Only problem is I would want to get short again at 75.06 so why even bother? 20 ticks here 20 ticks there chump change
I'll be in sim for awhile and I do appreciate the comments. This does make sense, and I normally move my stop to BE + 2 when I'm 10 ticks to the good. This makes for a lot of small positive trades and missed runners. Right now I'm in an experimental mode and am gathering stats. On my journal thread I'll start reformulating some rules and take it from there.
You are correct but that is the Overnight session, the Value are of yesterday session is that one that is really important although high and lows of the overnight session are very good targets. The Value Are I don't calculate it my software packge does for me but i calculates the 70% of the activity happens which is the standard deviation of 1 is around 68% and MP round up to 70%.
As crazy as it sounds the next Virgin Point of Control is 76.63........in the down side still 72.23, so those two could be a good magnet for next week...........hell who knows if tomorrow we take them the way this beast has been moving lately
So I looked into these books at Amazon, both are highly rated with great reviews. Thanks for the 4shared tip, I am always short on $. Good labor day reading.
I made a silly mistake, CL was around 74.50, I put on a short, it stated to go in my favor, so I brought down my stop a little, and it got hit, then CL fell to my target price. I need to remember to give the trade room to breath. Since it hit target price and bounced, I reversed to long, and made back my loss, but basically a BE kind of day today even though my last 2 trades were winners. I had similar problem on ES, trade went against me by 1 point, so it looked based on my indicators, we were reversing higher and I did not want to take my full stop, so I killed it there. So ES then goes back down to 1084, so this time I re-short it, and get out with enough profit to cover my loss. So I see main issue today is that I am moving my stops after being in a trade, and I need to just leave them alone.
Hmmm, I think it depends. Moving stops out of anxiety? Tut, tut, no, no. Tightening the stop or exiting the position based on what the chart is telling you? Hell, yes, why brace yourself for a full-stop-loss when you can get out at breakeven or with a small loss. Then of course, I move mine out of fear, arghhhh!!!
I think it depends on your target, if you are trying for say 30 - 40 ticks, then yes moving the stop up should not cause you to get stopped out. However, if you are going for say 10 ticks, then moving the stop can get you stopped out on noise.