Forgot to mention in last one, yes I add to winners too, if I see an entry point in a smaller time frame from where I made my initial trade e.g. trade initially executed from 4hr charts or so, then another entry into the trend appears on hourly or something.
I use trendlines a lot, stoch, and also 50MA as my main Bread 'n butter...I overlay fibs, supp/res, 34ma and 100ma aswell. I do have a system, but, its not mechanical...it gives me trade indications but I use judgement on whether or not I take it/precise entry point. I dont use set stop sizes either, it all depends on where I think "the price should not hit here if im correct" is.
Yes, many people trade with stops that way. Very valid. R/R changes at my targets though, so I usually bail there. Stops take me out if my targets are not hit (or I bail before the stop is hit if trade really looks ugly). I always let the chart decide it. thats how I set stops in the first place. And targets. Jay PS temperature in Cabarete, Dominican Republic is constant year round.
Many people trade the same mrkets we do, in the same way. It makes sense due to liquidity, range, etc. Yes, your trading style is almost dead on with mine, except I take very small losses always. It kills my % winners, but works well for me. I had a similar position to you in ES. I took 5 pts on the day. I trade ES largely out of habit, and cause its always moving. I need entertainment, even after many years of doing this. Also agree that you can scalp any market. I used to. Hard work though. Leads to quick burn out. Sorta miss my Bright days though, with 20 guys hammering away at keyboards all day long, frequent screaming, swearing, etc. Sorta like a football game. Jay
I'm flat. Getting picky, but yes I was looking at same thing. I was waiting for a test of the old 60 min downline. I get really picky with entries and miss plenty of moves.
thats prolly a good trade for ya Sci. Even yen is frisky again already, but too over bot still for my taste. You have almost no risk on the Euro trade now imo. Jay
Jay, I definitely agree. The things we do are some of the most common (that's why they work LOL), though I do have a few things up my sleeve which probably very few people know or do (as a result of very long & hard study). And apart from yesterday's triangle play, I think even in the point of small stops we both agree and do the same thing (at the cost of lower hit rate but so what). I like to have a really high R:R, so I usually pick very very conservative entry points, so I can use microscopic stops. Just ask Baruch... I agree also on ES and trading it out of habit... LOL! I used to be a full-time ES scalper, doing nothing else but that index. As the range disappeared, I looked for better shores. Now I just cherry-pick the occassional really good trade as it arises and possibly swing trade it. Since I look at the ES all day (as a major correlation reference for almost anything on the planet), I might as well trade it...