Today I was using 5 minute, 20 minute and 60 minute charts. I generally would trade off the 20, but today I was focused on the 5 which put me into a couple of trades too early I think. There was a 7 point loss--it was 3.5 pts times 2 units. I do not have targets in mind, but just try to let the market show me. The targets that I am using are for stops only. Yesterday, I set my stops wider and today I cut them down. I'm just trying to find the right place to set them. I may in the end find out that I do not have the aptitude, but at least I have a couple days winners here to start out and that's nice
Hi Buy1Sell2, Congratulations, what a start!!! When I think you are driving when you trade (just be careful) and have this kind of results, hats down...
It was time for a change, I'm rethinking my strategy and writing some C code to explore Market Profile. I'll be back to my journal once I have something that works.
What you did today confirmed my story about the swimmer. The trend was already short at the opening. You went long, against the trend. You had problems to make 0.5 points with a risk (stop) of 3.75 points. Then you reversed your position and went short, with the trend. You made 10 points with a risk (stop) of 3 points. So, against the trend you had to struggle to survive; with the trend you took 10 points with little effort. Or in other words: with the trend 20 times the profit of the long with 20 % less risk.