Rule of 10 Journal

Quote from joeyata1:

yet again you can adjust rules constantly that make any rule or way of trading appear to work. some days on the rule of 10 we use highs and lows from the after hrs but other days we use reaction lows from the previous days official hrs trading day. we basically use the rules that in hind sight worked. thats the problem with "hard" systems. trading changes all the time and one must change with it and thats why a hard system is just yet another piece of the puzzle. in addition human emotion is a huge part of trading and thats why most mechanical systems fail. for instance if you use a concrete rule of 10 system and you get stopped out 5 times in a row the chances are great you'll start doubting yourself and tinker with it .
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Who is we ? Who is adjusting rules ? Who is trading in hindsight ? There are multiple people here besides me calling the signal areas hours before they even come. You know me better than anyone on et. We have chatted til 5 am in the past and you have seen my trades go thru as I have told you what I was doing. I only trade from the 24 hour chart. Why would you want to ignore some of the data and use rth chart only ? I have always said this strategy can not be automated from day one. How would one even go about programming a code that gives leeway of 9-11, is bullish on t days or bearish on other days as long as there are not gap ups or downs, or options are not expiring that week, or if it is a trend or chop day from smas, while at the same time telling the code to look for ihs, h and s, cups with a handle etc. A computer will never be able to replace talent gained from 1000's of hours of real time trading. NEVER.
 
Quote from Now is Now:

The initial 1298.00 was a touch only..
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True, but it never went above 1300, so the SL hadn't been hit yet, and later it did go below 1296 at least. So either way, a small gainer, what was expected, since it was predicted to be a rally day.
 
Just got in the door awhile ago, missed the initial entry...going to let it go as the volume is piss poor and already had a good day buying my daughter her first car...

Have a good weekend guys...


:)
 
Quote from Pekelo:

Based on the overnight high of 1298, next long is 88...

Edit: entered...
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I'm assuming that since your number was 88 you placed a limit order?? Am I correct? or did you wait for a platform to develop before you entered??
 
Had to go away again, from the morning high of 1291.75, there was a long entry just around the close at 1281.75, and it went up 2 pts, so would have been a small gainer...
 
Most recent swing high is 1300.

There is an open gap right around 1250 (actually 1249).

Rule of 10s= market can move in swings divisible by 10.

For those who cannot intraday trade for the time being (not until September 18, at least for me), putting bids below the market and holding for a couple of days is about the only way to trade the US markets.

Buy orders in low 50's (1300 - (10X5) = 1250. These will be removed if not executed by September 11.
 
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