End of Thursday – another long day – opened and closed ten trades today. Up and down, up and down. One of the setups was borderline but still a “pass” rather than a “fail”.
- That makes 27 trades in the four sessions this week.
- I had 12 winners, 2 scratches and 13 losers.
- That’s a win rate of 48% and an average reward-risk ratio of 1.59.
- Transaction Costs were 1.07R over the 27 trades (average of 4.42% per trade)
- Net Result thus far is +3.45R
- 24 out of 27 setups taken were valid (89%) – excellent!
Comparison to a casino blackjack game: To well-versed blackjack players, that effectively means you lose a hand and then get a blackjack paying 3:2, then you lose a hand, followed by a blackjack… and so on. That would be a fine game indeed. My stops have been bigger on all instruments this week because of ongoing PBOC-inspired volatility in the markets.
Am just pumping out the trades now, and all the documentation along with it. Like a production line. Entries are getting better. Now it’s the trade management that seems to be all over the place. Seems like that sticking with valid setups alone is not a sure road to riches.
Recently changed the Stochastic setting from (5,5,5) to (5,3,3).