Joey said:
Well you obviously have a strategy/setup that you are able to execute with discipline and the results are net positive so far. It would be easy to say in hindsight why you took that trade and not this etc but in realtime it is not the same as we all know,
)) so at this stage would not like to distract your progress except to point out the importance of marking out levels of S/R on 15/30min charts looking back a few days including highs and lows of those days plus the overall trend. I realise these are general statements but it works for me, if you are employing some sort of reversal setups then say for example you take a long trade at a significant support level and your stop loss is triggered then that failure of support is even more significant. Before I use to freeze up after a loss, now I can change and reverse, it does improve your trading enormously, belng available as Douglas would put it.
To be honest, I'm not confident enough to use a SAR strategy. Not only because I haven't backtested it thoroughly, but because of my experiences in the past it got me whipsawed on more than one occasion, and one can lose money very quickly this way... I've applied a basic SAR (with same stops/targets) on the charts I provided and these are the results. The net results are about the same (except for the first), but the psychological results would be much more negative I think. Not only would I be in a trade much more of the time, wondering if it's going to go the right direction, but I would get frustrated after I see it go in the initial direction after I just done a SAR. If you have any feedback or tips on this matter they would be greatly appreciated. I remember dbphoenix saying I could think of a SAR (in the very beginning of this journal) but at that time I was not at all ready to think of something let alone implement it.
I agree that you need to make yourself available to whatever the market offers you and take advantage of the opportunities and means you have available, but SAR in a ranging market will surely cause you to suffer heavily?
First chart
- S 6321, stop @ 6326 = -10
Reverse L @ 6326, stop @ 6321 = -10
- S 6314, target 1 @ 6304, target 2 @ 6294 (market order slippage) = +30
- L 6280, stop @ 6275 = -10
Reverse S @ 6275, target 1 @ 6265, target 2 @ 6220 = +25
- L 6272, target 1 @ 6282, target 2 @ 6287 = +25
- S 6299, stop @ 6304 = -10
Reverse L @ 6304, stop @ 6299 = -10
- L 6276, stop @ 6271 = -10
No more time for reversal.
Net result: +25
Second chart
- S 6295, stop @ 6300 = -10
Reverse L 6300, target just missed at 6310 so stopped out @ 6295 = -10
- L 6295, target 1 @ 6305, target 2 @ 6310 = +25
- S 6338, target 1 @ 6328, target 2 @ 6323 = +25
- L 6314, stop @ 6309 = -10
Reverse S 6309, stop @ 6314 = -10
- L 6296, stop @ 6291 = -10
Reverse S @ 6291, target 1 @ 6281, target 2 MOC 6281 = +20
Net result: +20
Third chart
- Short 6195, Target 1 @ 6185, Target 2 @ BE = +10
- Short 6201, Target 1 @ 6191, Target 2 @ BE = +10
- Long 6217, Target not hit, Stop @ 6212 = -10
Reverse S @ 6212, stop @ 6217 = -10
- Long 6214, Target not hit, Stop @ 6209 = -10
Reverse S 6209, target 1 @ 6199, target 2 @ BE = +10
- Short 6214, Target not hit but market on close 6206 = +16
Net result: +16