E-Mini 500 & My System
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Started by mikempt - Feb. 11, 2024, 8:16 a.m.

Simple but effective!

By metmike - Feb. 11, 2024, 8:48 a.m.
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Thanks very much, Mike!

The question is….what are your indicators predicting about the future here on Feb 11?

Joe K had a great saying about his charts and the mentality of trading.

He would say “they call it FUTURES not PASTures” for a reason.

By cutworm - Feb. 11, 2024, 9:20 a.m.
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what is the exit strategy?

By mikempt - Feb. 11, 2024, 10:49 a.m.
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My greed will determine my exit $$$

By metmike - Feb. 11, 2024, 11:11 a.m.
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My greed will determine my exit $$$

Thanks Mike!

That means no exit strategy!

Great question cutworm!

By mikempt - Feb. 11, 2024, 2:03 p.m.
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Actually, when the rsi is around 50 and the price bars are trading between the moving averages,I set a close stop. I have an automated stop using Think or Swim, if a crossover  or RSI below 50,it sells

By metmike - Feb. 11, 2024, 3:25 p.m.
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Sounds like a great strategy that can work in strong moves in one direction like this one, Mike!

Great trade!

Note that using the same strategy on a short last year, would've taken the trader out in Sept, then barely out in Oct. from the RSI nudging above 50 but its been clear sailing, outside of a close call with the early Jan RSI dropping. 

However, the entry point of your long, from a spike bottom and powerful crossovers in your indicators in November was pretty dang decisive and it's been a 1 way train to Profitsville after that with the powerful,  sustained upmove.