Geez Just wanted to commend you on the generous way you're running this thread and responding to questions! You are a gentleman! The fact that your strategy also seems to be working, your money management works a treat and you always seem to be very helpful has not been lost on me We are very lucky to be part of this. I look forward to better understanding of your set-ups. Best regards
No software wolfpacker, I have a list of roughly 200 stocks I scan on scottrade(ugh) I will add in stocks that I see moving alot on CNBC or read about (like pru unh mee stx ....etc) In the morning I check the gap list and see if anything is setting up per my plan.
I will add my 2 cents into this "disagreement". The 2 to 1 r/r is based on my commission rate as well. If I didn't have to pay ANY commission I would shoot for 1.5 to 1. It all comes down to what the best ratio will be for me to trade at a 50% avg. and make the best return with commission rates included.
As to "part duex" of the disagreement (good work gentlemen..indeed)..... There are setups I see throughout the day that I DO NOT take because I feel the target I will need to reach compared to my risk(stop price) is not attainable. The way I come to this decision is by looking at prior support and resistance. But, I do not put those numbers into stone. If , for instance I am long and my target is going to have to be 25.50 to reach my 2 to 1 ratio and the prior resistance is at 25.43, I still take the trade.
Nod, I would be the first one saying: "where are those extra spiderman underoos...I just soiled this pair!!!"
I would agree with you that no one in our trading size knows if a sup or res level will be violated and even the big kids have dark pools to deal with. I have the luxury of getting a front row seat to many of Geez 's trades and from my vantage point his targets appear to be very well thought out and planned. I would be very surprised to find that targets are picked with anything but a clear edge. Respectfully, RW