Go short when the EMA crosses below the SMA on the second red “Trigger” candle and set your stop at the nearest previous high?!?
Stop Losses 101
- Thread starter Dollardogs
- Start date
If you like it, I like it.
Congrats, you may have just started your Written Trading Plan.
What triggers a buy or a sell to open?
https://www.elitetrader.com/et/thre...solid-trading-plan.340340/page-4#post-5031706
Congrats, you may have just started your Written Trading Plan.
What triggers a buy or a sell to open?
https://www.elitetrader.com/et/thre...solid-trading-plan.340340/page-4#post-5031706
Thanks Coach! Not sure how to answer your next question in other terms than the aforementioned EMA system. Gimme a hint what you’re hinting at?
You and your stats and error log Are Your Own Coach.
Last edited:
You're being cryptic my man. Long answer is I use a daily watchlist. Going into the bell, I hone in one or two promising crossover setups. I check the secondary indicators. (1) If RSI doesn't talk me out of it by being at like 98 for 5 mins or something and (2) if volume isn't clearly tapering off, then I focus on the candles. If the second candle after it's crossed over starts bullish, that's my trigger. I only have the one size I buy at: 50% of my trading acct in case I see another set up I like just as much shortly after. And then once I've bought I'm a bit lost. Sometimes I set up the FIBS extensions and try to see if I understand that as a price target. Sometimes I set up a deviation channel and see if it buts against that. Sometimes I have relevant trendlines from previous highs to test against. From those, I set a very novice target and then I just watch the candles. If I see a candle that looks like a clear reversal candle, then I close. Tell me if that answers your question. I'm too new at this to have the finely tuned method you're asking of me. Exactly why I'm here is to get suggestions that refine this admittedly slapdash method I'm using to minimal effect so far.
Yes and no is the truthful answer. I have a written morning premarket routine. It's at about 9 things I should do while I'm figuring out my watchlist. I've been groping towards a solution on the trade size question. Not having that pinned down definitely screwed me on my last loss. I bought too big into margin and let that affect my judgment soon as the trade went South. Purpose of this thread was to get some concrete plans written down on stop losses next. Definitely feel better about that then I did before, thanks to you guys. But the entry and exit price target component, I'm still at a loss on how to master that besides trial and error.
Would you benefit from a Written Trading Plan?
In response to your post of the screenshot above,
I asked you:
"What would a written rule for that look like?"
You answered:
"Go short when the EMA crosses below the SMA on the second red “Trigger” candle"
Could your answer, written above, As Is, be the start of Your Written Trading Plan?
https://www.elitetrader.com/et/thre...solid-trading-plan.340340/page-4#post-5031706
This link above points to a great short post about Trading Plans.
ps - that other trading plan thread you linked to looks great, gonna read it front to back, thanks!
Why not start your Written Trading Plan NOW?
What's your rule for Exits?
You have One Entry Rule.
You have One Stop Rule.
Gettin' Close!
Get Yourself a Plan Stan.
Last edited:
LOL, you've inspired me. I promise I just wrote a couple things down and will add to it tomorrow and by the end of this week I will have something more detailed. Whole reason I did this thread was I knew I needed a riot act like this read to me.