XTL Continuation - Pearson's R below 0.90

[dberliner]

According to the "Ideal" XTL Continuation Type Trade , is it ok to enter a trade when the XTL breaks below the Trend Channels set from the last pivot, even if the Pearson's R is below 0.90 ?
I added an example from today.. was wondering !

Thanks !


Dana Berliner

[Ron Wheeler]

As long as your Risk/Reward is still OK, you can enter the trade.

[pj909]

If you draw the TC for just the C wave from 12/16 to 1/8 you get an R value of .933. 1/13 is the breakout bar and 1/14 takes out the low as well as providing the XTL signal and the RR=3 target coming in just below the MOB. With PTI=36, wave 4 retrace < .6118, good Osc pullback, and the only negative is the break of the w4 red channel it looks like a good short!

[dberliner]

Wow, you've got a nice looking setup there.. How'd you make those Auto Fib , Auto Mob etc. ?


__

Dana Berliner

[ACM]

Dana
You can find them here
Alex

[dberliner]

Alex.. Thanks

[Biob]

Hi, I currently have Advanced GET EOD and was wondering if there is any way to incorporate those auto indicators or other EFS studies into Advanced GET EOD?

[ACM]

Biob
No, you need the GET/eSignal integrated version
Alex

[fabrizio]

Re: XTL Continuation - Pearson's R below 0.90

Originally posted by dberliner
According to the "Ideal" XTL Continuation Type Trade , is it ok to enter a trade when the XTL breaks below the Trend Channels set from the last pivot, even if the Pearson's R is below 0.90 ?
I added an example from today.. was wondering !

Thanks !


Dana Berliner

Let's put it in another way Dana.

What was "refrain you" to plan the short?

PJ shown you that the set up was very favorable to you.

Bu even without the PJ explanation and just staiyng on your chart, what in your "inner space" and in your whole picture analisys made you reflect too long on such an good operation? Were were you too much focalized on the value of RTC?

Cordially

[dberliner]

it did look good to me , Fabrizio.. However, I'm trying not to "break" any rules.. and go for the trades that keep all the rules together, by the book .. those, theoretically at least ,will provide the highest chances of success...

[fabrizio]

Dana

Excellent and wise answer.

But Unfortunately going by the book 100% do not allow you to trade very much......

Beside that- if I am allowed- the parson's value is fairly important but not so much and you can accept it until .800.
What is important is the brake of a RTC adjusted in his STD .

Each trade is a loss: you enter with all the analysis perfect in paper but knowing that you - in same way- are wrong and he is right.
So focalize on the potential losses ( your stop is your gain) and let the market SHOW YOU ARE RIGHT.

Doing the reversal - "how much can I make"- rather than "How much can I lose"- brings a trader right down in the basement or towards losses that "leave a scar on the soul"

The desire taht all the trades will be a win , cause frustration since is impossible. Rtaher is with the failure that a trade ha sto cope: failure should teach and go.

Albeit scars are anyway necessary, for this is Hamburger Hill. No mercy, no prisoner: strange that soldier that in 10 campaign never got a oz. of lead somewhere. Or a Bike Racer that never fall down and broken some bone.
There is no perfect trade even going by the book .
The only thing a trader knbow for sure is how much will he lose.

Trading is different from charting: an analyst will never be a good trader. A good trader can be a fenomenal analyst ( see Marcus).

If you are scared to lose money, devote a lot of time to paper trading. That will give you the ability to awake your senses and see if your stats are fine. You 'll see, it works......

bye bye

[dberliner]

Sometimes you even can't tell how much you will lose , if the darn thing suddenly decided to gap above/below your Stop


Otherwise, Wise advices , Fabrizio! Thanks!

[fabrizio]

Geee, that was fast....