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2 for 2 finally.
But cut my second trade to 2 tix for it initially went 5 and didn't cash me out.
Didn't want to take a stop out so I adjusted down and banked 2tix.
Plus not to mention ending week on winning note and Friday being funky at imes...
$300 Net after commissions
7:59am... GC +5 Power above Green 15/50MA's
8:58am... CL +2 ABC above Green 15/50MA's
Trade setups today much better in relation to the MA's
When there's too much space/gap from setup candle to closest MA is key
Yesterday had 2 losses with space over 5tix.
Today every setup candle was tied to an MA!!!
Always learning and improving...
7:07am... CL +5 Candle cross above Green 15/50MA's
7:52am... CL +5 Power above Green 15/50MA's
8:21am... GC +5 Candle above Green 15/50MA's
6:52am... CL +5 Ledge Long
7:06am... CL -7 Ledge Long - -7 for it went 3tix into profit
8:46am... GC +5 PWR/PB to 15MA. Strong rejection candle. FULL body
8:59am... CL +5 Ledge long
This is as clear of a ledge setup I can show....
ABC setup, might have gone in or not....
When price returned to ABC entry area again, the trade was still in tact
and definitely tradable!!!
The MA's stayed matching RED!!!
This should have been 2 trades, but luv'd how price returned again to go short @ ABC location...
You see these more than you know when you start training your eyes....
Mike, I was able to be in the trading room four days this week and it was a very good week for Mark. The ABC patterns seem very consistent and common if you are patient for those setups. That pattern and maybe one more, say the Momentum Entry, may be sufficient to apply to the 3 markets he watches in order to do very well. Patience in waiting for the ideal, high probability setups seems to be his goal and strength.
The challenge I have wrapping my head around is the risk:reward ratios. At present, there are basically three outcomes for his four contract strategy:
Risk 40 ticks and lose 40 ticks - when the trade fails
Risk 40 ticks to make 10 ticks - when only profit target one is reached.
Risk 40 ticks to make 30 - when profit target two is reached
This obviously requires a higher win percentage, which he tends to achieve.
Unfortunately, needing a higher win percentage will exaggerate the loss outcome for someone new to his strategy that makes mistakes in execution.
Is there any discussion or assistance to adjust the risk:reward parameters for the markets he trades?
I know he uses smaller range charts for ES and the grains, but I would guess the reward is also proportionately reduced and the same issue exists.
I am trying to honestly evaluate his strategy. He seems to have a very reasonable structure from which to evaluate trade setups, and he is always looking to improve and simplify.
Thank you for any assistance.
The system is based on T1 profitability of 5/6 tix. I'd say between 70-80%.
With that, you can profit with initial risk 10tix.
I'd like to chat more with you so pm me or reach out to me.