Yes I took it, my entry was at 28.50. so stayed in by the skin of my teeth. My stop is tight, maybe too tight for some, a friend of mine uses my "style" with a 2 point stop. I am considering some changes to my stop and management at moment. So may increase it, or use a "mental stop". Trading as always is an evolution, if anyone has a management style they think could benefit people please free to post.
I see, will keep in mind. unfortunately i copied your exact set-up.. stop 1.25 target 2.75, entry 28.75
That doesnt sound like my set up How many contracts do you trade? This may sound strange to many...If you trade with less than 2 contracts you are taking MORE risk. I trade in multiples of 3 Why? Because using mulitple contracts allows you to reduce your risk by scaling out your exit. Obviously this ALL depends on your account size. I do not risk more than 1% of my account in any trade. all imho
just to get a risk reward of 1:2, rest is the same, but yes, 1 contract. didn't wanted to risk to much :eek:
My friend I highly reccomend you trade using the Sim for a while, until you get a real handle on this. In our S/R areas price action tends to be violent, you need practice to learn to read it.
I thought maybe it was just bad stop or bad entry or bad luck that i missed it by a tick? I mean the idea behind my entry wasn't pure luck since you took it also.
The Set up was a nice one, even your entry was good, just price action was violent and took you out. You did very well otherwise. Remember even the worlds greatest traders take a loss sometimes. So my friend, stop trading.... make some screen shots, make some notes on price action, what you think went wrong etc. Looks to me like it was the stop, should your increase your stop? how will that effect your risk to reward? etc etc. Analyse your loss.
Hi everyone Please find attached todays levels. Always remember to use the numbers as a guideline for potential areas of high probability plays Always use a set up based upon your system to enter a trade. Good trading all