Wednesday, November 02, 2005

First bar trade.....keeps on ticking.



So we have a simple idea, that doesn't use any indicator, in fact, nothing but price to setup it up.
We just take a long if the high is taken out of the first 3m bar without taking out the low. A short is just if we take out the low without taking out the high. So today, like so many days, we had a long.
As soon as I enter the trade, I drop down to a 70t or today I was watching the 233 volume chart.....it doesn't matter what you use to manage the trade.....as long as it's something that you feel comfortable with. But when the stoch when to overbought I just watched the low of the last bar....when it was taken out I covered half moved to BE as I do everyday, simple idea, simple rules and left it do it's thing.
Well no need to bore you with details but tonight was an Outback night instead of Taco Bell......ROTFL.......
Oh yea, the secret sauce I talk about was long from the open so this was a slam dunk.....

2 comments:

RG2JH said...

You know, if you keep talking about Frist they're gonna call you as a witness at his Senate ethics hearings.

emacro said...

Good idea Dennis, works ut well.

An update on the option trde entered last week with an awesome reward to risk ratio, with managable risk.

http://eschart.blogspot.com