I'm using SierraChart. Sorry I've never heard of OSO, but it sounds useful. My stop loss plan was defined above: Stop loss: a) FastMA slope changing b) crossing above/below the "natural stop" set by previous high or low. A lot of trades today went in the opposite direction of my side as soon as I entered (confirmation of FastMA changing slope).
Ironfist Bad luck on the trades, its looks too me that while you a trading technically correct HH/LL's you may be entering trades during short periods of congestion. Its easy to be wise after the fact but looking at the patterns I would have taken a maximum of 6 trades with 3x winners, ie trade 3,4,5,6,7,8. Trades 1 and 2 didn't really look good to me ie Trade 1 too low R/R and trade 2 didn't look like a long entry. Thats my 2c anyway.
I know. I hate those single instances of a new-colored candle. I guess while technically 1 red candle counts as a new low, it's a bad move strategically to take the trade. Looks like I also missed a trade between number 2 and 3 that would've been about +11 ticks.
Iron Fist I've 6 trades for +30 so far this week. Have 3 wins and 3 losses. Just closed out a short cable trade about 10 seconds before it plunged another 15 pips. Try looking at the bars with a view to identifying turning points ie HH/LL's and just practise entry based on that ie wait till you're sure visually that it is a turning point before setting up the trade. Your trading reminds me of the first and last time I tested [with real money] a mechanical system with pretty much the same results. It felt ilke I was chasing my tail. Good luck.
I think what womblevader meant was that prior to Trade 2 is LH. Although there was a HL. It's forming a close wedge. Do correct me if I'm wrong. I'm still learning. IronFist is good, at least you enter the trade. I have problem "watching" the event passing by, too much consideration.. enter or not to enter..
This thread is 99.9% filler. The only useful tip is to use stops and keep losses small. Thats all you need to know.
IronFist, it seems that you try to have as much mechanical components as possible in your plan. This leads to an completely indicator based approach, which leads to late entries and exits. Specially on the fast chart you trade I believe that entering earlier - without artificial indicator confirmation - is key if you try to scalp. Review jjrvat's probability post and create a method around it. Common sense is so important imho don't let indicators distract you. Another two cents...