robster970
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Late trade this one, this is managed differently and slightly more relaxed than usually encountered at the frenzied open.
a. RTH-H 1324.50, RTH-L 1312.50 @ 14:50 GMT
b. CBAVOL about 1.46m at time of starting to watch - busy
c. Price on MP didn't make it below 1313.00 for the last full period
d. Price is remaining within IB, trade facilitation is in a very narrow range - on alert
e. My hypothesis is that it that the RTH-L will continue to hold but if it doesn't it will make a new low and then return back to where I entered.
f. Long, market order at 1313.50 for 1 x risk at 17:03 GMT (1)
g. Didn't hold, don't panic just watch it run for a little bit
h. Seems to be stalling around 1309.00 area
i. Long, market order at 1309.75 for 1 x risk at 17:08 GMT (2), average price now 1311.75ish
j. Little bit of a fight down here, can see volume/base building down here, buyers coming in
k. Here comes the re-test, looks like it is holding
l. Moving back up now - look for an exit around 1313 area
m. There she blows, out market order 1312.75 for 2 x risk @ 17:23GMT (3)
n. 9 ticks profit before commissions (4.5ticks at 2 x risk)
o. MAE from average price 12 ticks, MFE from average price 10 ticks, exit efficiency 43%
p. Soft target hit for the week now.
So kids, the trick here is if you get run over but it is a move to a new high/low (including ONH/ONL) then generally (and I mean on balance rather than absolute), price will return to the previous high/low. This means you can use averaging at the expense of increased risk advantageously on a high probability set-up. Don't try this if you are bad at calling turns otherwise you will get crucified. It is a sure-fire way of grinding your account down. The other alternative would be scale in within your normal risk without giving yourself palpitations
That's me done for the week. See you Monday. Have a good weekend.
a. RTH-H 1324.50, RTH-L 1312.50 @ 14:50 GMT
b. CBAVOL about 1.46m at time of starting to watch - busy
c. Price on MP didn't make it below 1313.00 for the last full period
d. Price is remaining within IB, trade facilitation is in a very narrow range - on alert
e. My hypothesis is that it that the RTH-L will continue to hold but if it doesn't it will make a new low and then return back to where I entered.
f. Long, market order at 1313.50 for 1 x risk at 17:03 GMT (1)
g. Didn't hold, don't panic just watch it run for a little bit
h. Seems to be stalling around 1309.00 area
i. Long, market order at 1309.75 for 1 x risk at 17:08 GMT (2), average price now 1311.75ish
j. Little bit of a fight down here, can see volume/base building down here, buyers coming in
k. Here comes the re-test, looks like it is holding
l. Moving back up now - look for an exit around 1313 area
m. There she blows, out market order 1312.75 for 2 x risk @ 17:23GMT (3)
n. 9 ticks profit before commissions (4.5ticks at 2 x risk)
o. MAE from average price 12 ticks, MFE from average price 10 ticks, exit efficiency 43%
p. Soft target hit for the week now.
So kids, the trick here is if you get run over but it is a move to a new high/low (including ONH/ONL) then generally (and I mean on balance rather than absolute), price will return to the previous high/low. This means you can use averaging at the expense of increased risk advantageously on a high probability set-up. Don't try this if you are bad at calling turns otherwise you will get crucified. It is a sure-fire way of grinding your account down. The other alternative would be scale in within your normal risk without giving yourself palpitations
That's me done for the week. See you Monday. Have a good weekend.
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