Mr. G
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In a short (5125) and stopped out (5156) within 20 mins?
In a short (5125) and stopped out (5156) within 20 mins?
That caught a lot of us, I suspect
I tried my high for the morning technique to-day, got into profit for 16 odd points. Let it lie in what I thought was a pullback, then, when it went down again I made the same 16 points that I made earlier and then there was a big spike that stopped me out at lunchtime.
I was experimenting with a new idea and did not have a big stake on the trade but I thought that my reasoning was sound and it all went south in a few minutes for a whole morning's work.
It will be a mental stop, next time, with the real one a long way off. The trouble with that, though, is that I am trying to leave a trade running without my presence.
StephenMcCreedy
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not a good day for any system i wouldn't think. i lost 6, lost another 6, made 12. walked away. the obvious call was a reverse out of this h&s type bottom but so far i remain unconvinced. i'm a bear on equities and have been frustrated by the lack of downside. if this doesn't bounce in a big way soon maybe the larger falls are on there way.
let's see what tomorrow brings.
let's see what tomorrow brings.
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StephenMcCreedy
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don't think in terms of being caught out. no system can work every day. a system is about working more than it doesn't. i place around 800-1000 trades a year on the ftse. in that context no single trade is worth worrying about if your stops are in and your risk control is ok. i have streaks of 4 or more straight winners and as many as 6 straight losers. even those in the context of a year or what's more a 30 year career are meaningless. stick to your discipline and you've got a chance. let's see what tomorrow brings.
StephenMcCreedy
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this is my week and i'm finishing the older i get (29!) the harder i find it to trade all 5 days.
these are my stats for the week. i am pretty pleased with them. i am also pleased it shows a truism of trading. my win ratio is slightly less than 50%, i've been 'wrong' more times this week than right. but i'm up. 63 points and my target is 50 a week.
cut the losers and the winners will come. i think your strat is as good as anyother but my gut feel is rrr of 1 is what will either undo you, or make it tough to stick to going forward. going from elation of three straight wins and then hitting three straight losers is tough if it takes you back to the start.
good luck for today and have a good weekend.
27 trades
13 winners
14 losers
138.00 total winners
-74.95 total losers
10.62 average winner
-5.35 average loser
63.05 net profit points
these are my stats for the week. i am pretty pleased with them. i am also pleased it shows a truism of trading. my win ratio is slightly less than 50%, i've been 'wrong' more times this week than right. but i'm up. 63 points and my target is 50 a week.
cut the losers and the winners will come. i think your strat is as good as anyother but my gut feel is rrr of 1 is what will either undo you, or make it tough to stick to going forward. going from elation of three straight wins and then hitting three straight losers is tough if it takes you back to the start.
good luck for today and have a good weekend.
27 trades
13 winners
14 losers
138.00 total winners
-74.95 total losers
10.62 average winner
-5.35 average loser
63.05 net profit points
Hi Stephen - I settled on Big Ben as was looking for a simple set and forget strategy for intra-day moves. I don't mind if its's only 60 % win rate but if it turns out to be only 50%, I will just reduce the target and stop to say 20pts. Have started reading Claudia123 on GBP/USD Breakout thread - she reckoned on a 80%+ win rate with 20 pip stop and target. Still reading that thread but some good content.
I don't think that she traded as late as us. She had to get to the office, I think. She has her method and it does not suit everyone, but she made do with what she had and it works for her.
As they say, necessity is the mother of invention. She was very friendly with BSD, but he is a trend follower and she traded on the opening. He is in on holliday but, if you can get past his girly and football photos, he is a good read, too.
If you remember my couple of 4H charts on the other FT thread, the index is touching a steeply falling average
right now, but I am getting fed up with this week, to tell the truth., and think that I will not do more until Tuesday.
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Big Ben chimed again today :clap:
Bong ! long entry
Bong ! up 31
Bong ! target hit
Bong ! profit taken
Big Ben chimed again today :clap:
Bong ! long entry
Bong ! up 31
Bong ! target hit
Bong ! profit taken
Yep, 4/5 for me over 5 days, for +105pts net.
Maybe this won't in the end be the best strategy I ever found but it's the best start I ever made on a new strategy.
StephenMcCreedy
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congrats both. crazy week all round and a nice head start to take in to next week. have a good weekend.
Of course, what I am thinking is that I could run the London Forex Open on the GBP/USD as per Claudia123's formula, then move to the FTSE100 at 10. I understand if Claudia didn't get a trade entry signal by 0930, she would cancel for the day: as Big Ben orders don't go in until 10, and Claudia's 20 pip target from levels identified at 0700 is usually so quickly hit, it seems likely the two trades would not often overlap.
"Greed, for want of a better word, is good."
Mr. G
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Just reading through Claudia's thread; it seems she (the method?) has gone off the boil. I might have a watch next week.
Forget what I said about 4H. Do you think that we could be getting a trend turn upwards?
