June 23rd, 2011

Started off tonight very frustrated. Had a lot of poor trades throughout the day experimenting with things. I put in a 15 hour day doing nothing but trading, but this is the kind of crucible that will forge my trading skills into refined weapons of fear. For the asian open I put my game face on and traded like it was the real deal.

I posted the 5 min and 1 tick charts.

The trade on the 1tick I ended up nabbing 11 pips. I had three indicators:
1. It was bouncing off the daily pivot level
2. it was a continuation trade
3. Spine crossed 330 WMA

I spent a few hours today back testing an idea, and it continually seemed to have pretty good results:
When the spine makes a good cross of the 330 wma, wait for the initial surge, then the pull back. Long or short the pullback and let it run from there. Obviously only do this when there's no SR, Fib, or Pivots in the way. For exit, I've been doing this:
- If it surges <5 pips in my favor then comes back, I'll hold it until my stop unless I have a good indicator to stop early.
- If it surges 5 -9, i move my stop to break even.
- If it surges 10+, I'll either take it on the spot, or wait for a cross back into the blue stripe of the rainbow.
This led to me taking advantage of a lot of the 20 pip surges when backtesting. We'll see how it holds up.
Comments?

All in all stats for today are:
Net pips: 13.5
Trades: 10
Winning trades: 4
Win %: 40