method for trading. Of course you must keep in mind that I am also an idiot... I wouldn't mind if you sent me a T-Shirt but if you don't that's fine as I have plenty of extra ones at the moment. I think though that there is something wrong with your 'idiot test' I tried about a dozen times to take it but couldn't figure it out, maybe I need a tutor to take this test...
Scrutch
The guy in the corner is GL
Scrutch. Where's Starsky? Good to e-meet you. Really appreciate the kind comments.
Sorry, but you have to earn your T-shirt here. Best to let me know your size though.
Quote from Scrutch:
I know that's what I do, go for the 5 or 7 to 1 ratio. Course I always feel dam fortunate when I get a 2.5 or 3-1 to hear the ca-ching sound! Friday was just GREAT though... Got in a really tight spot once and managed to sneak out with 2 tics... Now that's what I call a good scratch...! Gota love this electronic stuff! Well there was the time that Globex went down...
I see VTs pictures came and went and came back again. Wonder how he likes the webmaster thing. Man, he thinks he's busy trading, now he's adding web pages. If I had his mailing address I'd send him a flashlight so he could find his supper later on...
Scrutch
Webmaster in training. Never know where these pictures might lead you.......
You said....
I'm in the process of setting up my charts to follow along with VT so I can chipher what's going on here. Using MetaStock and have to build all the indicators so I can change the settings with a variable and match the posted charts. Right now I'm trying to build a ribbon that will show when we have divergence with the Stoch and MACD and mark any high/low that's got a partner back behind.
I say...
I don't use 8-3-3. I did play around with this setting though and the results looked pretty good. I will go back and try to take a look at it a little better.
I really think the method and not the indicator settings are the most important
You said...
VT: Is there any definition of how many bars need to be between the high/low match? I've also noticed some correlation with n number of bars between the high/low where it seems to move much more rapidly in the preferred direction. I need to study this a bit more as there may or may not be something to it.
I say...
My entry is very subjective and I use an additonal filter.It does not have anything to do with the number of bars or any high/low. The pages are starting to accumulate here, but you might want to re-read. I have posted a lot of charts and I tried to circle the entry candle on most of them.
If you decide to hang around for a while, we can talk about the trades during the days I trade. I think that will be the best way to understand what I am doing here.
THIS IS A GOOD TIME TO REMIND YOU THAT I AM DEVELOPING THE SYSTEM HERE IN THE JOURNAL. DO NOT MAKE ANY TRADES BASED ON SOME IDIOTS POSTS. I AM GOING TO CONTINUE TO EVALUATE THIS WITH EVERYBODY AND WE CAN ALL MAKE OUR OWN DECISIONS ON ITS WORTHINESS AT SOME POINT DOWN THE ROAD
Welcome and I hope we type some more.
I'm in the process of setting up my charts to follow along with VT so I can chipher what's going on here. Using MetaStock and have to build all the indicators so I can change the settings with a variable and match the posted charts. Right now I'm trying to build a ribbon that will show when we have divergence with the Stoch and MACD and mark any high/low that's got a partner back behind.
I say...
I don't use 8-3-3. I did play around with this setting though and the results looked pretty good. I will go back and try to take a look at it a little better.
I really think the method and not the indicator settings are the most important
You said...
VT: Is there any definition of how many bars need to be between the high/low match? I've also noticed some correlation with n number of bars between the high/low where it seems to move much more rapidly in the preferred direction. I need to study this a bit more as there may or may not be something to it.
I say...
My entry is very subjective and I use an additonal filter.It does not have anything to do with the number of bars or any high/low. The pages are starting to accumulate here, but you might want to re-read. I have posted a lot of charts and I tried to circle the entry candle on most of them.
If you decide to hang around for a while, we can talk about the trades during the days I trade. I think that will be the best way to understand what I am doing here.
THIS IS A GOOD TIME TO REMIND YOU THAT I AM DEVELOPING THE SYSTEM HERE IN THE JOURNAL. DO NOT MAKE ANY TRADES BASED ON SOME IDIOTS POSTS. I AM GOING TO CONTINUE TO EVALUATE THIS WITH EVERYBODY AND WE CAN ALL MAKE OUR OWN DECISIONS ON ITS WORTHINESS AT SOME POINT DOWN THE ROAD
Welcome and I hope we type some more.
I also want to thank you for your contributions here. Well said Scrutch. He has been a big help to me here and does not hesitate to answer a question. Really appreciate it.
By the way... I will be out tommorrow in our Nation's Capitol. Will not be here. Will try to take a look at the day when I get home tommorrow night and point out any entries where signals would have been generated.
I plan on being here on Tuesday.
Also, I am going to work on getting the stats page up on a website somewhere as time ticks by. Look for clues.
I should be around tonight if anybody has any questions.
By the way... I will be out tommorrow in our Nation's Capitol. Will not be here. Will try to take a look at the day when I get home tommorrow night and point out any entries where signals would have been generated.
I plan on being here on Tuesday.
Also, I am going to work on getting the stats page up on a website somewhere as time ticks by. Look for clues.
I should be around tonight if anybody has any questions.
I also want to make it clear that I understand the risk/reward principle. I am really not as dumb as everyone may think, just a little idiotic. There has been a lot of good discussion here about this. I understand 3:1 and money management. As Breakout has told me...I understand, but I ain't listening. I'm listening and respecting what my elders have taught me.
I am trying to get to an acceptable variation on my traditional stops. This is one of our biggest challenges and I do not take it lightly.
What I am doing is not going to be approved of by the seasoned traders, but it has worked in my backtesting so I am going to stick with it. I am fine tuning it here in the journal. I think we have to evaluate our results and see what happens.
Depending on the entry, I will generally have a 2 point stop and a 2 point target. I have used some advice from breakout and am trying to enter with a one point stop when possible, but that does not always happen. It depends on the signals. Many of my trades will have a 2 point stop and a 6 point target.
I have studied the price movement of the ES on the 1M chart with my signals. If I make the correct call on short term direction, I see an above average chance for a 2 point profit. I am watching my filter and if I get a sell signal, I will generally get out and reverse on the signal. Also, I am moving my stop to B/E as soon as practical. You will see this in my trades.
I respect the Livermore's, etc. but "Times they are a changing". My goal is to make a few points each day. It is an income strategy based on a position with several contracts. I think everyone will agree that you can make a lot of money on 2 points.
The point here is...I know the risk/reward is an issue and I am working on it.
I am trying to get to an acceptable variation on my traditional stops. This is one of our biggest challenges and I do not take it lightly.
What I am doing is not going to be approved of by the seasoned traders, but it has worked in my backtesting so I am going to stick with it. I am fine tuning it here in the journal. I think we have to evaluate our results and see what happens.
Depending on the entry, I will generally have a 2 point stop and a 2 point target. I have used some advice from breakout and am trying to enter with a one point stop when possible, but that does not always happen. It depends on the signals. Many of my trades will have a 2 point stop and a 6 point target.
I have studied the price movement of the ES on the 1M chart with my signals. If I make the correct call on short term direction, I see an above average chance for a 2 point profit. I am watching my filter and if I get a sell signal, I will generally get out and reverse on the signal. Also, I am moving my stop to B/E as soon as practical. You will see this in my trades.
I respect the Livermore's, etc. but "Times they are a changing". My goal is to make a few points each day. It is an income strategy based on a position with several contracts. I think everyone will agree that you can make a lot of money on 2 points.
The point here is...I know the risk/reward is an issue and I am working on it.