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How do you decide which reversals to trade and which to leave?
Do you enter on the print of the reversal bar with a market entry or place a limit somewhere?
Then is each trade managed exactly the same way or with some discretion?
thanks
If the trend ie...120 ema is up green I take ALL trades with trend. Signal bar up enter at close of signal bar with stop 1 tic below signal bar.
I use market but whatever gets you in at close of signal bar. I am working with a few programmers and it will enter at bar close automatically with ATM..targets and stop 1 tic below signal bar. NinZA has a Enter at bar close indicator and there are a few others out there. I don't use any of then yet.
The trade management is up to you. Everyone's trade management is different. I use 4 pts 1st target 9-10 second.
A few other traders in here have suggested ideas..we are trying to narrow it down. Once there is a consensus.
If a trade hits 4 pts profit, it should not become a loosing trade if managed correctly.
NONE OF THE TRADE MANAGEMENT IS SET IN STONE.
We are trying to develop a high probability entry. Once we have the entries set in stone, trade management will follow.
We have tons of suggestions and will work to find the optimal management.
This is a work in progress and would like as much imput as possible in order to refine what we are doing.
The couple of us that are working on this are trying to give a simple trade for everyone to use for FREE. Yes FREE.
If FREE doesn't work for you there are other vendors out there doing similar trades... you can pay 3k.
Thanks for the explanation. Interesting project.
Is the 120ema based on the Renko Kings method?
Now that you have defined entries you are not far off being able to backtest different trade management approaches.
Just for comparison - I have been looking at 'The Scalper's Journey' thread in here see
Well, it's time to step into the light. I've lurked around BMT and futures.io for a couple of years now, wandering through the journals of others, sampling indicators, hearing stories of gains and losses and feeling quite at home. I came here …
- that approach is a bit similar ( at least the early pages) to what you are doing here. MLM uses Unirenko bars on CL but he used a lot of discretion with which entries were taken - not as mechanical as you are looking at here. But he also used 3 lots with 2 off quickly then a runner that is held until an opposite reversal is printed. He also factored in the location of the trigger in relation to local support/resisitance - ie avoided trading into local SR. Of course that was with a different instrument so price action dynamics would be different. Overall his approach would be difficult to code but I think he did actually achieve that much later in the thread - using Bloodhound.
I have been working on a project with the Bund (suits my time zone) using Unirenko bars and a single position looking at catching mini trends. As it is a trend following method the win% is low ( around 40%) so it produces strings of losing trades up to 10 or more at times. I am still in the backtest/development phase with that.
I think your trade management approach may be good for a win% around 70% ( back testing and forward testing is the only way to find out) but it is all about getting the ave win significantly larger than the ave loss to work towards a positive expectancy over a series ( minimum say 100) of trades.
JMH, I also use the Ninza End of Bar (EOB) tool, it has been working very well. With a 12-2 or 20-2 chart it can move very quickly off the signal bar so some sort of automation is required.
For my entries I do map support and resistance zones, I will not trade into a VWAP etc On the 20-2 I am also seeing
price having consistent respect for the 34EMA channel although that is just a observation at this time.
I try not to filter too much. I am trying All trades 120ema filter with transition signal bar. When watching the transition bar form the bar length is 10 so you know where it will close so a order can be placed prior to its close. Sounds like the NinZa enter on close works. Thanks for this imput.
Fantastic input. Thx for the info from the other forum. Super info on trade management. I am testing similar approaches for trade management.
There are bits and pieces from renko kings, targets trading pro and trading 123. I believe the great minds here in futures io can develop something much better than those vendors and allow anyone anywhere to use it for free.
Everyone GREAT input. Keep it coming.
