If he has a high reward to risk ratio RR then he also has lower avg winning pct which would make e-wave counting no big shakes (50-60%). Not saying that's a bad thing, but for all that mental gymnastics, you could just as well be doing 9 wma and 20 ema trend bounces. Also, there's no such thing as high RR and high winning pct. Example, at 70% long-term winners, one can do no better than 1:1 RR.
I removed my S/L today. Most of the time I do not do this. I made an exception to my rule today. I will offer an explanation after I am out of the trade. RTY @ 1541.8. Trades for April 2018
Stopped out on RTY. Remember that I told you that I would offer you an explanation why I removed the first S/L? I went into this short RTY trade thinking that it was highly probable that President Trump would not extend the exemption on the steel and aluminum tariffs for the European Union. When I saw that RTY was approaching my S/L @ 1565 on Monday morning, before the deadline for the exemption to be expired on Tuesday, May 1st at midnight, I removed the S/L @ 1565. On Monday evening, I found out that President Trump would extend the exemption on the steel and aluminum tariffs for the European Union. By that time, my short RTY @ 1560 had gone in my favor. As for HG, I was stopped out. Loss = $100 per contract.