Honestly, you are NOT in and out like planned. You would have closed the trade with a loss of some 10 points or so because the rule is to close the position before the number comes out. The rest is gambling and luck. And there is one more point or I like to mention. Why are you trading a black-box signal? :-) Did you do your own research?
The following user says Thank You to kurucz for this post:
If it is aimed to me I dont understand it. I am forward testing with a small capital and risk, and doing my own study in the mean time. I took my chances, when I feel I have the edge. I have a freedom, to composite my feelings, and I have a right to take my own risk, also I am gladfull to GFIs1 to giving hints and idea, and I can improve my trading skill along this...
One more comment. Taking any trade based on technical analysis is gambling just like taking the news. The differences in my understanding the following:
- u can calcate a well defined risk because i will not havi g effected slipage
- u can calculate well defined profit. U dont have to bother with the strength of the news reading
- u can have r:r bigger than 50% 50%
As i told i took my chance because the trade was just like u sad in 10-15 tick loss my risk was small (0.5% compering my capital) and the reward was high enough for a good spike. Obviusly the signal was a looser today but I got out with a winner which was pure luck nothing else. And as i told if the signal would have been in a winner side lets say +1 tick i would not have took the trade.
About the entry and a SL setting I call it smart stop settings. Based on my experience it is good to put the stop above the market open, and it was close to a nice rounded number. So it was bigger than the signal say but made me q happier camper. We are here to learn and I am a beginner trader but smart enough to adopt my learnings if I have a feeling it is right.
Trading is not about who is right or wrong it is about could you be on the winner side consistency. GFIs1 giving his signals for free with a different approach And he is on the winner side as you can see. Changing his signal to my taste is my risk and could be my edge or failure on a long run.
Hopes it clarified
My results are based on a certain strategy I have shown here for two years - giving entry and exit time
as well the direction, sometimes risk and SL settings IN ADVANCE.
The strategy is to gain in a area where price develops "normally" into a previewed pattern.
The risk has to be minimized...
The trade should get some time to develop
The risk of any important announcements (calender) is a NO GO
Looking at all the statistics out of the system trades - and doing the homework on this -
has led to a optimized trading system based on the initial settings.
Most of the discussions in this thread are on different approach - which is fine to bring in.
But here it is no scalping, swing trade or gambling.
The result of 333 points within the first 6 weeks of this year plus the terrible Dax movements
show some consistence - which is not coming out of gambling. That was done with 11 trades
which were mostly short in a bullish moment.