World conditions are the worst in 40 years. Gold is climbing despite propaganda from Bernanke,media, and Wall St. brokers. Equity traders beware.
Don't use stop, stop is a myth created by professional trading crooks to rob you of your money. In most trading instruments, price swings up and down. If you hold your position, the price will swing back to you. Be patient. The logic is simple: the crooks buy it and they have to sell it to make money. Or they sell it and they have to cover it to make money. The professional trading crooks will scare you and shake you out of your position. If you stick to your position, you will make your money back. But the crooks don't want you to stick to your position, they will try to shake you out of your position. And what better trick than stop? If the crooks can get you to buy the myth of stops, they can rob you day after day, hour after hour, minute after minute.
It is not the demo the problem, I demoed, not live, but play bar by bar I don't how far I went back and it is working. Today the only signal I should have taken is Long 1325.25 loss of 1 point at max. Then short 1323.75, I had it then I closed it because of the 4 hour chart that was still up. I should get rid of all higher time frames. Leave only 2/5/15. I think I'm being confused by too many messages from different time frame, I'll just stick to 5 mns.
Eddie, It is easy to say all names you want. You didn't answer to a single question I asked. What you posted at the beginning can't be tradeed no matter how disciplined you are. So tell me, not specifics, how do you trade?
The ES trades technically sound enough that you should have no problem using a stop 2 ticks above your entry if you have waited for the proper setup. Stops are good when you don't have the emotional control to tell when you are wrong and need to exit your position, as in this case. Without a stop, momo would most likely have been averaging down all morning. And maybe if he had unlimited capital he could average his way to a profitable position, but I would rather get out, reassess, and hit the market again when the next setup takes place.
Yo bud, if you cant take your system and make it work on 30min or 60min, then get a new system. Sounds like you use levels, support and res levels. So use them on 30min and 60min time frames, they will be more obvious, or channels or 2b, or price patterns, whatever you use. Should be viable on the larger time frames. thats my last post here. I wish good luck, EF
I like your posts as long as their respectful it is fine. My system works on all time frames. The problem, when trading 60 minutes you need to monitor night, I can't do that. How do you deal with that? Every day you have a change in trade at 3am, when european markets open.