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Interesting concept, not to be managing the trade... sort of hard to understand or to do.
From a theoretical perspective, as well as a psychological one, it's not a bad idea. Theoretical: stay with a decision based on a previously-tested method until proven wrong; psychological: keep your hand off the mouse until there is a pre-set reason to make a change.
From a real-time trading point of view, it's pretty much a matter of self-control, and therefore tough.
I've been trying this the last couple of days, and it has at least made me calmer
When one door closes, another opens.
-- Cervantes, Don Quixote
It can only work if you trade with the predominant momentum or fading borders of well established range. I.e. not taking miniatue setups in choppy markets nor going counter trend. For me this is the most important matter.
Some decent trading today. First trade flopped, it was a ok entry, even if inside the bit of congestion at times and right in front of VWAP, it did lack momentum though. Not an best example.
Second trade was way way better, during lunch hours when markets tend to pull away from extremes. Took over an hour and several retraces from 20 ticks gain to under the entry but did work. The only danger was a trend line on M5 chart, but I reckoned it will be broken during off-hours.
I wonder if he will slam me in his next Keiser Report show on Saturday for not buying into "100,000 usd fair value" bitcoin dream and arguing it's grossly overpriced at 900
Here is a recording on the last trade. I think it is quite an inspiration to see how market developed, how often it tested the entry, and rest assured any trade management would have this trade stopped at BE or miniscule profit, giving much anxiety and later grief, when it broke free and rose.
I did not get a chance to trade Crude today - gold held me up for the whole day. First trade was a quick loser, a second one lasted almost 5 hours!! It was up to 20 ticks in profit, printed double top, daily close was close and strong level is above it. ETH strongly up.
Still it collapsed. Today before the open volume was 101% from 8 week average, but collapsed to 72% by the noon CST. Definitely there were points to exit in profit, but the strategy calls to collect data.
This is my experimental trading in GC with same rules as in DAX or Crude. I don't plan to trade live or in LTP with these, only evaluate their validity. My only strategy good to go live in Gold is working with levels and stop runs. Price action is difficult is gold, but today it was rather lack of volume that caused collapse of longs. Sentiment was definitely up but selling was just bit too high above for longs to break through. Done and dusted.
Looking at today's market I think it is wise to add another rule:
- close out before the start of new session or end of current session
- close out if a trade did not hit target nor stop after 60 minutes since been opened