Sold @ 88.5
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My Daytrading Method
- Thread starter eminitrader007
- Start date
Sold @ 88.5
I'm going to change the exit strategy a bit. I will take profits at certain value-ranges. My targets will be somewhere between 4-8 pts.
I'm going to be out of town till Wednesday so I might not be able to update this journal till Thursday.
Anyway 1292-1293 is the value-range for Monday.
I'm going to be out of town till Wednesday so I might not be able to update this journal till Thursday.
Anyway 1292-1293 is the value-range for Monday.
Would you publish your P/L from the start of this journal? If you have a list of your individual trades would be even better.
Quote from eminitrader007:
I'm going to change the exit strategy a bit. I will take profits at certain value-ranges. My targets will be somewhere between 4-8 pts.
I'm going to be out of town till Wednesday so I might not be able to update this journal till Thursday.
Anyway 1292-1293 is the value-range for Monday.
Quote from cnms2:
Would you publish your P/L from the start of this journal? If you have a list of your individual trades would be even better.
Absolutely. I won't have time today but I'll try to do it tomorrow, if not next weekend for sure.
So far it is 6 trades 3 winners and 3 losers. Net 8 pt loss.
The thing is there was 1 trade that was a loser right away but all other trades showed a profit of 4-8 pts. before revesing.
The Holy Grail: how to harvest the small profits before turning into losses, without cutting off your profitable trades with counter-trade spikes ... Go figure!
Quote from eminitrader007:
Absolutely. I won't have time today but I'll try to do it tomorrow, if not next weekend for sure.
So far it is 6 trades 3 winners and 3 losers. Net 8 pt loss.
The thing is there was 1 trade that was a loser right away but all other trades showed a profit of 4-8 pts. before revesing.
Hmm, harvesting small profits is very important.
Not letting profits turn into losses is very important.
Cutting losses VERY short is very important.
Riding large winners = most important.
Not letting profits turn into losses is very important.
Cutting losses VERY short is very important.
Riding large winners = most important.
Quote from DavidGoldstein:
Hmm, harvesting small profits is very important.
Not letting profits turn into losses is very important.
Cutting losses VERY short is very important.
Riding large winners = most important.
I guess it is easier said than done. I can understand not letting profits turn into losses but I cannot say the same about rest of the rules. What happens if I cut a loser VERY short and I see the market move up/down 10+ pts. in the direction that I had anticipated. Same thing with harvesting small profits. I'd like to ride large winners but how can I tell if and when it pulls back whether it is a retracement or a reversal.
The best thing to do is have a plan and expect to see days when things will not work for you and accept it.
Quote from eminitrader007:
I'm going to change the exit strategy a bit. I will take profits at certain value-ranges. My targets will be somewhere between 4-8 pts.
I'm going to be out of town till Wednesday so I might not be able to update this journal till Thursday.
Anyway 1292-1293 is the value-range for Monday.
I did some more research on long-term value-ranges and discovered that prices pause or reverse at those points. For the June contract the prices are 1279, 1291 and 1299. In the last 3 months these prices have been identified as the value-range multiple times. I am not going to be trading tomorrow because I won't have access to a computer and the internet but if I were here is what I'll be doing.
If the prices open below 1291---sell at 1292 with 1296 stop.
If the prices open above 1293---buy at 1292, stop 1288, target 1299. If the buy order is not filled, Sell at 1299 with a stop at 1303.
If we get a Sell signal tomorrow---1279 is the next support.
Good Luck.
I have a post going here at this forum...we are trying to figure out longer term profiles when you roll to a new contract month....It seems that a high volume area for March would need to be adjusted to get an accurate reading in the June contraCT BUT HOW.....?
hERE IS THE LINK
http://emini.deltat1.com/forum/topic.asp?TOPIC_ID=848
hERE IS THE LINK
http://emini.deltat1.com/forum/topic.asp?TOPIC_ID=848