45 entry strategies!

[Triple B]

Just wrote down the way I trade gold so i could start filling out my new trading journal.
Once broke it down turns out i have 45 entry strategies!
I use horizontal R and S .then buy under support , on support , LPs last point of support , last point of support under resistance before BO. then Lps after BO. all use either a jump over or a bounce off a 200 ma for 3 different timeframes.
on 15min chart with 4hour to see next major Resistance
Scaling in at the various entries max 3 times
Surely this is ridiculous. Im only trading gold and this is just the long side . double this for short. 90 entry types cant be good can it ?
guess I will forwrd test with my small acc and weed out the best .
Any advice?

 

[CanOz]

Well maybe just pick one that you think works better than half the time, track that and only that on sim or a micro account for a month and then analyze the results...

 

[Triple B]

looks like this

 

[Triple B]

Well maybe just pick one that you think works better than half the time, track that and only that on sim or a micro account for a month and then analyze the results..

Thanks Canoz.
This really takes some work, more than i first thought.Thats ok I enjoy it . just need to start breaking it up into manageable chunks, and accept that it will take some months.

 

[tech/a]

Do you record R/R on each entry?
If so look at
(1) which ones gives you most wins
(2) which ones give you biggest wins
(3) which ones don’t perform as well as (1 and 2)

If it’s clear then you may have an answer.

 

[Triple B]

Do you record R/R on each entry?

No all done mentally min RR 2:1 but always try for 3:1 as win % is around 30% lots of BE trades
MT4 has a handy function where you can take the order no from account history and drag it to the relevant chart.
The trade is displayed on chart with arrows and a line connecting them . Im going to start tonoght with the last few months trades. Only the profit trades .also thinking to raise win % by getting BE trades to + $1 or $2 instead of -$1 etc. i have quite a few BE trades so the penny pinching should add up.
Thanks for the help .appreciate it.
Risk is always $10(well almost always) however just looking now I see many -$15- $20 losses. theres something to fix straight away .

 

[tech/a]

Of the 100% what % are B/E?

 

[Triple B]

just loo

Of the 100% what % are B/E?

just about to count the last 100 trades now. back soon.

 

[Triple B]

29% were BE as counted win or loss under $2 13win under $2 16 loss under $2 Risk is supposed to be $ 10 14 losses over $11 17 wins 54 losses excluding BE trades above
calculating p&L next

 

[Triple B]

P = 588.03
L=496.48

 

[aus_trader]

The original idea is great Triple B. That is going long on gold and even adding to winning positions or scaling in as you mentioned. Only thing I'm a little worried about is the complexity. If you can reduce to the best entry condition or maybe a maximum of two entry conditions I think it'll be so much easier to track and evaluate your performance.

This could prove to be a great idea as it fits my affinity to gold as well as an investment. I make the point openly and there is a thread that goes into detail about it in Storing Physical Gold - Coins etc.

If we can get the strategies right to have a tiny edge during these sideways market that's OK. Imagine the gains in the next gold bull market.

 

[tech/a]

Transaction costs?

 

[Triple B]

Transaction costs?

Those figures are after costs, or are they? hang on.

 

[Triple B]

Costs 29.47. MT4 appears to take cost out of profit column while trade is in progress ,which I assumed would be the profit in account history . not so . they put gross profit in acc history.

almost forgot $2.90swap!!

 

[Triple B]

Bugger just realised there was a couple WTI trades in there as well. Really need to keep better records

 

[Triple B]

Gday AUS
I chose spot gold mainly due to the lovely trends i see on the daily chart. figured if I can trade in the direction of the trend long or short , might get some periods of consitent profits.
Also can trade at night ,Im always on laptop anyway ,dont watch much tv. The trades can be left over night during the highest volume trading period and managed in the morning.
swing and trend trading asx longer timeframes.

 

[Triple B]

FYI spread is usually about 12-15c

 

[peter2]

Allow me to posit that you only have four (2 x 2) entry methods and that these are based on what happens at any of your levels. A level is a price or a price zone whichever you prefer. You mention lots of names for these levels, support, resistance, 200ma etc. You decide on these levels at the start of your trading session.

Where is price in relation to any of your levels? Levels nearest the price will be the important ones initially.

If price is below a level then you only have two entries, a break-out or a reversal (fade) to consider.

If price is above a level then you only have two entries, trade the bounce or the break-down.

Having many levels will provide many opportunities, just don't try trading two levels at once.

 

[Triple B]

Thanks Peter.
Thats a great idea . took me a few minutes to understand what you meant.
That way I can Break it down into say first one of 2 trade directions. Then nearest support or resistance,above or below.
then if a 200ma is nearby choose the appropriate one of the 4 types of entries.
eg . below support , long 1min 200 ma break out
above support, long 5min 200ma bounce,
Below resistance long 5min 200 ma bounce
so simple

Thanks

 

[tech/a]

I don't trade gold.
If risk is $10 what is the value of a tick/contract?