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I have been working on my setups gallery in the past week. For reference I have classified them as follows:
ID - Intraday trade, with fixed stops at 1.5R. I am using intraday levels like IB (mid, high, low), previous close, cash close etc.
SR - Trades taken from SR levels that were created in my pre-market preparation. TP and SL are the same as the ID setups.
VHL - Trades taken from Volume highs/lows. These trades will always be in context with current PA. TP and SL are dynamic, but never lower than 1R.
W2 - Setups coming from 1 or 2 standard deviation swings, looking to ride a 2nd wave (Wave 2 trade). TP and SL are the same as the VHL setups.
Market - These are intraday market opens, I am trying to minimize them as much as possible, but since I do take them every so often, they are in the list. TP and SL are not pre-configured and therefore not preferred.
The past week I have been trading 3 days (Wed 9 Feb - Fri 11 Feb), there were 11 wins, 6 losses and 2 no fills, netting a total of +307 points.
Breakdown of setups for this week:
PRICE ACTION
Very interesting OAIR with an OTD type of opening today, resulting in a 263 points wide IB, which is outside of 3SD according to my IB stat. Caution for extreme market conditions apply.
09:03 came in late for the opening
09:06 order entry short 15120 ydays open -10 points
09:09 almost 5K contracts on first upswing, looking for W2 continuation
09:15 W2 trade long stopped out, -32 points MAE 34 MFE 134
09:16 still expecting continuation, W2 trade long +50 points MAE 0 MFE 136
09:43 SR 1H trade 15298 +16 points MAE 3 MFE 65 SR level was the low of Friday 11-2
First hour: feeling rushed. Will sit back and watch the PA for a while until it settles.
A study showing the total average of volume of any 8-tick up- or down swing in the FDAX for the past 2 years.
I have incorporated this statistic in my trading to fine tune my intraday entries, and more importantly to scale in- and out of positions.
Reviewing my results of the past month (21 Feb - 21 Mar), covering 19 trading days for me. I am looking to improve on expectancy, overall satisfied with the performance.
Up untill now I was running SC in Parallels on an iMac. Even though this works, it is not optimal.
I am investing my results in a dedicated trading PC, purchased an AMD Ryzen 7, with 8 cores and 16 threads. A 1TB SSD and 32 GB DDR4 to go with it. It will be an isolated machine with just SC on it to optimize performance. Now if only I can remember how this machine building routine works, last time I did this must have been over 20 years ago.
Some nice stats with a positive expectancy. The Avg Loser is bigger than the Avg Winner but the Win-Rate is very high (82%, not much room to improve here) and so expectancy is positive. It would be interesting to see how much the market continued after exiting a winning trade in order to determine if it's worth to let the winners run a bit further. This can be beneficial (and improve expectancy) even if the Win-Rate will go down.
Edit: especially with the wide swings in the FDAX.
Thanks Mich62. You are spot on, I have been noticing this as well, it seems there is room to breathe there. I started increasing it in steps of 10%-20% a while ago, I am consciously looking to improve on that stat.
