Shared by
JensW
+0.7R
Trade Plan
Risk (cents): ------------------ 100, willing to add
Risk (absolute, USD): ---------- 10
Average Price: ----------------- ca. 85.39
Stop Price: -------------------- ca. 84.39
Target Price: ------------------ ca. 90.00
Reward to Risk (cents): -------- 440/100
Reward to Risk (factor): ------- ca. 4.4:1
Things well done: -------------- Very nice entry
Mistakes: ---------------------- 90 was possible, but did not have the patience
Lesson(s): --------------------- Not long enough in trade
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2016-06-02 09:58:45 | SIG | buy | $85.390 | long |
| 2016-06-02 09:59:18 | SIG | sell | $88.350 | 0 |
Comments
JensW
I do use a real-time streaming scanner in TC2000 Platinum.
The strategy that I try to implement is a mean reversion, reversal strategy.
It is a counter-trend strategy . Most people would tell you to trade with the trend.
Also, "Insane" or "perfect" are problematic words wrt trading, I think.
Each and every tick in the market is unique, as the number of buyers and sellers as well as all exogenous factors are unique and dynamic. Trading in my view is all about statistical probabilities. Where is the reward to risk overwhelmingly in your favour? Even in situations where it is overwhelmingly in your favour, the market is still unique and dynamic. For that reason you need risk management.
In sum ... I am not trying to find "perfect" tops or bottoms, but situations, where reward to risk is overwhelmingly in my favor. Over many trades, statistical probabilities should play out (some people call this "edge"). If one trade looks "perfect" or "dumb" it is really a coincident, as every trade has a certain probability to go as planned or to go completely wrong.
I am not sure, whether this makes sense to you.
timothymueller
Ah, sorry, insane and perfect only meaning that I am impressed.
Yes, this makes sense. Really great entries. I have trade ideas and should dust off that reversal scanner.. Thanks for sharing your ideas. :)
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Insane! How are you finding these perfect tops and bottoms??? Stochastics/RSI/Parabolic scanner? Nicely done.