Consistent gains will keep you sane.
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Yeh. Ask me how I know!!! LOL!!!
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This post originally posted late last night now updated.
Will see how I feel but may begin posting details as shown below now and then.
All pending orders from last night have been executed. Have added a tier 4 short order on Apple. Late entry order hence tier 4. Given that the system is betting on a fall in the markets then it stands to reason that the FANG and FAANG stocks will turn over.
And the two obvious elephants in the room i.e. the two grossly oversized positions on the S&P and the Dow (explained somewhere above).
And here pretty much is what I sit and stare at most of the time. This being said: in no way it this necessary. This trading system should not occupy any more than about one hour of your time at night from about 15 minutes before the New York close. For those that cannot help themselves but to mess with open trades: that’s the better way to trade it. Maintain your positions and place orders at night and walk away until the next evening.
Something interesting.
The Fear Gauge Is Sounding an Alarm Even as U.S. Stocks Surge
Hey. Somebody. Anybody. Please follow me on Twitter. I got no followers!!! LOL!!!
Just reset my Twitter account from 2017 which I’ve never used.
Was thinking along the lines of MAYBE Tweeting orders placed, position details, my own very special market commentary (LOL!!!), you get the picture.
Anyway. Somebody help me test this anyway if you don’t mind.
Not entirely sure I wish to be THAT accessible (bad enough getting text messages in the middle of the night from cellular providers trying to offer you different deals and packages). But let’s see. Maybe it has a use.
@dpaterso1965 is apparently who I am on Twitter. No idea how hashtags and stuff work as yet. Don’t even know if they’re neccessary.
I just took your cherry and followed you. I don’t actually do Twitter though as such but I am as of now your Knight in Shining Armour that came to the rescue of the lonely twitter account 
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LOL!!! Wait. Hold the phone. Lemme check if I have a follower!!! LOL!!!
True enough!!! I have one follower!!! LOL!!!
Thanks.
Whenever I think of Twitter or hear about Twitter I think of David Letterman (2009):
Hahahahah, classic technophobe fun. 
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This one was brilliant as well:
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Oh well. Back to the land of dreams.
Nothing much to report. Stocks up. Then stocks down. No other way to describe the day.
With the possible exception of Australia I will not be scaling-in on anything tonight. Nothing has closed much higher (in some cases not at all higher and in some cases even lower) than my entries of yesterday (bearing in mind that my entries of yesterday were based on the opening price of the gaps of Sunday night’s open). And I’m already fully loaded on Apple so no more scaling in anyway on that position. Point is really (and unfortunately this is subjective): the difference between last night’s close and tonight’s close just does not warrant scaling in any further for me. If we have a higher close tomorrow then obviously I shall scale in further. But current entries are good enough in that if the markets go down from tonight then they’ll all end up in profit anyway. Not trying to hit home runs here.
So boring as that may be: that’s the day’s action (or lack thereof) on this thread.
Totally of topic but being posted here for one or two other members.
It has been bugging the living sh*t out of me of late (since Bill Williams’ stuff is getting another punt and a resurrection of sorts). In the two books that I’ve made available: when just briefly skimming over them I’ve not seen the stuff that I kept referring to (about buying or selling above or below the AC line as well as more in depth information on Fractals). By sheer luck I found the flipping book that I was thinking of while going through all of my old trading .PDF documents looking for something else!!! Not sure which book in the series this was but it is BY FAR superior to the Trading Chaos versions. Take a look a the sections on the AC line and Fractals (but the rest of the book as I say is much better than the other two).
Bill Williams - New Trading Dimensions
P.S.
Just to be really clear: this book has nothing at all to do with the trading system detailed on this thread.
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As a few will know: Connors says that there are probably many variations of this particular trading system. And as those same few may know: I have been sitting and watching pivots for a good while now but am not confident enough to trade them the main reasons being that a) I don’t like trading with stops and b) the direction in which to take a pivot trade is far too subjective for me. But in just watching the TPS trades and watching what happens when price trades to pivots during the day I’ve had a thought. And please do note it’s nothing more than a thought at this point and in no way detracts from what has been accomplished here thus far.
The rough idea (thought process) is as follows and using long trades as an example:
You wait for RSI(2) to close below 25 for two consecutive days. Nothing new here. But now: instead of going long at the close you place a limit buy order at an extreme pivot level i.e. S3 for the next day. Simply rinse and repeat for each day that you’re in one of these trades. Exit as per the TPS rules. Or one could simply exit at the close each day and wait for another signal. Or one could set a TP at the next pivot level and exit intraday.
The reason the above has merit: you will almost always get into a trade at a FAR FAR better price that you would ordinarily get into a trade by going in at market just before the close. One possible drawback is that price will not always trade to an extreme pivot level so you may end up not being able to scale in on open positions (and you may even miss a TPS trade altogether). Another possible drawback is that price may trade past and close past an extreme pivot level. But this really does not happen very often.
As I say: the above merely something that just came to me while looking at some charts. Not to detract at all from the system detailed on this thread. But there’s definitely something in this idea. It just needs to be finessed.
Only speaking from forex demo experience … as of the past few months I have only placed limit orders for that exact reason. Even if I am scaling in I will use limit orders and not stop orders. My thought, and I could be WAY off base, My thought is that by placing a small grid of limit orders below the close I am more likely to get in at a much better price.
I’ll place one at some extreme point - call it “100”, one at “75”%, one at the half way point and one at the “25”% point. I’ll usually layout in a subjective manner based on S/R or S/D and PA.
KC
I think your thought process is sound. At least for using limit orders. Mainly because they can only be slipped in your favor.
You’re looking at support and resistance so maybe there’s an idea in the above for you too. Instead of placing orders based on something as subjective as support and resistance: what would happen for you if you roughly identified support and resistance but only placed your limit orders at a pivot level that’s close to your support and resistance??? Just a thought (yet another one). I’m unfortunately notoriously poor at recognizing support and resistance so I don’t bother with the idea. But that’s just me.
I have absolutely no doubt in the merits of pivots. I see price trade to them day in and day out like clockwork. But the usual garden variety pivot point trading strategies just don’t float my boat. But those levels to hold. The problem is working out which one of them on any given day is going to hold. The other problem is in which direction to take the pivot point trade. I’ve seen so many pivot point strategies it’s frightening. But when I try and trace some of the trades through: I don’t get it. I suppose if you’re accustomed to, and can handle, getting stopped out and brush that aside and move on to the next pivot point trade well great. I just don’t have what it takes to do that.
The reason for my thought process as it pertains to my trading system: my trading system is giving you the direction to take trades anyway. It could be wrong because my trading system can have trades going against you for days before turning to profit and closing the trades out. But I really think there’s something to this. Maybe not a combination of the two trading systems i.e. maybe two different trading systems. Dunno. Not going to lose any sleep over it. These things just come to me from time to time. So I put them out there. You never know: they may click with somebody that can run with them type of thing. But this one: maybe I try to finesse myself. I suppose if you base it down: you’re simply using RSI(2) to indicate to you whether you should be looking to go long or go short. Once that’s been established: you then use extreme pivot levels and place limit orders. Could be a very valid short term intraday trading system. Maybe.
Put it this way: even on days where my trading system is wrong and it would have you hold positions overnight and wait for the next signal price will still trade to a pivot, retrace, almost always hit the next pivot, and then barrel on against you after that. There’s definitely something in this.
I’m still up. And I should be in bed. It’ll be morning here soon. But anyway and to expound on the above just a little further.
I scaled in on Australia at the close last night right. Bear in mind that my trading system is looking for shorts at this time. Right. Australia has now moved up since the close last night Not by much. It’s stalled just south of R1 at the moment. But let’s just say that the markets get a bit more fire under them today and Australia trades to R3 during the course of today. Can you see at just how much of a better price I would have gotten at R3 as opposed to the closing price of last night???
I’m tellin ya: there is something to this idea. Not 100% sure of what it is yet.
Morning.
Well things are looking arguably good today I must say. At this time anyway i.e. the trading day is but an embryo.
From my experience however: moves on Wednesdays have a habit of continuing and following through on Thursdays and with added vengeance to boot. Suits me.
Just been asked about my updated profile. Yes. That’s me. Albeit in what currently feels like a previous lifetime ago (about eighteen months or so ago).
Speaking of profiles though: anybody noticed the bombshells signing up here of late??? Somebody is taking the proverbial piss I’m sure. Is nothing scared anymore!!! LOL!!!.
Still testing different combinations using the MT4 strategy tester. So far only on EURCHF (that pair for no particular reason), and in this run just the last 10 months. Any more than that and the test run takes forever, but now that I have isolated the high performing numbers I will do a run over a longer time period. The surprise to me was that the optimum SMA setting seems to be around 280, and, actually, that any of these trades got close to 220 pips of profit. Let’s see what other pairs and some indices show, but that later.
It seems that the optimum settings do not include a stop loss (unless I just haven’t found a sweet spot for that) but instead relies on the emergency stop when price crosses the wrong side of the MA, plus those listed below. These numbers are TP in pips and the SMA period is on the daily chart, these in order of best performance to still very good. I have tested possibly more than 100 combinations starting with fairly small numbers and it’s only at the higher end that things start pumping.
|TakeProfit=220 |MA_Period=280|
|TakeProfit=220 |MA_Period=280|
|TakeProfit=220 |MA_Period=320|
|TakeProfit=220 |MA_Period=300|
|TakeProfit=200 |MA_Period=280|
|TakeProfit=200 |MA_Period=280|
|TakeProfit=200 |MA_Period=300|
I can see a question coming - this was about 17% profit over 10 months on one pair.
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Hello.
Hey. That’s good news. I think.
Are those details of individual trades or simply a list of the best trades using different parameters???
On what basis did you calculate risk (you had to have done this in order to implement the stop) and therefore what were your lot sizes and what were they based on. This is important obviously because it would affect the 17%. Oh and with what amount of capital. This is all relevant to the 17%.
But I’ll say this (which is obvious). As you say: one pair. Trading six pairs and with similar results??? That’s not too shabby. Not in the “mile high club” (so probably will not interest most around here unfortunately) but I will guarantee SUSTAINABLE. And therein lies the difference between this and the next fad trading system that works for three months only never to be seen again.