Vaco
Senior member
- Messages
- 2,134
- Likes
- 269
Time to recap (before i through any more money down the drain)
after almost a month and 9 trades i'm up 190 pts win rate 44.4% risk reward at 1.91 (stats do not include break even trades)
although the results look promising they could have been a lot better, i feel that all of my losing trades could have been avoided. 3 impulse trades cost me 222 points and the other 2 should have been breakeven trades but i failed to move my stoploss costing me 141 points.
To combat this i've topped up to £1200 in order to trade 2 contracts stop loss will be set at 60 points giving me 5% risk per trade.
To clarify the strategy: I will be deciding on the most likely direction for the following week on a wed night/thursday morning, i will then place a trade to go long/short at a suitable support/resistance level on the hourly chart.
first contract will be closed at R1/S1 (pivot points) second at R2/S2.
stop will be moved to break even once an hourly bar clears my entry point (only time this will not happen is if i am at work when the trade goes live)
I am allowed to switch from long to short or vice cersa only in the following circumstances:
R2/S2 is hit or R1/S1 is hit and we have a reversal that breaks through the weeks high/low.
I am confident that if I stick to this plan my results will only get better although obviously i am aware that the data sample is very small and therefore meningless at present statisticly it is impossible to back test as my selection for long or short for the week is not mechanical.
I will be tracking the 2 contracts as seperate trades as my spread sheet does not allow me to enter multiple exit points for each trade and i would prefer to see how each method performs.
after almost a month and 9 trades i'm up 190 pts win rate 44.4% risk reward at 1.91 (stats do not include break even trades)
although the results look promising they could have been a lot better, i feel that all of my losing trades could have been avoided. 3 impulse trades cost me 222 points and the other 2 should have been breakeven trades but i failed to move my stoploss costing me 141 points.
To combat this i've topped up to £1200 in order to trade 2 contracts stop loss will be set at 60 points giving me 5% risk per trade.
To clarify the strategy: I will be deciding on the most likely direction for the following week on a wed night/thursday morning, i will then place a trade to go long/short at a suitable support/resistance level on the hourly chart.
first contract will be closed at R1/S1 (pivot points) second at R2/S2.
stop will be moved to break even once an hourly bar clears my entry point (only time this will not happen is if i am at work when the trade goes live)
I am allowed to switch from long to short or vice cersa only in the following circumstances:
R2/S2 is hit or R1/S1 is hit and we have a reversal that breaks through the weeks high/low.
I am confident that if I stick to this plan my results will only get better although obviously i am aware that the data sample is very small and therefore meningless at present statisticly it is impossible to back test as my selection for long or short for the week is not mechanical.
I will be tracking the 2 contracts as seperate trades as my spread sheet does not allow me to enter multiple exit points for each trade and i would prefer to see how each method performs.
)
