Pete's Place
- Thread starter PetaDollar
- Start date
Hi Ditch,
The entry I am using is a breakout of the previous bar. It is priced based only. The 'previous bar' is a pivot low or pivot high.
It looks the dots in your chart include this case plus more (?)
This basic entry (3 bar pivot) is filtered by a few indicators (so I don't take all the pivots).
So i'm interested to hear from you the problem you see with this. Do you mean the entry itself should be better, or the filters?
Thanks,
Pete
I've been thinking about this all day. This is a great suggestion... add a little ambush, to the ambush.
Here's what I have so far:
On the 200 and 300 tick charts, I can't think of a way to change the entry that reduces risk, since the bars I take on these are only a few points long anyway.
On the longer term 875 and especially 2000 tick, getting in before the breakout makes a lot of sense. Just slide down to a faster chart and buy a bar breakout there, once the longer term chart pierces that 18 SMA.
If the next bar doesn't end up breaking out, or stay inside then breakout on the next bar, close the position. This should be +/- just a couple of points for the "failed ambush". This is much better than waiting for a breakout with a 6 or 7 point risk on a longer term chart.
http://www.nqoos.com/Jimmer_Anticipation_Manifesto.htm
Perhaps this link will add something to your way of thinking. Also i think in the long run it's very hard to stick to a system that churns most of the time, at least for me. From another post i gather for you too, as you have trouble pulling the trigger. I basically trade the same setup like you and am profitable 19 out of 20 days, but what do i know? perhaps it's just luck. My take on your trading so far, is that you miss too many good entries and your targets are way to ambitious. My 2 cents, good luck.
Perhaps this link will add something to your way of thinking. Also i think in the long run it's very hard to stick to a system that churns most of the time, at least for me. From another post i gather for you too, as you have trouble pulling the trigger. I basically trade the same setup like you and am profitable 19 out of 20 days, but what do i know? perhaps it's just luck. My take on your trading so far, is that you miss too many good entries and your targets are way to ambitious. My 2 cents, good luck.
Thanks again Ditch for your comments. Re: exits, I was on the simulator with this puppy for about two months. I found that I did much better in the long run with discretionary rather than fixed point targets. Not just the swing contract, but also the day trade contract.
Yesterday I had two losers, one winner, (all longs) a little over breakeven for the day. I didn't hold the swing contract because it was only up about +5 pts at the end of the day. I like at least a 10 point cushion for holders, above major support, something like that. The entry was on the 2000 tick, attached.
Yesterday I had two losers, one winner, (all longs) a little over breakeven for the day. I didn't hold the swing contract because it was only up about +5 pts at the end of the day. I like at least a 10 point cushion for holders, above major support, something like that. The entry was on the 2000 tick, attached.
Roger that.
However with regard to the longer term charts, like yesterday's 2000 tick entry, I felt like I could have got in sooner at a much better price. I waited for the entry via with system but it felt like I was chasing. I think I should jump down to a faster chart, when I see an entry forming on a longer chart. If there is a lower risk entry, I'll take it.
As you can see, the NQ just gapped up 20 pts about 5 mins after that post about not holding the swing contract. The trading gods mock me. 
Still, i'm not going to hold overnight if there isn't a little room to work with.
Still, i'm not going to hold overnight if there isn't a little room to work with.