I can tell you I DO NOT like the looks of the Stoch RSI 14, 14, 3, 3 on the 1 hour chart. It looks like we have a way to move down yet maybe to 198?
RSI has turned up but it can just as quickly plummet. LIke it did not that many trading hours ago.
LOOKS like it will open gap down about 30 pips ATM.
Quote:
Originally Posted by pipsquito
Hey pipalheiro...welcome, and good luck.
rrram2 had mentioned in some post he was going to devise some sort of hedging idea to this system...maybe with a short that ran along side the longs being bought to offset the draw down. I hope he still considers this.
Although my account basically got blown, I think if I had had a short trade put in at the total number of my long opened trades to trigger on that breakout I would have survived it. Someone suggested doing this and I set it up only to delete the pending trade (???? dufus). Anyway...it would have saved me.
I have $9,000 still in my account. If by some miracle GJ rises at the open and races up I may have a chance to get some of that balance back. (Elijah, do you think this will happen?) I plan to play it carefully...scalping on the way up. Since I have nothing to lose, I may scalp with larger lot sizes, who knows. Cowboy time.
It would be nice if there were some sort of protection against this sort of run down killing your account. It isn't nice to trade a system even if there is a very slight chance you could lose it all. Obviously we have seen it happen right here. rrram2 himself had a blowout.
I am refunding my account soon. I don't think I will trade this live again...at least not for a while. If rrram devises a little bit of a safety plan then I'd try it again. I do like it.
Todd
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