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Thanks Jaap. I had a quick look at the video (it's on YouTube), and it sounds interesting. I do look to prior day open/close and the day before that, but in a different way. Are you using (parts of) the 3-day cycle system, and if so I'm curious, how does it help you in trading?
Can you help answer these questions from other members on NexusFi?
A long time ago I bought George Douglass Taylor's book "The Taylor Trading Technique".
It didn't make me much wiser. Until I saw a video in which David Dube of Polaris Trading Group explained in a clear way how you should view the Taylor Trading Technique.
Based on this information I reverse-engineered a worksheet with practically the same values as those in the TTT E-book by Richard Boisvert / PTG TTT eBook.
I manually enter these values into the chart for analysis. Dax 7-9-2021 CD2
I have setups for extreme days, but the prior day HL and prior day OC both didn’t reach the threshold. But they almost did. That what makes it hard to decide on a trade today. Especially if the extreme setups are not in line with the normal setups.
So, unfortunately, I will have to skip trading today
I have setups for extreme days, the prior day HL hardly passed the threshold. So, it almost didn’t. Again, that what makes it hard to decide on a trade today. Especially if this extreme setup (long 9:30) is not in line with the normal setups (short 9:30).
I will have to skip trading today.
I’m working on dynamic filters, so that I won’t be dealing with these hard values that decide I’m in category extreme or normal, like today and yesterday.
I’m facing the same with for example prior day open/close, IB open/close, etc., and that makes me doubt and skip trades.
The goal is to get the human emotion out of the decision-making process.
This week I had 1 trade in this journal, 6 points loss.
Total results for this journal:
No happy with the development of these results (win% is decreasing as well as the points per trade), but optimistic about the system.
Even more about the renewed system, where the trading hours are extended to full RTH, and where I can start trading other tickers as well. Still a work in progress, but it's getting shape.
Your input is always appreciated. Thanks for following and have a good weekend
That really is what all this is really about isn't it !
;-)
I got as close as its humanly possible to get to that only once I truly accepted that losses are absolutely inevitable in this business, and that the outcome of the individual trade is truly irrelevant and random in the large number of trades I'd be putting on over time, which is where my edge would play out.
What also helped tremendously and made an enormous amount of pressure disappear was once I also fully understood one of the first things I'd ever been told, that there was absolutely no way in the world my account couldn't grow if in intraday trades I stuck to keeping my targets twice the size of my losers while staying above 33% winners.
All that while keeping the actual method I use - pullbacks in trends - as super simple and practically moronic as possible, so that I wouldn't even have to think if I was seeing a setup or not.
Once I really internalized all that trading really became as carefree as its probably ever going to get.
Btw used to live in Cologne some years ago, popped over to visit Amsterdam regularly, fantastic city !!!
A professional card player once told me that any one poker hand will come down to 99% luck and 1% skill, but over the course of a career the results will be 99% skill and 1% luck
By the way I really love Amsterdam too - truly one of my favorite cities in Europe - but Hamburg is also wonderful. From the Fischmarkt to the Dom, the Millerntor, and the Alster I have some great memories of that city and look forward to returning again soon
Deetee good luck with the ongoing work - looking forward to seeing how things develop
No gap. IB is long and ends around the prior day high.
DAX Short trade
Entry 10:00 @ 15714
Exit 10:30 @ 15726
SL 30 pts
Result -12 pts
Historical results with this setup:
274 pts (31 trades/win% 71%)
Not many points per trade, but the setup in case the IB would have ended at 9:30 above prior day high, would start at the same time and has better odds.
