Rule of 10 Journal

Quote from jagmot:

Now we are looking for our next setup, long or short, my r10 system has no preference.

Currently we see a reaction low of 83.75 so we would place a short at 93.75. With the market making a new high now, we don't have a reaction area yet for our buy. Our previous buy was at 1279.25 but that has been invalidated by new highs.

Edit
Short 1293.75
Stop 1296.75
Target 1283.75
More...




WHATYAKNOWBOUTDATRULEOF10


http://www.youtube.com/watch?v=ip1zsUIosoA
 
Quote from jagmot:

Now we are looking for our next setup, long or short, my r10 system has no preference.

Currently we see a reaction low of 83.75 so we would place a short at 93.75. With the market making a new high now, we don't have a reaction area yet for our buy. Our previous buy was at 1279.25 but that has been invalidated by new highs.

Edit
Short 1293.75
Stop 1296.75
Target 1283.75
More...

Target hit
5 for 10
+33.75 total points
 
Quote from jagmot:

Target hit
5 for 10
+33.75 total points
More...

Congrats. Any long taken at 84.00 (3:40), and if not, what would be the exact rule that kept you out?
 
Setup for the next trade

We currently have a low of 1281.00 so we would have a short ready at 1291.00 with a stop at 1294.00 if we get there.

We do not currently have a reaction high as we were in the trade. I will continue to watch and see if we can get a reaction high shortly for a buy long somewhere.
 
Quote from tomahawk:

Congrats. Any long taken at 84.00 (3:40), and if not, what would be the exact rule that kept you out?
More...

We were in a trade, while in a trade we ignore the price action. Once the trade is complete (either stop out or target hit), we look for new reaction highs and lows.
 
Quote from jagmot:

We were in a trade, while in a trade we ignore the price action. Once the trade is complete (either stop out or target hit), we look for new reaction highs and lows.
More...

Got it. Thanks.
 
Quote from tomahawk:

Got it. Thanks.
More...

You're welcome. This is still a learning process for me, I did not state this rule initially but have come to embrace it.

I am of course trying to be as consistent as possible, as I've realized that automating this system would be way too complicated. Only if you used exact highs and lows could you automate the system.
 
Quote from jagmot:


I am of course trying to be as consistent as possible, as I've realized that automating this system would be way too complicated. Only if you used exact highs and lows could you automate the system.
More...


This has always been my position on trying to automate.
 
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