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This week I had 3 trades in this (restarted) journal, 40 points profit.
I have been working on setups (hard rules). For up – and down gaps the rules are set. For the days without a gap, there are much more occasions. I have to filter these down to find setups, in a way, that I’m not cherry picking. Work in progress.
I’m happy to start the first week with a profit, although it means nothing much
Today IFO numbers were released and missed the forecast. I’m using a separate file for IFO days, mainly looking at the 10:00-10:30 bar. For the Monday, there are only 14x red bars and 23 green bars, and I don’t see good results.
Today we opened on the high of yesterday and during IB price moved above prior day HL range, and moved back into the PrD HL range.
The IB is short.
DAX Short trade
Entry 9:30 @ 15304
Exit 10:00 @ 15334 (SL)
SL 30 pts
Result -30 pts
Historical results with this setup:
432 pts (42 trades/win% 76%)
Let's see
edit 10:01: SL 1 point too tight (otherwise 4pts profit). I will think of a rule, that when the high of the day is so near the system's SL, that I will extend the SL a few points above the high
Today it’s the last day of the month. The IB is long. Combined with ‘no gap’ and ‘IB inside prior day HL range’, the file only gives 7 results. All pointing out a long trade, but very thin to take a trade on.
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
Back in Amsterdam in a more relaxed time zone and I am going to continue this journal.
I have been working on defining hard rules for this system. I have now many setups, depending on which day of the week it is, IB direction and on gaps. And on other variables. There is not a setup for all occasions, also some rules are conflicting, which would lead to not taking a trade.
There are some points that I’m not sure how to handle. For instance, if there is a gap of just a few points, or if the IB OC is just a few points and doesn’t give a clear direction. I didn’t exclude these from my files/historical results, so I guess I should also just consider these as a gap or IB direction even if it’s just a few points. I’m considering redoing a part of the work, excluding these kinds of situations.
I checked manually these setups (slippage not taken into consideration), which are giving good results for Jan-Apr 2021 (55 trades):