[s&r levels] Rule of 10

[elovemer 10]

....as an aside.... TL's servers are pitifullly slow.....

 

... if they ever want to compete with the joke which is ET ... they will have to get faster servers.....

[Soultrader 12]

....as an aside.... TL's servers are pitifullly slow.....

 

... if they ever want to compete with the joke which is ET ... they will have to get faster servers.....

 

Yes, I am aware of this and will be working on server configs once our skin is done. The amount of customizations makes things rather difficult. Will keep the announcement section updated once we start this task. Thanks.

[elovemer 10]

it is 8.30am now .... cancelling the trade....

because of the last low pivot at 24.5

 

edit

sorry... it was a little before 8.30am .... price just hit 31

 

......................................

... AH trade.... i prefer RTH trades.... so only half size

... from 20.5 ... order to short 29.5 ... stop at 32.5

[elovemer 10]

entering order to short at 33.5 ..... stop 36.5

 

edit...

... am not short at 29.5

 

edit...... price now at 26.25 ... maybe should have left the order standing.....

.... but according to my rules..... the pivot at 24.5 was too big .....

Edited August 27, 2009 by elovemer

[elovemer 10]

... price hit 29.25 .. and i was not filled

... then it went 5 points down.....

 

... if i was in the trade... i would consider taking half or full profit at 5 points gain....

..... likewise.... i start the ten point count over from there.... 24.5 ....33.5

[elovemer 10]

...will cancel this ... if there is a gap at the open....

 

..... and will start count from the gapped open

 

entering order to short at 33.5 ..... stop 36.5

edit...

... am not short at 29.5

edit...... price now at 26.25 ... maybe should have left the order standing.....

.... but according to my rules..... the pivot at 24.5 was too big .....

[elovemer 10]

25.25 pivot after 31 high pivot

 

order to short 34.25

 

cancelling order at 33.5

[elovemer 10]

... mit...

 

... i don't understand your play here....

....you said the rally ended at 37

so you are shorting ten point below 37 ?

i don't get it....

... if it was me .... i would enter an order to short ten points above the low pivot

.... not ten points below the high pivot....

 

...did you mean you want to GO LONG ... ten point below the high pivot ?

 

..... and what do you mean by "cash" ?

are you trading ES ? or spy or what ?

 

thanks

elo

 

 

Ok what the hell.. Short 1028 (cash) today 2 contracts 1st target 1018 2nd target 990 stop 1046.The rally ended yesterday at 1037.7:cool: So 1038 1028 1018... 990 support.

Edited August 27, 2009 by elovemer

[elovemer 10]

from 14.75

...to short 23.75 .... stop 26.75

 

... feels like i am going counter trend here

[elovemer 10]

i guess i was asking how you were applying rule of ten to your entry ....

... i think i still don't understand ... .

 

but anyway... nice job on hitting your target

 

spread betting...that's interesting

.....................................

 

First target hit (1018).

Edited August 27, 2009 by elovemer

[elovemer 10]

stop moved to high pivot at 24.5

 

from 14.75

...to short 23.75 .... stop 26.75

 

... feels like i am going counter trend here

[elovemer 10]

edit....

i should have reversed .... trend is up .....

 

 

 

did you choose your entry based on rule of ten ?

if so .... how ?

thanks

................................

 

First target hit (1018). Se

Edited August 27, 2009 by elovemer

[elovemer 10]

.... you lost me....

... i have no clue as to how you are applying the rule of ten....

 

... what is the rule of ten .... the rule of ten that you are using ?

... it looks like the rule you are using and rule i am using are completely different....

 

 

the rule i am using is long ten below high pivot.... short ten above low pivot....

.... are you using something similar to this ?

 

thanks

elo

 

 

I was expecting you a bear market .. isn't it!?

[elovemer 10]

... is this your rule of ten ?

you are saying that if the high is 1038 .... you want to short ten points below the high ?

 

...this looks like the complete opposite of what i am using....

 

... i am looking at the day when the high was 1038 on ES ....

... the rule i am using tells me to go long at 1028 with a stop at 1026

... while the rule you are using tells you to short instead of long....

 

... what exactly is your rule of ten ?

 

thanks

elo

 

Ok what the hell..

Short 1028 (cash) today 2 contracts 1st target 1018 2nd target 990 stop 1046.

The rally ended yesterday at 1037.7:cool:

 

So 1038

1028

1018

... 990 support.

[elovemer 10]

.... from 20.5 .... the play was to short 29.5 or 30.5 ... with stop at 32.5

... however the retracement to 24.5 threw me off

 

...then my play was to short 23.75 which was 9 points above 14.75

.... however.... i failed to place a reversal order

 

... the next play... which i did not take.... due to being counter trend to the (now known) trend....

... was to short ten points above 21.5 which was the low pivot

.... this would have worked.... if there was no strong trend in place already....

 

...as it was... the goal was to try to enter with the trend ....rather than against it....that means a departure from rule of ten entries...

 

=======================================

edit....

....until i am shown otherwise.....

.... the system i am using has nothing to do with what Mit is using....

... what i am doing is simply long 10 below high pivot and short 10 above low pivot

... with a distinction between AH and RTH signals

[elovemer 10]

... did not take the signal at 36

[elovemer 10]

.... there is no correct or incorrect.....

... everyone has a different system....

 

.... what rule/system are you using ?

... i still don't get it....

 

thanks

elo

 

 

Yes,the way you are using it is correct and i do that too.

But there are other ways to look at 10 point movements and i thought this was the point of the thread.After all,i got a result on the first quoted trade quite quickly.I will take a guess at the close today 1022/3 unless they predictably ram it up 10 point from there:) btw i like the new look here,good job.

Edited August 28, 2009 by elovemer

[elovemer 10]

no trading today for me.... friday

.... at least none posted

 

... but the trades would have been ... from 38.75 .... 28.75 long

and from 31.75 ..... 22.75 long

obviously the 2nd trade was a better one

 

rth short would have been 28.5 low pivot from friday ..... short at 38.5

.... but i would not take it because of the gap ....

... that one would have been the best trade by far....

 

this is a very simple rule ... the way i am using it....

.... i have no idea how others are using it....

.... but undoubtedly there must be many ways to use it....

[elovemer 10]

... i would like to learn how others are using their different rules of ten.....

.... so what is your rule ?

 

.... if you don't want to explain it... that is fine....

 

... this is not my thread.....

.... just trying to learn.... thanks

But there are other ways to look at 10 point movements and i thought this was the point of the thread.

After all,i got a result on the first quoted trade quite quickly.

I will take a guess at the close today 1022/3 unless they predictably ram it up 10 point from there:) btw i like the new look here,good job.

[elovemer 10]

....i am not confused by your swing trade .... as much as i am by the way you described the basis for the trade..... shorting at a support level....

 

..... but now i see by your chart that you seem to consider the levels (in between) as POSSIBLE support

.... so it looks like you shorted as you felt price was headed down to your next support level

 

... the most i can make out from what you have described is a swing trading range of support and resistance based on ten point levels....

.... very interesting and thanks for taking the time to make up that chart....

 

..... obviously what you are doing and what i am doing are not very similar....

.... swing trading versus intraday trading....

..... that's great.....

 

.... hopefully other traders can contribute their own methods of using rules of ten as well....

.....this is nobody's thread.... and so anything based on ten point levels fits

.... if i want to start another thread to include only the intraday application of rule of ten i can do that....

 

 

... what i am doing is trying to take all signals generated by any ten point move....

.... the signals i don't want are those which go against the direction of the trend.... when i feel that a strong intraday trend is in place.....

 

.... since the rule that i am using.... is the basis for a counter-trend trading system

.... when i feel that there is a strong intra-day trend in place.... i would rather fade my system by taking trades in the direction of the ten point moves..... rather than against that direction....

..... often.... fading the system simply means staying out ..... since... by the time it is obvious that a strong trend is present, it is too late in the day to get on board in the direction of a half-way completed ten point move which may already be the 2nd or 3rd move of the day

 

....by the way ... the system i am using is not my own....i did not invent it....

... i am attempting to use it as was described by its inventor....

 

Your proposed trades make.

[elovemer 10]

....apparently.... there is no interest in the rule of ten .....so far

 

.... too bad

[elovemer 10]

.... i am more interested in posting live trades with entries, exits, stops.... using rule of ten....

 

....it seems either no one is using the rule of ten that i am using.... or else they are not interested in posting....

 

Let's keep it going mate,others may join later it took you long enough to get me to join in and i'm a fan of r-10 !,so give it time.Yesterdays close at 994.6... a possible short is 1005 but in this instance i would give it a miss as my projected upper targets are 1005 and 1013 and 1013 is nearer the possible sell zone and therefore a safer entry.I will not take long trades for the reasons prev stated.

[MightyMouse 12]

Short 3 contracts at 1013. 1st target 993 2nd target 983 3rd target 973 stop 1039 for now

 

Are you going to let this hit your target or stop or are you going to get out earlier than 1039 if it starts losing or sooner than 993 if it goes in the money?

[MightyMouse 12]

I will stick to the plan unless new information persuades me otherwise.I wonder if you ask me that because you find yourself doing that too often?

If i am correct that the market will make new lows,i think the targets are reasonable,though if we close above 1026 i might consider lowering the stop.With my general strategy it is important to see what day/time of day that prices get hit in order to determine if my play is correct.Price is only a part of the equation.I am still convinced that the rally ended at 1039 and that we are now tracing out a path that will eventually lead us back down to the bear market low.So far,despite the bullish action from 992 low last week,nothing has changed my view on that.Last weeks price action is a bull trap-or i have got this all wrong.

My biggest problem is the market is perfect and i am not:confused:

 

I take myself out of a losing trade before it hits my stop almost always.

[elovemer 10]

tried 18 yesterday .... but it only reached 19

 

... from 27