| If my system had a name, it would be "Cautious Cal." It only gave one long signal today, which filled at 36.69 around 2:21EST. The system aside, it was pretty much a no brainer because it was likely that price would be drawn to the triple resistance at a round number (37), the 10 day sma at 36.9, and the downtrend line at about 36.7. Also there was confirmation from a large block trade at 2:28. I chickened out at 36.83 at 2:35 for 14 cents, which is close enough to the system's target profit of 15 cents. The system would have let me reenter at the bounce around 36.8, but I lost my nerve that close to the strong resistance, which turned out to come into play at 36.95. The system gave a short signal at 3:37, but I didn't take it because it was too close to what I considered to be strong resistance at 36.5 (a semi-round number and the midpoint of the session), and too close to my drop dead time of 3:45. Also there were a bunch of block trades in the neighborhood of 36.65, suggesting a bottom. As you can see from looking at a chart of the whole day, the system is very conservative. I designed it to be that way, with the ultimate intention of loosening it up later if it trades OK. |
