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GFIs1 DAX trade per day journal is reflecting a "pattern trade system".
Special here is the view on every single weekday - from Monday to Friday.
Thus some rule sets (incl. SL) are giving hints on how and when to trade.
Of course giving the best entry and exit TIME for every week day according
previous day(s) as well as from the IB (means initial Balance) from 9:00 to 9:30
cash time.
With all that some trades give more and some less points. The goal is:
to have at the end MORE GAINS than Losses.
Yes there is a risk-reward scenario: In my day trading results (since 2012) a optimized stop loss is on normal days 30 points. That means "wiggle room" for the development of a trade within the foreseen traded hours. On special circumstances this SL might be higher with 40 or max. 50 points.
The optimization came from hundreds of real trades. The real gain is a result given by such optimized stops.
Otherwise uncertain results....
Another indicator that shows rough waters is the Ichimoku cloud. When price is within daily cloud (such is the DAX since 6 days now) that indicates uncertain moves - which the system can not easily predict. On such occasion NO trade or staying at the sidelines is recommended.
If your risk is 30 points, how much is your minimum reward you shoot at? E.G. I enter only trades with a minimum risk/reward of 1:3, means: in my setup I risk 1 dollar to earn 3. On a broader perspective, even if I am right only 27% of trades (hit rate), I still earn money.
E.g. If you risk 30 points in order to achieve 30 points (1:1) you need at least a hit rate of 55% which is very hard to achieve on a regular base. Maybe you are that good. I know big names in the industry, who consider it a great year if they achieve 42% hit rate. (With that they earn inhuman sums, because their risk/reward-ratio is great!).
Hi
I see the entry is not price @ 9h30, but a price from 9h30 through 10h00. A "good entry", .... just few second before dax started to spike up. Do you look also to order book imbalances before/when deciding the entry?
Thanks.
There is no other deciding criteria than picking the "right" rule with entry time and exit time.
Today with small witch @13:00 is always a bit tricky as price may have some erratic moves.
