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I received PMs on the PriceSwingAction indicator (the old version is in the Indicators zip files) which I used on the set up. If interested, please visit the following post for the details:
Yes, the HH/HL/LL/LH/DT/DB labels have been very useful to me. For example, if the suggested entry is very close to a Price Action label, I may choose to place a Stop order 1 tick above or below the same.
You're right Hapster. Sim is great to start off and identify DO's and DONT'S while creating one's system + developing one's trading style. Do have the urge to do real ones .. like a pilot trainee .. haha ..
When I placed the first Short, I thought it's after 10:00 am when the 2 medium priority news were over. It's right around the 9:55 am news ... oh .. Tightened SL while it did go to 6 ticks before hitting my SL. The second Long was based on the most recent HH (also OR) and Resistance on 8R. I placed a Buy Stop @701.10 (not 700.90 or 701.00) to safeguard its stucking around 00 area. Upon entry, I did tighten SL to 1 tick below the entry bar. Who knows if it may have enough strength to run.
2 trades this morning and it's a green day of 7 ticks LOL!
Here it comes a crispy recap on the sim trades (only the first one mostly in the morning) I did between 13 October and 29 October (13 trading days):
No of Trades: 12 (all 1-contract trades)
No of Winner/Loser: 10 Winners/1 BE/1 Loser (I counted the first one -5 I did this morning)
Winning Tabulation: Biggest Winners 4 (+12) | Winners 1 (+11) / 1 (+10) / 2 (+8) / 1 (+7) / Winner 1 (+1) | BE 1 (0) | Biggest Loser 1 (-5)
Total Ticks: 88 before commission
Net $ after commission: 88 x $10 - (12 x $4.01) = $831.88
Looking at the recap, feel like I did succeed in managing SL quite successfully. It's a Great month .. haha ..
Take care and enjoy a Relaxing weekend.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 4 users say Thank You to wgreenie for this post:
- 12 total trades
- 11 winning trades (incl 1 BE)
- 1 losing trade
- Probability of win = 92%
- Probability of loss = 8%
- Commission cost = $48.12
- Average commission per trade = $4.01
- Winning trades produced +93 ticks $930
- Losing trade produced -5 ticks -$50
- Average winning trade after commission = $80.54
- Average losing trade after commission = -$54.01
- Net profit after commission per trade = $69.32
Expectancy is (0.92*80.54) - (0.08*54.01) = 69.78
Question please: What's the acceptable/ideal expectancy rate? Thank you.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
It basically means that over <x> trades you can be expected to make <y> per trade.
If you look at a larger sample, say 100+ trades, and it is positive expectancy, you are making money Make sure and don't forget commissions and/or slippage (which you have included, good job).
If the expectancy value is $10 then you can expect to make, on average, over a similar sample size, $10 net per trade. etc etc.
Mike
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
Thanks Cory for your kind suggestion. Yes, I've been using my thread to document what I experienced both good and bad. It's an effective tool for me to identify the following Ws:
- When to trade (I prefer the morning session by 11:30 am)
- What to use (I am quite content with the current system)
- Where to enter (when both 8R and 4R mostly align)
- How to manage a trade (PT/SL and decision to exit early)
- Who is responsible (Me of course and no one else)
Yes, I do have a checklist handy .. still peeking at my notes now and then .. smile.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
Hello Beth. Thanks for a great thread. I downloaded the indicators and templates but i'm confused about one thing. In your screen shots it shows one chart being an 8 range and the other being a 4 better renko. Is that what you are using?
The following user says Thank You to tripper22 for this post:
Make sure and don't forget commissions and/or 
Yes, I've been using my thread to document what I experienced both good and bad. It's an effective tool for me to identify the following Ws:
