Welcome back WinPsych! It’s been a while fore certain. I’m glad we have some of the A team back on baby pips. Your analogies are always on point and great to read, I love them.
I will address some of the concerns you have. First the 20 pip stop I have been getting some fire from lol. After Trading this week with the 20 pip stop I have come to conclusion I need a variable stop dependent on which pair I choose to trade. GN for example, Had I not put my stop 80 pips down, due to the spread at close and the volatility that precedes close, I would have gotten stopped out even though price borderline closed right at if not a little above where it opened during those highly volatile minutes. News spikes also have me concerned somewhat. The only reason I wanted such a tight stop originally was to give my risk and acceptable value. Now I am just going to have to change my predetermined position size to accommodate that. AJ, EU, NJ, UJ, AU and pairs like those… I can run a 20 pip stop all day with a fairly well placed entry and I have no fear I will be fine as long as I have direction correct. GN, EN, EJ, GU, GJ and pairs like those I will not be able to run a 20 pip stop. So, you guys are right about those stops.
As far as using close for exit, due to the amount of profitable pips I have been losing due to this tactic, I have been seriously considering placing my target at psychological levels/Support and resistance levels that are an acceptable distance away from my entry. Take this GN trade I am in… I have a target at 1.96. The pair may not go up quite that far in a day, but if it spikes and nails it, I would be happy with that. If GN does not spike and hit it within a day or two, I am going to work on just getting out when I can at another acceptable level.
High win rates. My mission in general is to have as high a win rate as possible of course lol. I’m sure many others feel the same way. But to be honest, the thing that upsets me the most and causes me to loose my cool is not whether I win or lose. If I win awesome, If i lose great… Losing grants me the opportunity to study, determine, and correct a flaw if one exists in my logic which caused me to enter in the first place. However, what really upsets me is volatility. Low volatility irks the sh=t outa me. I hate thinking I found a nice setup only to reveal it closes 3 pips from open and I held onto the position for 24 hours. Low volatility = highly upsetting.
A clean sheet and a possible new system. As you probably know I’m a mathematician at heart. I couldn’t fathom it during grade school nor did I ever expect I would turn into one, but here I am today. Market math as I call it, purely excites me and drives me. Considering the resources I have at hand, Microsoft excel is my best choice to create such a system that I would be interested in trading. With that being said, over the past year I have been using excel in such the manor I have been, I have at least a hundred or so of previous systems, plus the one I currently trade all inside the excel document I already use. When a system or calculation I used failed, rather than open a new document and start over, I kept the calculations in the sheet and built onto what was already within the sheet. Like a mason, every brick (calculation) lays on top of one another to eventually build a wall, walls then form a building etc. However, I have the ability to look at each brick, and pair it with any other brick or sets of bricks to form new combinations in attempt to find the right combination to create a balanced and highly accurate system. That’s where I am today. I have created so many different kinds of calculations I have almost run out of valid useful ideas to calculate. Therefore I can finally look back and start matching the pieces of the puzzle to form the best picture possible. Assuming this GN trade works out, I really feel like I found the missing pieces I was missing back in late march early april. NCM, and CM paired with SUMB and SUMS has created an airtight signal I believe. Only one way to find out, this GN trade as well as future forward testing.
I am curious, have I sent you my sheet yet for review? Thanks again for stopping by man, It’s been a journey.