Philip
Nice to find someone looking for an edge and I do believe looking to take something from the market rather than it all is the best way forward or at least easier to trade. I feel it helps you to remain disciplined to the principle of your strategy and also helps you to become mechanical, call it what you will but you just repeat a process day after day. If it does not work out you close on a stop policy. The one downside to such an approach is you never give your winners a chance to run so you must have a good set-up with a high win percentage otherwise the losses could ruin your gains.
I do not currently trade the DOW but what I did was to learn the FTSE and then work out from all the entry signals I had employed which proved to be the most reliable. Having established this I threw the rest out and built my strategy around a trend and impulse system. The idea being to become more selective and lower risk entries. I daytrade and previously was guilty of over-trading.
One aspect that really helped me to trade in both narrow and trending ranges was to apply my deal from 2 perspectives. As soon as any deal reaches 5 points profit I close half and then allow the rest to run. This can be anything from 5 - 35 points at the moment but it does produce between 2 - 6 deals in a day.
I know this is from a very different set-up to what you are considering but I think your concept is on the right track. Good luck.
Nice to find someone looking for an edge and I do believe looking to take something from the market rather than it all is the best way forward or at least easier to trade. I feel it helps you to remain disciplined to the principle of your strategy and also helps you to become mechanical, call it what you will but you just repeat a process day after day. If it does not work out you close on a stop policy. The one downside to such an approach is you never give your winners a chance to run so you must have a good set-up with a high win percentage otherwise the losses could ruin your gains.
I do not currently trade the DOW but what I did was to learn the FTSE and then work out from all the entry signals I had employed which proved to be the most reliable. Having established this I threw the rest out and built my strategy around a trend and impulse system. The idea being to become more selective and lower risk entries. I daytrade and previously was guilty of over-trading.
One aspect that really helped me to trade in both narrow and trending ranges was to apply my deal from 2 perspectives. As soon as any deal reaches 5 points profit I close half and then allow the rest to run. This can be anything from 5 - 35 points at the moment but it does produce between 2 - 6 deals in a day.
I know this is from a very different set-up to what you are considering but I think your concept is on the right track. Good luck.
