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I understood to open/close positions every on starting/closing of a 30min candle.
Allow me to ask 3 points,
1) Based on which logic you decide to open the trade at 9.00, 9.30, 10.00 ?
2) Based on which logic you decide to cloes the trade at 13.30, 14.00, etc?
3) Based on which logic you decide to go short or long.
Is all based on your experience and macro ?
Thanks!
Can you help answer these questions from other members on NexusFi?
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,745 since Nov 2014
Thanks Given: 3,441
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Very true. After trying a variety of short term trading strategies, I can honestly say that my consistent profitability became a reality after this approach.
For instance, I have a bullish bias today and plan to hold it from RTH open till close or ATR 50 pts. If we make a new LOD, then I take my loss. Trading can really be that simple
I do try to 'spice it up' by scaling in and out but TBH it often affects my perfomrance adversely.
Good day @SirLostALot with thanks for your questions.
The answer is for all 3 questions the same:
GFIs1 stays for "Go For It system 1". Developed this since 2008. The core is to define rule(s) for every WEEKDAY. Depending on the last days, today and upcoming days, looking for markets overnight, gaps, numbers, speeches, seeing when holidays in USA and Europe are ahead, watching the news for today including their importance. Means preparation, preparation, preparation!
Then take the system table (flow chart) to fix the trade entry and exit times. All in advance. Write it into the journal here with updates during the day. Those who read a post later in the day may not be aware that I announce what I do IN ADVANCE. At least nearly every trade. You can see the time stamp of the preparation as well as the trade post itself. No 'hindsight guessing'.
Unfortunately the trade configuration is quite complex - the trade itself is easy and follows the pattern that is defined for a explicit situation. Automatic trading or a macro is nearly impossible. At least I write in the posts what is important for taking the trade, when there are gaps, speeches etc.. Sometimes a chart to underline the trade.
An example for a Friday rule:
"Wait for development of the first 30m candle 9:00 to 9:30. Trade the opposite of that candle. Get out depending on US numbers @ 14:30 or let it run longer." It works!
If you want to see the yearly results just go to post ONE here: the links are given for the trades taken since 2012. Included some pausing.
I asked ChatGPT for how to make money with their new engine:
"Abstract: How can I make money with ChatGPT? 400 words:
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Asia red (except Shanghai) - looks like it took over the markets in US and EU from last Friday
Numbers - not important
Speeches - Fed-Mitglied Bowman 14:00
DAX pre cash opens 7:30 @ 15289. Which is in the lower range of Friday hi/lo
GFIs1
edit 8:25 - good numbers of the large large companies pushed the DAX to new highs. Now the "taking profit" season is ahead:
Means the DAX will test with high probability the 15k again. A support @ 14600 is given.
Just a warning that prices will not rocket up without t a consolidation.
