RSI + MA

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RSI - to measure oversold and overbought levels - set at 14,3
MA - to determine the trend - set at 9 SMA

Q: why those values ? 9 for sma and 14,3 for RSI
A: you want to see the standard values used by the great majority of people, no fancy, lunatic numbers here.

Q: why renko charts?
A: because they only move as price moves, and i like this.

Q: what are the rules ?
A: trade on news, hold overnight positions, no preset stoploss, one contract only, any instrument you want

Q: are there exceptions for those rules ?
A: yes there are. like round up to two contracts, and set breakeven, as i progress i will probably demonstrate them.

Q: what are the entry points ?
A: RSI has touched its oversold/overbought levels , wait for the bar open and close below the 9 SMA then enter at its close. no entry after it has completed its profit target. however, you may entry above the close in case of a pullback, which would be even better

*RSI AVG MUST BE BELOW 29 AND ABOVE 71 FOR A VALID ENTRY*

Q: whats the profit target ?
A: the same amount of renko ticks, i am using 5-renko, so its 5 ticks profit target

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Q: how many entries can I expect per day ?

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cory

Q: how many entries can I expect per day ?

one, two, sometimes none for days
since i trade a variety of instruments, there is always an entry
usually higher moving instruments (cl, si, gc ..) will have entries all the time in a lesser proportion the 6e, tf, emd ..
in very rare ocassions you will get, es, zc, and so on..

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Wondering if you watched the Weissman webinar:

Webinar: Richard Weissman on Finding your Edge, Managing Risk

Richard Weissman, author of "Trade Like a Casino", is presenting on Tuesday, April 24th @ 4:30 PM Eastern US.

The agenda:

- What is the Casino Paradigm?
- What are Positive Expectancy models?
- Using Technical Analysis
- Trend, Counter …

Since he uses RSI a lot in the sample strategies discussed during the webinar.

Mike

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Big Mike

Wondering if you watched the Weissman webinar:

Webinar: Richard Weissman on Finding your Edge, Managing Risk

Richard Weissman, author of "Trade Like a Casino", is presenting on Tuesday, April 24th @ 4:30 PM Eastern US.

The agenda:

- What is the Casino Paradigm?
- What are Positive Expectancy models?
- Using Technical Analysis
- Trend, Counter …

Since he uses RSI a lot in the sample strategies discussed during the webinar.

Mike

no..
ill take a look so

thanks a lot

any overview of what he says ??

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jayminho

any overview of what he says ??

Post 1 of that thread.

Mike

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Big Mike

Post 1 of that thread.

Mike

trading is a casino ?

i have to agree with that.

he is damn right.
a cyclical casino.

patiente and cold blood!

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jayminho

trading is a casino ?

No, his book is learn to trade like a casino. In other words, with probabilities, with an edge, with the odds on your side.

Mike

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jayminho

@jayminho

Could you post a chart of a trade you have already completed successfully with the entries and exits marked with commentary.

It would be very helpful to visual learners (Translation ... Has no reading comprehension) like .... uh.... me.

Thanks for sharing!

Regards,
TMFT

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ok
this is the continuation of the very first picture..

as expected
the bar opened and closed below sma 9. (the close was at 2.080 i could/should have gotten there but decided to put an order two ticks above the close, at 2.082) .. it never filled..
then other bar was formed down, completing the 5 ticks " would be " profit .. i cancelled my order..

when i get another entry, at any other instrument i will post here.
i miss some entries.. but that happens, right ?

tomorrow we try it again

01:18am my timezone.. time to sleep

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ThatManFromTexas

@jayminho

Could you post a chart of a trade you have already completed successfully with the entries and exits marked with commentary.

It would be very helpful to visual learners (Translation ... Has no reading comprehension) like .... uh.... me.

Thanks for sharing!

Regards,
TMFT

oh yes, sure
i hope tomorrow i can show you some

both, pre-at-post
i give you the pre moment entry, the at the trade going , and the post trade.

just like i did now. but i hope to succeed at having my order filled

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jayminho

oh yes, sure
i hope tomorrow i can show you some

both, pre-at-post
i give you the pre moment entry, the at the trade going , and the post trade.

just like i did now. but i hope to succeed at having my order filled

@jayminho

Thanks, it's great that you show a trade as it happens and not just "Cherry Picking" examples ...

But for explaining the "nuts and bolts of your system", you could just take a past "Perfect" example and mark it up with all the commentary.

Thanks for sharing!

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ThatManFromTexas

@jayminho

Thanks, it's great that you show a trade as it happens and not just "Cherry Picking" examples ...

But for explaining the "nuts and bolts of your system", you could just take a past "Perfect" example and mark it up with all the commentary.

Thanks for sharing!

its a very good observation.
even though i tried to make it as clear as possible, i could for instance, take ten trades, do miserably in nine, and then just printscreen the one who went well. i guess the only way to avoid this, is make a live stream. so there would be no way to fake it. unless i were a edition magician, hehehe

i dont know how to do a live stream, but its probably not hard, just have to google it..
im not in a quest either, "I AM HERE TO UNMASK THE LIARS GURUS OUT THERE"
my intention is to share ideas, methods, make friends.

in the future, who knows, i might make a live stream. it would be awesome.
im a simple guy. average knowlendge, and i dont even make a living out of trading.
so i hope nobody put high expectations on this topic

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taking my kid to school this morning, lost an entry at NG ..... again.. grrrr..

ok.. its not his fault

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ohh boy..
right after i posted my NG miss, i went to the bank

DOUBLE MISS THIS TIME..
however, the NG again, i wouldnt have been able to capture this time, because it was too fast.. the entry was at 11:33:57 and the it already formed a new bar at 11:34:02 - FIVE SECONDS.. impossible for a human to follow this..

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OHHH FINALY
this time i was in front of the computer

CL DONE
NG DONE

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for those who are wondering what is going on to the HG..
well its going..

you see, the slippage killed me..
if it had filled at the close (blue line mark) but it didnt, so for ONE TICK.. i didnt make it..
but i still insisting .. lets see if it turns profitable..

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NG is about to have another entry..

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NG ENTRY...

you can see i awaited for the bar to form and then set the order couple ticks below the close..

avoiding slippage

lets see how it turns out..

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that was fast..

)

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HG IS COOOKING..

taking some heat there..

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hahahaha

finnaly closing down the HG of this morning as of right now!!!

1. its funny to observe how, if not for the slippage i would have closed it right of that very same hour when i entered it
2. how it touched several times my profit taking .. and then rebounded up..

well..
finally it closed now!!

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as i went to bed, three trades took place this afternoon
all would have been fine.

ym, emd, nq

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RIGHT NOW - ABOUT TO HAPPEN

there were two trades triggered this afternoon, CL and NG

that are about to cross the SMA ..

so its okay to enter them

acctually CL has already given its entry at 104.20

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okay

im into CL as of right now.

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Nice simple trading but no preset stop loss???
How do you know when to take a loss...

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gulabv

Nice simple trading but no preset stop loss???
How do you know when to take a loss...

i dont..

HOWEVER an interesting way would be to wait for the instrument to make another overbought/oversold and then either close or round up the position.

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keeping you all updated

1. CL traded through the night, done

2. NG signal as I signaled I missed, however it completed fine.
3. DX as of RIGHT NOW i am about to enter.

in the CL i have a note, that is interesting to read.

Quoting

exception to the rule - a good example as it works.

1. rsi triggered, sma crossed, purchase (should have been) made @ 104.20, where the renko bar closed

2. i didnt because i managed to grab the pullback , but lets pretend i got at 104.20 , so my profit target would be 104.25 , right ?

3. however it went down, so i round up ten ticks below.. now i will have two contracts at 104.15 , and my new profit target is 104.20 ,

when i round up ten ticks below, my original entry becomes my new profit target.

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DX ongoing..

lets see how it unfolds

did you see how instead of pickint it at its close, i awaited for a retracement ?

1. what if it hadnt retraced ?
A: i would let it pass .. once it completes the 5 tick profit target, i move on..

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well,

once i close the DX i will not keep posting printscreens as i did in the last 24 hours.
but the topic remains opened for ideas, collaborations and all the rest

thanks you all

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thanks for the share and inspiration.

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jayminho

well,

once i close the DX i will not keep posting printscreens as i did in the last 24 hours.
but the topic remains opened for ideas, collaborations and all the rest

thanks you all

I looked at DX as a trade instrument in the past . I was concerned about the lack of movement. Is it as good to trade for you as CL?

Thanks for posting.

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ThatManFromTexas

I looked at DX as a trade instrument in the past . I was concerned about the lack of movement. Is it as good to trade for you as CL?

Thanks for posting.

you are absolutely correct.

DX, ZC, ZL, CC, ES

i only trade them because my system *beeeps* however, if i were going to specialize or choose favorite instruments;

CL, GC, SI, HG

even the famous 6E dont match gold, silver and oil.
i have tried PA, PL, NG, and many others occasionally.. but, as i said, if i were going to opt for favorite ones, gold and oil, followed by silver and copper

by the way.. look at my DX entry this morning.. terrrrrrrrrible.
lets await to see how it unfolds..