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Yesterday extreme values for HL and OC.
IB is long.
I can’t decide what to trade.
The old system is giving a long trade 1000-1100, but this is not based on yesterday’s extreme values.
The new system is based on the extreme values and gives a long trade 1130-1330, but it’s hardly good enough.
Even though this is not really part of the decision-making process, I feel like watching 930-1000 to see if price pulls back, which might be a good start position for the 1000 trade.
I’m already thinking: how much pullback is good enough? And what if price pulls back, but is on the way up already for X minutes or points? And or …?
This kind of mental crap is not good to trade.
The hard rules for the new system are slowly getting shape, but I haven’t looked yet into handling extreme days, which is not happening as often, so has less priority.
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First day of the month. Large down gap that was not closed during IB. IB HL >140pts, and is long (after dip to 14962).
This gives me 5 historical occurrences, 4 winners (Long trade 10:30-12:00 with small SL). Not good for a trade.
Not sure where I put the limit for ‘a good trade’. But 5 trades with 4 winners is for sure not good enough.
I would like to come up with an 'indicator' (just a number) which tells me what the best trade is, in case there are several similar options to choose from.
Based on No. of historical trades, win%, pts/trade, SL and maybe length of the trade.
This week there were some extreme days, last day and first day of the month. Difficult.
And because I'm in between systems, it makes it hard to pick a trade. I hope to have the re-newed system up and running asap.
The new tool is operational. |Having the system ready is depending on setting the rules, which comes with a lot of manual testing.
Guys sorry to be off topic but what's the best broker for Eurex..
I am using Tradovate but the spreads are ridiculous.. FYI I am looking for a broker that also allows afterhours trading starting at 8pm EST.. Most brokers allow 2am EST only..
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote