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Hi,
Thanks for your nice journal.
I read and reread all the post from the beginning and i learn a loti get a clear pictur of the concept of your exit method and i have a question about your entry technique and i will appreciate some of your help:
How do you decide if your trade will be short or long?Do you look only at the 30 minute candle after 9.30 or you use other method such as market profile?
Thanks in advance
Thanks for following.
My entries depend on different situations - especally concerning the real day of week
In fact - 80% of the entries depend on the first 30min. of cash hours and go in the same direction as that very first
candle shows. The entry time and exit time depend on the system rules. They are part of Ichimoku (daily cloud) and
other "ingredients". No hidden things or secret sauce. Just a couple of depending rules as you can read in the posts
in this thread. Some of those are volume, previous day range, special events like holidays (US holidays are counting too...), exceed of previous day range, gaps etc.
In fact - the "change of direction" (last 20%) are on Fridays, Last of Month etc. Then the first candle goes in one
direction and the trade will turn right on the next one - also in direction.
Exit times are given by the system rules.
Those are giving really different exit times - as the rules have sometimes cascades of priorities.
Of course I am using Market Profile too - but NOT for this system. All trades in this thread are deriving from given rules
and are not changed - even in case that some other indicators would "interfere" here.
The main thing are the stops - the normal one is 30 points and in some cases there is a 40 point stop.
As you know if you follow the posts from the beginning: ALL entry time and exit time are announced AT the beginning -
even before the trade is taken (in most of the time). This means those are given by the system.
Works - if the stops were not interfering.
Today with lower volumes (US holiday) price of DAX can not pass the
cloud above easily. The form of the cloud - here in 30min chart - has
no way to pass today. The cloud is getting thicker. On the right end
it even moves down.
Even IFO numbers this morning did not help: so NO longs today