So two trades closed this week. EWP (Spain ETF). Bought a good low, sold at my target of 59.12. NYX on the hand hits it stop loss at 79.70. This drove me nuts as it seems to have bounced off this level. I should have gotten out earlier, but even when Euronext reported good numbers, it still spiked down. According to Cramer, he said there was a big seller dumping it. There isn't much I can do to avoid this. I should have stayed with my original time sell, and not let this ride. If I had done this, I could have renentered at around 80, and be at a better spot right now.
So as far as system to development, I've been playing with coding up a longer hold period for strong trends. The algorithm went like this (kind of like a chandelier exit) :
a) When I hit target one (say at 2x ATR), move stop loss up to buy price
b) Move target up
c) repeat
So this brought down total returns in backtesting, however there were some real good long term trades. I'm really trying to focus on different exit strategies now. I think if I combine this strategy with a few more indicators for exit I might be able to squeeze some more points out of the system.
