In other news I did just want to give a small update on what I have been working on over the weekend in response to Thursdays outcome. As I mentioned on Thursday, I took good entries but I wasn't able to get to par on a lot of them and they came back in my face. Many of you know that I use Keltner Channels to gauge momentum and I had been using them as potential profit areas or par areas in the past with my other pullback methods. It really is that simple. Thursday should've most likely been a TINY loss. Not anywhere near what it was. And the only thing that needed to change was for me to say "You know, price is trading at its opposing Keltner Channel and there is a good probability that it might stop here. I might want to get to par". So thats all i've decided to do. Looking back over what my logged entries were, it got me to par about the same places and it AVOIDED TAKING HUGE LOSSES. Furthermore getting in on moves that are already at the Keltner Channels don't represent good opportunities for continuance and those entries will be filtered in the future.
I used those rules in my trading today and had no issues. This game isn't so much about winning huge amounts as it is taking consistent profits and AVOIDING GIVING IT BACK. The only problem with what I was doing last week is that I had very limited options to get to par. Not anymore.
Trade Results:
ES: +0.00
NQ: +85.00
2 comments:
Nice work today. I've always meant to ask, why do you trade both the ES and NQ? Why not just one or the other unless you are using one to hedge the other. Just curious.
Stan
I trade them both because they both move similarly and when one is dead or doesn't give signals the other will... they offer up the same entries and signals, but my criteria is so specific that sometimes one might not have any signals (like today in the ES) so i'm able to profit where I would otherwise be unable to. I'm going to add the TF as well but honestly I need more screens to do it!
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