double bottom -10 from the previous cash close of 78
it bounced but still made a lower low from there.
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Rule of 10 Journal
- Thread starter jagmot
- Start date
double bottom -10 from the previous cash close of 78
it bounced but still made a lower low from there.
Quote from jagmot:
Looking for our next trade setup as 24 hours has past.
Our last reaction high was 1274.75 and low of 1265.50.
We will bracket trades from there with a long at 1264.75 and a short at 1275.50 with corresponding 3 pt stops.
If the long pans out you will get your 10 target easy.
After yesterday's trend day, I am looking for sideways trading between 64 and 78 for today.
Been fighting this all day. Don't like the shallow retracement. We shall see.
Quote from jagmot:
Please see my previous post
http://www.elitetrader.com/vb/showthread.php?s=&postid=2032923#post2032923
So you were not in it due to the 24 hour rule ? What is the reasoning behind 24 hours ? My -3 for the day rule is to avoid getting slammed if on the wrong side of the trend for the day session but 24 hours seems extreme and you seem to be missing some nice entries by using it.
Quote from volente_00:
Are you not using jag's hard rule of 2 stop out's per day ?
No, I would prefer to take one STOP a day and move on.
Incidently, the 1264.50 was struck but no guarantee there was a fill. More than unlikely. Noticed it got up 1267.50+;I would have to adjust my stop...all academic as I would not have taken the trade even if there was a confirmed fill.
getting close on the multiple from 83
Quote from jagmot:
Looking for our next trade setup as 24 hours has past.
Our last reaction high was 1274.75 and low of 1265.50.
We will bracket trades from there with a long at 1264.75 and a short at 1275.50 with corresponding 3 pt stops.
Trade long was filled at 1264.75
Stop 1261.75
Target 1274.75
Quote from Now is Now:
Incidently, the 1264.50 was struck but no guarantee there was a fill. More than unlikely. Noticed it got up 1267.50+;I would have to adjust my stop...all academic as I would not have taken the trade even if there was a confirmed fill.
Since this is a papertrade, I would only claim a trade if the market went through the tick, not if it just touched the tick.