I agree, to trade successfully on 1 minute charts only, like trader god is doing you just need to scalp small rotations, which is not a high r/r game, but you can get a high percent of winners but you will get chopped too if your stop is too tight. With longer time frames, you can get bigger explosive moves out of Accumulation / Distribution zones if you can identify them properly. I am still a novice tho so I am just thinking out loud. You have been trading since 1994.
you have to understand a VERY IMPORTANT POINT: trading one min charts is most ridiculous for any trader to even dream of doing unless it is one min on eurusd. why? because of liquidity : eurusd trades more than double that of all the stock markets in the world combined. the only one which may come close is the emini. most markets trade for only 6 hours while eurusd trades 24 so that has to be a factored in BUT before considering one min please consider this vital fact
IT IS similar to atr but it is the highest range so in a way it is a little more than atr. multiplying by two may even be better
Just because the market trades 24/5 doesnt mean there are same levels of liquidity throughout the day. What difference does that make anyway? Last month euro/usd was in a downtrend for a decent amount of time but in your journal you were taking longs of the 1 minute chart... Did you even look at the bigger picture?
if you trade one min i think it makes huge difference-i would not trade one min on most stocks and indexes maybe emini is ok
I believe that if you will try to start to combine 1 min with 1 hour, and reading the behavior inside 5 min while keeping in mind daily charts, you will improve dramatically. It is all about breath in, breath out and the length of the breath. With only 1 min you like concentrating on only one movement and make your position more vulnerable. I feel a little bit guilty, because this 1 min if I am not mistaken, came through my post? But you are trading since 1994 and if you combine all your knowledge of the bigger timeframes and will use 1 min just to give final touh, is it sounds intresting?
i am looking to scalp just 3 pips [3 ticks] - but be consistent- but in that case where is the stop or where should the stop be? consistency is the main thing in trading and stop should be related to market volatility,if not it will not make any technical sense, and so it figures that target should be related to the same market volatility. if you fit this in then your 'system' is defined for you. if you see the chart, the bar in the red box, is the widest or most volatile bar and is 2 pips tall, so your stop, if you sell, is 2 pips above the high, marked by the red arrow. your target is determined by the down move, in the yellow box, which is around 3 pips from high to low, so your target should be within 3 pips below the low, of the swing, in the yellow box. i think this makes some sort of technical sense. let see how the trade goes ...this is in demo
Dear Trader God, I admire your enthusiasm and sharing it with us. But there are two points which concern me and some ideas which are coming: 1. wild stops with only 3pips profits are heavy for your r/r and so may affect negatively your consistency. Maybe you should fix the maximum pips and if larger stop loss is needed do not take this trade? It worked great for me, it taught me accuracy and showed the different inside of the market. 2. Only 3pips profit - have you considered to split in more parts your position, once it will have more then on contract? For example, to split out in three groups, with first target 3 ticks, second plus1 third minus 1, or different numbers, it may allow you to run big waves too? Why to limit what market may will give to you? And I am sure after all these years, not been sustained by family and friends in this adventure, your only partner was market and it is ready to go with you new - consistently profitable! But please, consider to bring in the game biggest time frame. As _eug _in #131 also agreed.