At the moment I'm seeing a 1st entry long for the Trend/Pullback
on SPY and MES, and a 2nd entry on the SPY breakout. Now on the
breakout a 2nd entry is tight, basically if price were then to go
lower it would stop out pretty quickly. The breakout system can
only have 2 entries and when the 2nd entry occurs it's close to
stopping out anyway
Posted by patellee on 25th of Apr 2023 at 04:40 pm
I am somewhat confused. I saw the most recent post
indicated the SPY breakout was doing a second entry here but the
most recent post stating it closed out. Can you please help
me understanding the difference.
I was commenting on it intra day - if you go back and read my
comments I said that when the breakout system takes a 2nd entry it
is very close to stopping out.
again that was mid day - but by the time the market closed
prices had sold a lot more than when the breakout system was
looking for that 2nd entry mid day (and remember the main stop is
always close by) thus hitting the stop out and thus negating a
second entry - you can only have 2nd entry if the system is
still long, the main stop triggered later
Posted by patellee on 25th of Apr 2023 at 04:46 pm
Thank you for the clarification Matt; always appreciated.
I am going to elect to take a second entry on that system for 2
reasons. I want to to be hedged against the open short
and because other systems are also flagging long so there may be a
bump. This is of course a personal choice.
having some issues with Tradestation so will send out after the
close
- SPY breakout system is stopping out (nice timely exit on ES
breakout yesterday)
- SPY DVDS short holding
- MES DVDS short holding
New systems:
- SPY - Trend/Pullback taking 1st entry (10K SPY ETF or$5K if
doing 1/2 size)
- MES - Trend/Pullback taking 1st entry (2 MESM23 contracts
or 1 contact if doing 1/2 size or SH ETF in place of futures)
side note: because the Trend/Pullback is entering on both SPY
and ES, if one wanted to reduce risk you could consider entering
1/2 position on each
shows you the charts - the SPY breakout close out, the open DVDS
shorts, and the new longs from the Trend/Pullback (on ES that
doesn't show up until 5 pm
LOL thanks, but if you think that's good, I had back tested one
of the trailing stops used by the breakout system, the PSAR the
other day and come up with a slightly better result that would have
had the ES breakout out about a week earlier for a bi higher
prices, stats overall area bit better higher PF, not just
that one trade so going forward I'll probably use that setting
image shows you the ES breakout on left and the one with the
adjusted stop on the right
SPY and ES systems possible trades
Posted by matt on 25th of Apr 2023 at 03:20 pm
Nice exit by the ES breakout yesterday!
At the moment I'm seeing a 1st entry long for the Trend/Pullback on SPY and MES, and a 2nd entry on the SPY breakout. Now on the breakout a 2nd entry is tight, basically if price were then to go lower it would stop out pretty quickly. The breakout system can only have 2 entries and when the 2nd entry occurs it's close to stopping out anyway
added a color key so
Posted by matt on 25th of Apr 2023 at 03:24 pm
added a color key so that it's obvious: Yellow are new positions, that light orangish color is current positions
I am somewhat confused. I
Posted by patellee on 25th of Apr 2023 at 04:40 pm
I am somewhat confused. I saw the most recent post indicated the SPY breakout was doing a second entry here but the most recent post stating it closed out. Can you please help me understanding the difference.
I was commenting on it
Posted by matt on 25th of Apr 2023 at 04:42 pm
I was commenting on it intra day - if you go back and read my comments I said that when the breakout system takes a 2nd entry it is very close to stopping out.
again that was mid day - but by the time the market closed prices had sold a lot more than when the breakout system was looking for that 2nd entry mid day (and remember the main stop is always close by) thus hitting the stop out and thus negating a second entry - you can only have 2nd entry if the system is still long, the main stop triggered later
close matters not intra day
Thank you for the clarification
Posted by patellee on 25th of Apr 2023 at 04:46 pm
Thank you for the clarification Matt; always appreciated.
I am going to elect to take a second entry on that system for 2 reasons. I want to to be hedged against the open short and because other systems are also flagging long so there may be a bump. This is of course a personal choice.
having some issues with Tradestation
Posted by matt on 25th of Apr 2023 at 04:02 pm
having some issues with Tradestation so will send out after the close
- SPY breakout system is stopping out (nice timely exit on ES breakout yesterday)
- SPY DVDS short holding
- MES DVDS short holding
New systems:
- SPY - Trend/Pullback taking 1st entry (10K SPY ETF or$5K if doing 1/2 size)
- MES - Trend/Pullback taking 1st entry (2 MESM23 contracts or 1 contact if doing 1/2 size or SH ETF in place of futures)
side note: because the Trend/Pullback is entering on both SPY and ES, if one wanted to reduce risk you could consider entering 1/2 position on each
Hey Matt, I think there's
Posted by greggone on 25th of Apr 2023 at 07:42 pm
Hey Matt, I think there's a typo here.. for the MES new entry I think you mean SPY not SH for those trading the ETF's... ;)
yep on that table I
Posted by matt on 25th of Apr 2023 at 07:52 pm
yep on that table I had SH by mistake. On the Trade tables history it was correct
shows you the charts -
Posted by matt on 25th of Apr 2023 at 04:26 pm
shows you the charts - the SPY breakout close out, the open DVDS shorts, and the new longs from the Trend/Pullback (on ES that doesn't show up until 5 pm
Posted by matt on 25th of Apr 2023 at 05:15 pm
Matt's exit condition on the
Posted by junkie on 25th of Apr 2023 at 04:08 pm
Matt's exit condition on the ES breakout system was superb. It was the best short entry for catching today's drop. I am still marveled by it :-)
LOL thanks, but if you
Posted by matt on 25th of Apr 2023 at 04:24 pm
LOL thanks, but if you think that's good, I had back tested one of the trailing stops used by the breakout system, the PSAR the other day and come up with a slightly better result that would have had the ES breakout out about a week earlier for a bi higher prices, stats overall area bit better higher PF, not just that one trade so going forward I'll probably use that setting
image shows you the ES breakout on left and the one with the adjusted stop on the right
Indeed Junkie, I couldn't agree
Posted by isplat on 25th of Apr 2023 at 04:12 pm
Indeed Junkie, I couldn't agree more. Thank you Matt, and thank you BPT for the best trading service ever!