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Showing content with the highest reputation on 01/11/2021 in all areas

  1. 1 point
    First, every trader is unique, so if this works for you then I say go for it. However, I think you are potentially opening yourself up to big potential losses. My guess is after several sample sets you will have more winners than losers, but your average win will be much smaller than your average loss. You will most likely take a lot of trades and not make a lot of money (at least not enough to justify the time invested). Hopefully I'm wrong, but that would be my guess based on my own trading experience. Second, I would recommend you take a good hard look at your playbook first. I think I understand where you are coming from though. I have often thought about a similar strategy to what you are describing, especially with my BHOD strategy. On slower up moves toward the HOD (not punching up) I still get the break, but they don't always move a lot higher, and if they do, they do slowly. Sometimes they break, move back down, then move higher. My plan is to take a 2r size at the break with my normal stop. Take half off the trade when the price stalls after the initial break and move my stop up to break even on the trade (no risk of loss and no gain if it falls) or my entry (to lock in profit). Then play it like my normal BHOD. I may still play with this in sim, but for now it's not my focus for one reason. My problem is in my playbook and/or execution of it. Once I started trading live most of my trades were around break even (+/- less than 1r). I was making a little money and my win rate was super high (80%+), but I was stopping out of most of my trades within 5 minutes. A lot of trades I stopped out in less than a minute. After listening to Peter talk about how he would make more money by letting his winners run, but it would drop his win rate I decided I needed to work on letting my trades play out. I lowered my risk and tried to do just that. And it worked. My win rate dropped, but my average win increased. This also brought up a bunch of other trade management issues I was unaware I had. I have been correcting those issues over the past few months. Now that I'm doing a better job managing my trades I have noticed something else. I'm getting a lot of 1 partial then stop at break even trades. I'm in the process of going through all my data again, but what I'm gathering is I need to work on my playbook. My setups are ok, but I think they are too broad. I like to take trades, so I tend to see setups even when they aren't the best. Or they have some, but not all of my criteria. I've eliminated quite a few plays from my playbook that just were not working for me for one reason or another. Now I have 5 plays in my playbook which is about half what I had before. If I only take those plays when they are good setups and I follow my trade management rules I make money. Sorry that was a long post and has more to do with my trading than your question, but I hope that helps you. I guess my main point is take a look at your playbook before you try a riskier strategy. Maybe there's something in your setups or management that is causing the results you are getting. If you do try this live be very careful with how much risk you take. Don't blow up your account trying to add a couple bucks to your trades.
  2. 1 point
    Few users asked about this in chat, posting here so everyone can see how I do my ATR chart. 1) Create a new "Daily" chart 2) Download the linked .zip file and unpack it. --> https://drive.google.com/file/d/12JJGdg_SOeQVM-avM7_N-pNbDRQfN2wz/view?usp=sharing 3) Right-click the chart you created in DAS and select "Import Settings" --> Select the "ATR-chart-setup.cst" file you unpacked in #2. 4) You may need to select the chart and zoom all the way in for the effect to work. 5) Move the chart and place it where you want it. As a side tip, you can right-click the border and choose to hide the title-bar (making it smaller). I do it like this to fix a few issues .. DAS's ATR study doesn't allow you to hide the line on a chart and a chart must have either a volume or price study. If the chart is small, it'll make all of these lines behind the study info, making it hard to read .. if you make the line color white, it'll make the study color white. So I use the Volume Study with the same color as the background placed above the ATR studies to "hide" the lines. You then just need to zoom all the way in (should stay), and you'll end up with just the Study Info in the upper corner. Screenshot:
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