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Strategies & Market Trends : E-Mini Pit -- Ignore unavailable to you. Want to Upgrade?

To: the-phoenix who wrote (495)	2/12/2002 4:31:07 PM
From: fut_trade	Read Replies (1) \| Respond to of 11288

"I shorted all day, and did well." That's very good considering that the market closed higher than it opened. "The best trade of the day was selling into the retest of yesterday's high (resistance) and holding for the pullback into the 50sma15." Have you backtested this? What is the win % and the profit ratio for this trade? If I sold at yesterday's high using a pattern recognition strategy, I would have won 48% of the time with a profit ratio of 1.2 - resulting in a drawdown greater than the net profit. "I don't see enough of a pullback yet to make me want to go long" Me too. My first buy would have been at 1101.50. "so scalps of 2-5 points on the short side just felt safer to me today." I would find it difficult to generate a long-term net trading profit with such small trades - slippage and commissions are more of a negative factor. "Can't you say the same thing about support???" Yes, exactly. I have had great difficulty developing a good trading system that uses support and resistence as the underlying concept to generating buy/sell signals. There is no universal definition of support and resistance. The concept is usually shown as a price chart of historical data.