Quote from pclark:
Constructive criticism only please.
1. A ____ will be placed upon ____ ticks from the _____ point.
2. Once reaching the _______ (___________________)the ____ will move ____ticks behind the current price once a new bar is created and this bar is at or above the closing price of the last bar. I will trail with a _____ ___ ticks until the below criteria is reached.
3. If the opening price of any successive bar is _________ the closing price of the last bar I will close my position and take my profits.
My first concern is my ______ are to tight. This will be used on the ES.
Thanks....
I put some blanks in the above. It looks like some sort of strategy. To constructively review the strategy I wanted to open it up a bit.
I view a position as something price moves away from. It also moves away from anything on the other side of where price started from.
At some point the price ends moving away. I see this as a time to take a new position.
So I added the bold in the spaces:
1. A _
line___will be placed upon _
beginning to make profits__0_ ticks from the __
beginning___ point.
2. Once reaching the _
end of the movement away from the beginning point______ (_no matter how long it takes_)the _
I___ will move _
to do a reversal__0_ticks behind the current price once a new bar is created and this bar __
has nothing to do with__ the closing price of the last bar. I will trail with a __
new line___0 ticks until the below criteria is reached.
3. If the opening price of any successive bar is __
up or downrelative to ___ the closing price of the last bar I will _
hold__ my position and _
not__ take my profits_____
and I will just keep track of the conditions of step 2___.
My first concern is my _
learning by doing a routine_ . This will be used on the ES.
Attached is an example that roughly does the above. Step 2 is done by using volume along with price. Where you see the reversals look at the annotation on volume: it is either R2R indicating a "long" has ended and simultaneously a "short" has begun. The vice versa is B2B where a "short" has ended and a "long" has begun. The example does not do all the trades possible. Most of the trades are done to be sure to always be on the right side of the market. The list of reversals tells the story on when the person took a trade to be sure to be on the right side of the market.
This is 15 intraday trades on ES where only profits (20 times 500 in margin) is used to make 44 points net of wins and losses.(20 times 44 times 50).
there were no stops used; instead the person just stayed on the right side of the market according to the consideration of how adjacent bars speak about what is going on. you look at the open following a close; he, differently looks at both ends of the bars with respect to HH and HL (long trading) and LL and LH (short trading. One or the other of these two events doesn't always happen. What does? Not much.
Along with the two cases for long and short, volume gives you a tell. You may be able to see the volume tells by the graphic; I hope so.
