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My system does not predict anything - not even next day's opening.
It is the contrary - just the IB (opening from 9:00 to 9:30) will tell which rule
of the system has to be taken on that specific day. Means pattern reading.
The rule just tells the direction, the entry and the exit time. Depending
on the occasion the stop will be set to 30 or 40 points accordingly.
Hi
when your outlook for the day is not one with the highest probabilities, (according to your own analysis) did you ever consider using weekly atm options for hedging your positions?
With low vola they are not too expensive, especially on Fridays when they expire @13h00?
or, anyway, also other options with different expires? always for hedging.
thx.
Best
Of course I am aware of hedging. This might compensate for loss but cuts my winners too.
So my answer is NO.
I am a simple trader with a straightforward strategy which gains more than losing.
The secret is in the optimized stop loss settings for this and only this instrument.
I am trading punctually on 30m entry and exit which are known before taking the trade.
Then I let the market play out: most of the time (means more than 50%) there is a winner.
As you can see following my thread here.
In fact - some negative trades are absolutely normal and necessary. Those do not affect
my trading. FYI I have the same rules since 2012 except just some small adjustments
which let me drop eg. Tuesday and Thursday trades.
My goal is to set up a trade in the morning with all entry/exit/SL. Then I do not longer follow
but let the market play.
During this time I am able to do other tasks
High possibility to see some lower lows tomorrow...
Today a drop and recover above is the right sign.
Still 195 points hi/lo during cash hours. Which does not stop our trade:
A typical Wednesday short!