Good for scalping I prefer 5 for 15 or better. I never risk more than 1% of my account. My system seem to generate 35% winners 40 % losers and 25% breakeven.
Well that was only half my question. I also asked you to try and figure out why I took profits where I did. Ok, the fact that the big red bar took out some lows did play a role, but there is more to it that big red bars, I had a sell stop in place before the bar was a "big red bar", it was just a red bar starting to creep lower at that point. A single bar is not a sell/buy signal. A bar and its relationship to the previous bars is what triggers a trade. If all you are doing is looking for big bars you will forever be chasing the market. Chasing leads to buying tops and selling bottoms. What did the price action reveal about the supply/demand dynamic? Compare the bars at point 1 area and point 2 area. What buyers were around were immediately met with sellers. The little red bar that caught my attention was a pathetic excuse at an attempt for a higher high. Buyers were not interested in paying up at that point, supply overwhelmed demand. That was a sell signal, the trigger was when the previous low was taken out. Check out the chart of an explanation of my profit targets. You have to THINK about this shit. Its not a 1-2-3-Neat Looking Bar-Ready-Go formula. Certain mechanical criteria need to be met, but that criteria has to be related to the bigger picture. Automated traders amaze me. How they manage to code that type of logic into a computer program boggles my mind, seriously smart people.
Profit and stoploss targets need to be related to whats going on with the instrument!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Just throwing out arbitrary numbers will lead to dissapointment.
Your question shows precisely why you need to focus in one ONE market. Your thinking aligns with 'feel good profit targets' and $$$ focused instead of on what it needs to be, and that's proper trading and understanding of what you are really doing. You have really no clue what you are doing and, to boot, you go about everything backwards. It's kind of incredible, either you are completely pulling one over on all of us OR your brain should be examined by scientists (upon death of course) to see how poorly you are wired because you do absolutely EVERYTHING wrong.