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Hey guys, I would appreciate any comments on the strategy chosen, your opinion about due course of trading and chances of making it in the combine. I know I trade this combine at best as 100k and if it would be 100k I would be well on my way to the profit target, but 150k gives more leeway and that was a reason again, since I use it for responsible training and trialing my system.
I trade a similar strategy where I wait till a previous price level is broken and enter in the other direction after price has come back by 2+ ticks with a closed bar. The reason I do this is because sometimes price will continue after it breaks and the only indication of price coming back is a closed bar in my direction. This helps me filter out trades where price breaks a level and continues 5-6+ ticks and stops me out just to have it come back in my direction to produce a good trade. You know that fast markets, especially gold, can break a level and just keep going without the range bars even over-lapping, but when it finally does overlap and a range bar closes back in my direction it's a good sign of a definitive reversal.
Another reason I do this is because I can trail a stop limit order 2 - 3 ticks behind price so when price finally does come back in my direction and I get filled I don't get slipped with having to rely on a market order.
I wish there was some sort of function with the dom where I can set a trailing stop limit order behind price for when it reverses, but I've only heard about such trailing with stops so I have to do this manually.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
In CTS T4 you can set up trailing order with any type of order. I guess what you are looking for is not limit order but stop limit order. Real limit order will get filled instantly.
Finished early as per new rule - one runner a day.
Tough start, I have got 4 losers under the belt until I got onto the runner. It was not easy as it nearly reversed on me too as I wanted pretty high results even for target 1.
I missed one good trade, even if not a runner, I was at +16 and it came back and hit SL. It was all before session open and after the news. So I will look not to trade near market open.
Anyway, here are the shots.
My biggest runner to the date: +27 on target 1 and +38 on target 2. 20 and 21 minutes trade time.
Here is the new rule I plan to use: protect the trade as it moves some 6-8 ticks into a profit to entry, as it hits target 1 at 15-20 ticks, move break even back to original stop to give trade extra breathing room, as I have already booked some profit I can afford to lose 6 ticks on second half. That principle would have helped me in most occasions. I need to work to reduce losers.
I will look to modify my trade profile tomorrow a bit, since I reckoned best trades come not after a level stop run, but after actual level confirmation, like small scale double top or double bottom. So essentially I will look for a level, price reversal there, retest with a double top/bottom, entry once it fails to breach it. I will try to use smaller stop 4 ticks, as in this case essential is a first pullback and price failing to break the level, so I can place my trade immediately. If it works it will help me to raise size to 10 lots per trade.
To elaborate a little bit, I will not seek to trade with a smaller initial stop, if I see price confirming the level without breaking it, I will try to enter earlier and if I get a better fill, I will move stop to 1 tick behind the level. I reckon to be able to get filled in 3-5 ticks range from the level. Currently I place my entry at fixed 5 tick from the level distance.