Rule of 10 Journal

[Pekelo]

I think you should have adjusted the next short to 1240.75 because there was another higher low. This short would be an open position now...

Edit: out at 39.75 expecting rally into 3 pm

 

[Now is Now]

Quote from Pekelo:

I think you should have adjusted the next short to 1240.75 because there was another higher low. This short would be an open position now...

Edit: out at 39.75 expecting rally into 3 pm

Pekelo, this is an example where my confirmation hit 4075 AFTER spiking up to 4375...as this is not a legitimate trade I am going to spit my exposure to take 4075 s/l 4375 and also 4275 s/l 4575.

My reasoning is this...even when I get a legitimate confirmation I have found that there is a lot of noise around the initial entry and ,as has been witnessed, I got knocked out : sometimes by a tick or two...my thought was that, although I am not a great fan of averaging, there could be a legitimate case for it trading the"10" with a two point "lag"..similar to 9-11, but of course I can not anticipate in advance my entry point.

I am going to keep an eye on it and may not trade "10" tommorrow just to see how it works out. I would be effectively reducing my exposure from 4/2 to 2/1.

If this is of interest I will go into more detail later.

I see the 3 point profit just hit @3775...would then cancel out the 4275 entry...and adjust to 4075 stop for 1/3.

 

[Pekelo]

Well, this last entry/exit was a typical case of using something else to get out of the position. The 40.75 short went 2 points in the money, but I recognized the pattern and since further upmove was expected, I took whatever I could, still better than a stop out. The runup ended at 2:50, pretty close to my predicted 3 pm...

 

[Now is Now]

The 1/3 got stopped@ 4075...profit on 2@ 275 net.

 

[ryank]

Not sure about this one, long 34.5, will take a small profit (1-2 points) as I'm not sure I like the price action right now.

Edit: out at 35.5, too slow to get 36.5

 

[Now is Now]

Quote from ryank:

Not sure about this one, long 34.5, will take a small profit (1-2 points) as I'm not sure I like the price action right now.

Edit: out at 35.5, too slow to get 36.5

What kind of stops are you using?

 

[jagmot]

Quote from ryank:

Not sure about this one, long 34.5, will take a small profit (1-2 points) as I'm not sure I like the price action right now.

Edit: out at 35.5, too slow to get 36.5

I was using 40.50 as the high. Just got long at 30.50

 

[ryank]

Quote from jagmot:

I was using 40.50 as the high. Just got long at 30.50

I was using the 44.75 spike. The market went below 34.75 and I waited for a little retrace before jumping in to try and catch a little ride. I use 3 point stops. I know, this trade had a terrible r:r but I was looking for that little bounce and I took it.

 

[Now is Now]

Quote from ryank:

I was using the 44.75 spike. The market went below 34.75 and I waited for a little retrace before jumping in to try and catch a little ride. I use 3 point stops. I know, this trade had a terrible r:r but I was looking for that little bounce and I took it.

The only time it is terrible is if there is no reward

 

[Pekelo]

Quote from ryank:

I know, this trade had a terrible r:r but I was looking for that little bounce and I took it.

Nicely played. And looking at the chart, you were right about the small bounce.

Quote from jagmot:

I was using 40.50 as the high. Just got long at 30.50

I didn't see any high at 40.5. What time was it? But it proved to be a good entry, and I think you should have taken that 3+ while it was still up...