Me too, I'm drilling down to a 1-min chart for signals, the 5-min price bars are wide before they signal, half the move is over by then.
I'm stepping away from my desk now. My last trade was a long, BTW, in case that has some meaning for you, Picaso
haha its like with me, when I cant sit at the desk at certain times (mainly 12:00 - 2:00 ET (as I am in UK this is our early evening))on most days, the thing moves massively , then like today when i can sit here, its doing virtually nothing
For those of you who day trade when you are trying a breakout play how do you determine a stop? For instance I just went long 2 CLs at 75.77 based on that shelf on the 1 min. (I already got out at 75.81) how do you know where to put a stop because you don't really know what you're going to make because at least in my mind the profit target is based on momentum (there was non). Do you just use an arbitrary .10 or .15? Just seems hard to figure R:R when trying to play a breakout.
I guess you will get many different answers. I like to use wide stops initially, so I would have placed the stp just below the 75.50 swing point. depending upon price action I would adjust it then. for example now I would move it to 75.57 swing point etc i use 5 min charts.