Good to see you back. Must say I could not follow your 1-4 trades - was price really over your GMA here to go long?
I see you have also gone back to your old ATM/strategy - when you were last with us you were taking 1 contract and staying in the trade until price closed back over the GMA (summarised in simple terms), now you seem to be back to taking more scalp type entries with 2 cars.
Is this new ATM still with a starting 12T stop. What are the 2 profit targets?
Trades 1-4 were probably a mistake; need to look at it again; you're probably right, no reason to take these.
I still trade 1-4 cars usually, and have a number of setups which can change the initial stop, some as much as about 15 ticks. Beyond that, and that is not the trade I want to be taking. There is a setup I only allow a few ticks, and another one tick beyond the signal bar (7 ticks). I change based on what price action is showing and same with the targets. I try more to use a closer trailing stop at areas where price may reverse, rather than a fixed target many times. Again, based on what price is telling me. Ideally on a good push I will look to exit on a low close bar underneath my GMA (when long), and then look for re-entry should the pullback/possible reversal fail.
Good to read your charts again Gary. Thanks for the update. I hope you weren't waiting for a profitable day to start posting again. lol Take care Andrew
Thanks; I will still post occasionally and always here to help anyway I can. Main idea is to get people thinking, finding a new perspective, etc. And, no, I am glad I had more than a few profitable days in August, but overall August was not easy.
Hi Gary,
ReplyDeleteGood to see you back.
Must say I could not follow your 1-4 trades - was price really over your GMA here to go long?
I see you have also gone back to your old ATM/strategy - when you were last with us you were taking 1 contract and staying in the trade until price closed back over the GMA (summarised in simple terms), now you seem to be back to taking more scalp type entries with 2 cars.
Is this new ATM still with a starting 12T stop. What are the 2 profit targets?
Stephen,
ReplyDeleteTrades 1-4 were probably a mistake; need to look at it again; you're probably right, no reason to take these.
I still trade 1-4 cars usually, and have a number of setups which can change the initial stop, some as much as about 15 ticks. Beyond that, and that is not the trade I want to be taking. There is a setup I only allow a few ticks, and another one tick beyond the signal bar (7 ticks). I change based on what price action is showing and same with the targets. I try more to use a closer trailing stop at areas where price may reverse, rather than a fixed target many times. Again, based on what price is telling me. Ideally on a good push I will look to exit on a low close bar underneath my GMA (when long), and then look for re-entry should the pullback/possible reversal fail.
Hope this helps.
Gary
Good to read your charts again Gary.
ReplyDeleteThanks for the update.
I hope you weren't waiting for a profitable day to start posting again. lol
Take care
Andrew
Hey Andrew,
ReplyDeleteThanks; I will still post occasionally and always here to help anyway I can. Main idea is to get people thinking, finding a new perspective, etc. And, no, I am glad I had more than a few profitable days in August, but overall August was not easy.