ES Journal Archive (2006 - 2008)

[Buy1Sell2]

Quote from brightstone:

Long grail forming at 9:45 on 5 minute TF,
entered 9:53 EST at 1274.00
2 point target
Entered off one minute chart when price broker above MA's

9:56 PT filled

Waited for 10:00 crew
Missed next trade
as the RSI crossed the 70
thought we would get 10:30 reversal

It is my belief that the chart timeframes of 3 and 5 minutes are too active for the normal retail trader. You have identified some grails, but the trades identified at the left side of the chart would have been better left to run with the intial reaction low deferred to.

 

[brightstone]

Lesson learned at a profit.

Quote from Buy1Sell2:

It is my belief that the chart timeframes of 3 and 5 minutes are too active for the normal retail trader. You have identified some grails, but the trades identified at the left side of the chart would have been better left to run with the intial reaction low deferred to.

 

[Buy1Sell2]

Quote from brightstone:

Lesson learned at a profit.

I hope I am being helpful and not leading you astray. Good trading to you!

 

[Buy1Sell2]

At this moment, there has been no reaction low above 1368.00 on the 15 minute chart. In order for the rules to be followed, we keep our stop below that if trading the "let it ride" version of the system. The 6 point system is out and on the sidelines. If this seems like a large stop--it is, but remember, we want our stop outside the noise, not inside it. We want the stop outside where the market last reacted. This is my view. Likely we would see a reversal signal prior to this stop being taken out. We'll see if I am right. If I am wrong, we will have given back profits, but our stop will be no worse than where we started. This is the way to ride a trade with minimal activity!

 

[m4a1]

you mean even if a short grail appears you do not exit your position until you hit the reaction low?

 

[rbsanders]

Would appreciate knowing what brokers some of you use with pros and cons thanks

 

[romik]

Quote from Buy1Sell2:

It is my belief that the chart timeframes of 3 and 5 minutes are too active for the normal retail trader. You have identified some grails, but the trades identified at the left side of the chart would have been better left to run with the intial reaction low deferred to.

It's difficult to disagree when you word it like that.

 

[romik]

BTW, if some of you are starting out on a tight budget and would like to implement this system and need advice on where to start trading feel free to PM me, I'll provide a link to a firm in the UK, slightly different concept, but no commission, regulated.

 

[romik]

RSI Grail Reversal on 5 minute time frame

Stats after 6 days testing:

Total trades - 36
Winners - 21 (+50.50)
Losers (including B/E trades due to commission) - 15 (-19.25)
PnL - +31.25 pts Net
P/F - 2.48
% winners - 58.33%

 

[Buy1Sell2]

Quote from m4a1:

you mean even if a short grail appears you do not exit your position until you hit the reaction low?

If a short grail appears that is obvious in a direction change (or continuation) I would initiate a trade. The idea is that the obvious reversal grail occurs well before the stop is taken out.