Since one of my posts got moved to the journal section I thought I would start some discussion here on trading and other important things in life. Maybe we can learn something from each other.
Good Trading...
Slingshot
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DislikedI certainly respect your comment and that is a fair question.
I am a completely discretionary trader. I do not believe in back testing as it tells me nothing about the future. I focus on what is known and not what is unknown.
It may sound a little strange, but my entire methodology only defines risk control. It has no specific rules like typical systems that determine exactly when to enter, take profit, add, take off, etc. I completely disagree with what I was first taught and have evolved to trust my instincts and completely respect the power of my subsconcious mind to do the right thing. If I have a hunch, I act on it. If I want to take profit before a target is reached. I do it...without question.
So what I do is determine the maximum amount I am willing to risk on my idea or theme. I don't really care what has happened in the past or what ratio is this or that. As far as stats go...I am driven by my P&L only.Ignored
DislikedI have a set up on the JY (Yen Futures) that I call a slingshot. It is based on price distribution and is a position trade. I am Long JYH07 at .8353. This means I think the yen is going to appreciate or said another way...the USDJPY is heading down over the short term.
Targets will fluctuate somewhat based on price action in the coming sessions. I will try to keep them updated.
Long JYH07 @ .8353
Target 1 = .8476
Target 2 = .8612
Target 3 = .8735
My risk is based on a percentage of equity.Ignored
DislikedI have a set up on the JY (Yen Futures) that I call a slingshot. It is based on price distribution and is a position trade. I am Long JYH07 at .8353. This means I think the yen is going to appreciate or said another way...the USDJPY is heading down over the short term.
Targets will fluctuate somewhat based on price action in the coming sessions. I will try to keep them updated.
Long JYH07 @ .8353
Target 1 = .8476
Target 2 = .8612
Target 3 = .8735
My risk is based on a percentage of equity.Ignored
DislikedI am also long the Euro FX (ECH07) since last week. I need spot to clear the critical 2950 mark. If it does not build value above this level, I suspect we may head down to 2750 or so.
The slingshot on EC developed last week. I am long from 1.3030.
Target 1 = 1.3050
Target 2 = 1.3227
Target 3 = 1.3406Ignored