Rule of 10 Journal

Quote from jagmot:

New long at 1261.75 (reaction high was 1271.75)
Stop 1258.75
Target 1271.75
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10:30 looms

Nearing the 9 -11, i expect a retracment
Will this fall to 58 ? I have no idea, all I can do is protect the gain and not let it turn into a loss if they decide to smack 58.
 
Quote from volente_00:

Why did you not take the short at 73 -74 ?
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I ignore PA while in a trade, however it is a valid setup. I'm just sticking to my rules.
 
Quote from jagmot:

I agree with everything you said completely, I hate fighting the trend. I love following the trend and slowly moving the stop in my direction. For purposes of my trading here though I chose to keep the stops and targets static. I want to keep the journal as simple as possible, as so many people did not understand the entries. Before you run, you first need to walk.

Remember also that the 10pt target has nothing to do with r10, it has to do with risk reward. I use 3pt stop (as you recommend) and have the target as 10pts because I believe that a minimum 3:1 risk ratio is important.
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Technically shouldn't your target be 9 points then ?


:D
 
Quote from volente_00:

Technically shouldn't your target be 9 points then ?

:D
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Yes, but the key word is minimum :)

I'm using 3.00 for stop out + .25 for slippage / commission so I used 9.75 and rounded up to 10 for ease.
 
Quote from volente_00:

How many of the 9 losers went at least 3 points in the green before going back to a loss ?
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Many did, but also at least 1 winner (that I know for sure) would have stopped out at breakeven. I think there is a second but I am not sure.

I agree with you in managing the trade, however a journal is not the proper place to constantly moving stops.
 
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