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Jasper's Last Stand
- Thread starter jasper6
- Start date
Yesterday was a fiasco. I won't bore you with the details. Suffice to say I was down over $1000 by the end of the day. I have decided to work from the LT 120R chart and put on a short at 793.60 based on the VS flip at about 3:10 PM on 1/17. I held it overnight and closed it out at 783.60 at 2:15 on 1/18. First overnight hold I have had in years. The results were 10 points even.
In theory, you would still be short, but I wanted to hear the cash register ring.
In theory, you would still be short, but I wanted to hear the cash register ring.
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Quote from jasper6:
I only use constant range charts because they have a fixed ATR and that's what makes the stop draw so smoothly. I am surprised if eSignal doesn't offer those by now. You could always upgrade to Ensign. Quotetracker has them too, I believe.
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Thanks for the chart Jasper. You're right - it's not nearly as smooth using 3-min. charts as your constant range charts.
Quote from DerferMark:
Thanks for the chart Jasper. You're right - it's not nearly as smooth using 3-min. charts as your constant range charts.
You should try to use Esignal's renko chart, which are similar to a constant range chart (renko bricks are specified range bars that are generated at the close of a user defined time period...you might want to play around with 6 secs. to 1 min. intervals); however, indicators tend to drift (a bug that Esignal needs to fix), so you would have to periodically reload them to realign them properly.
Have been taking my trades off the R120 in the past two days.
Yesterday, sold at 786.20 and covered at 782.10. The stop was still short, but I wanted to take the 4.1 points off the table. Probably comes from a past of trading too short term.
Got long on the volatility flip at 784.70. Still long and currently +2.8 points. Since it's an open position, anything can still happen. I can feel that urge to take it off the table, though.
Yesterday, sold at 786.20 and covered at 782.10. The stop was still short, but I wanted to take the 4.1 points off the table. Probably comes from a past of trading too short term.
Got long on the volatility flip at 784.70. Still long and currently +2.8 points. Since it's an open position, anything can still happen. I can feel that urge to take it off the table, though.
Attachments
Quote from jasper6:
Have been taking my trades off the R120 in the past two days.
Yesterday, sold at 786.20 and covered at 782.10. The stop was still short, but I wanted to take the 4.1 points off the table. Probably comes from a past of trading too short term.
Got long on the volatility flip at 784.70. Still long and currently +2.8 points. Since it's an open position, anything can still happen. I can feel that urge to take it off the table, though.
Just sold at 788 for +3.3. Just couldn't take the suspense. Going to have to work on this, but it's a confidence booster.
Have transferred enough funds into my IB account to start trading two lots. Any ideas managing multiple lots? I know plenty of traders that take one off at +1 and move their stop to breakeven on their runner. I'm not sure this is the best strategy. I seem to remember from "Trading Your Way to Financial Freedom" that his feeling was you do better to live with your stop for both contracts and benefit from the profits that both provide if you let them run.
Any thoughts?
Any thoughts?