Trading Daily & 4 Hour Charts Using Extremely Simplified Money Management Technique

Quote from shortie:

I presume this system has been backtested. What are the backtest results?
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and also please let us know if you have backtested it, what has been the max draw down on your account.

Have you tested it on ES ?
 
Well you didn't listen to me about the USD/JPY and ES correlation, so you probably won't listen this time, but as several people have pointed out a 10 point stop using the 240min and daily is illogical. It is equivalent to a one point stop in the ES. A 1 point stop in short term scalping of the ES is one thing, but using that stop for longer term trading with larger targets does not make sense.

You have shown yourself to be a talented trader, so maybe you can make it work. There is a first time for everything. Using 1 contract per $10k for a swing trade in this environment is appropriate.
 
Quote from Susannah:

Your stop is only -10 points using 4 hour charts?
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agreed, I would think about using at least 50 on the YM, still 40 trades if you got stopped out on each one.
 
Hi JSS;

10 YM tick stop, with entry based on an indicator on a slow time frame. I wish you well. 10 ticks won't be anything you can consistently work with IMHO.

Osorico [primary intraday vehicles, YM +ER ]
 
Quote from opt789:

Well you didn't listen to me about the USD/JPY and ES correlation, so you probably won't listen this time, but as several people have pointed out a 10 point stop using the 240min and daily is illogical. It is equivalent to a one point stop in the ES. A 1 point stop in short term scalping of the ES is one thing, but using that stop for longer term trading with larger targets does not make sense.

You have shown yourself to be a talented trader, so maybe you can make it work. There is a first time for everything. Using 1 contract per $10k for a swing trade in this environment is appropriate.
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TY for comments Opt!

It's not that I didn't want to listen to you last time around, I just traded my pattern, I am open to all sorts of critique/opinions, obviously I was wrong then & you happened to be spot on :)

As far as 10 YM point being too small trading a long term chart I can justify it by saying any large oscillation generated by a longer term chart has multiple price levels that are breached once or multiple times and after that price moves away from these zones to get to another zone, which on daily chart is far beyond the 10 point risk, if that makes sense.
 
Quote from JSSPMK:

TY for comments Opt!

It's not that I didn't want to listen to you last time around, I just traded my pattern, I am open to all sorts of critique/opinions, obviously I was wrong then & you happened to be spot on :)

As far as 10 YM point being too small trading a long term chart I can justify it by saying any large oscillation generated by a longer term chart has multiple price levels that are breached once or multiple times and after that price moves away from these zones to get to another zone, which on daily chart is far beyond the 10 point risk, if that makes sense.
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Not sure I understand your concept, but you are spot on, and one of the few around these here parts, that understands instruments move into and away from price levels. Hats off!

That said, I agree with opt. There is a first time for everything.

Osorico
 
Quote from osorico:

Hi JSS;

10 YM tick stop, with entry based on an indicator on a slow time frame. I wish you well. 10 ticks won't be anything you can consistently work with IMHO.

Osorico [primary intraday vehicles, YM +ER ]
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At the very worst I will lose $10k, but I will say this - I trust patterns that I use, even if I get stopped out x10 in an effort to nail a daily pattern eventually I will get a range expansion lift. The only thing I will say I haven't traded YM much.
 
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