ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from Buy1Sell2:
Romik, I will not be able to participate in the study right now as I just have too much on my plate. Sorry for the late notice. I do already know the answer however to which is better. Profit targets versus letting it run-- Profit targets give steady profit and you can make a handsome income using them. Letting it run, while producing less frequent profits and becoming frustrating at times, is more profitable over time.
Edit: The frustrating aspect to letting a trade run with trailing stops below reaction highs/lows is what keeps most traders from employing the strategy.
What is interesting is that so far, I know it's only been 2 days, the R:R was not predetermined. I have been setting stop levels of course, but until now reward has been averaging 1.48. If that holds AND works, than it would be kind of odd as an average stop is 2.5 points, making it 1.48:2.50 AND it seems to be producing a very positive profit factor. Interesting.
I know why you are asking, but it's irrelevant to you. Certain RSI patterns are being tested and results posted after taking all intraday signals. Somebody PMed me yesterday and suggested that I could have been influenced by Spike's call to be short as otherwise I would have stayed in the long for a very nice run. That was a misunderstanding on his part of what this test is about. This test does not depend upon somebody making a suggestion and by doing so affecting the position. Positions are reversed when a reverse RSI pattern presents itself. If one was to actually check the chart and at the time of the last call there was a short grail in RSI - a reason to go short. But it turned out that there was a conflict between long and short one. Long one prevailed. Just check the chart guys. That is the problem when only some patterns are used and not the other ones. How would a trader know which one is the one?
Indeed stopped out at 2 points.
About 45 minutes before the close when we tested the 1381.25 high for the fourth time the resistance broke.
About 45 minutes before the close when we tested the 1381.25 high for the fourth time the resistance broke.
What happened yesterday to your stop under 1378.75 on the 1384 long ?
My stops under reaction lows using an hourly chart are 3 points. When using a daily chart, they are 6 points. I am on the daily chart when trading right now. The stop would not have been taken out. If I was daytrading, there were other signals that would have gotten me short before that anyway. The current hourly chart has produced what I think is an even stronger Bullish Divergence which I can post if interested. Thanks for the question Vol. Others may have had that question also.
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