i trade 1,2, and 5 minute.....10 cent stop - upon 5-7 cent profit, i move stop to breakeven + 2 cents to cover my commish. i then usually use a more discretionary approach to stops. typically after 15 cents profit, i will exit if more than a 50% retracement occurs. normally, i'll wait for divergence from my macd to create a stop line that, if broken with volume, i will exit. that stop line will continue to hold even if the macds rollover. this allows me to catch a final wave if its there. i will usually scalp my exit on this last wave up (unless my indicators indicate a new setup); that is, as soon as momentum slows down i'm out.
Since I subscribed to MrMARKET's services, I fully understand that stops are worthless, so I dont use any anymore. OHLC BTW, I had 30 winners in a row yesterday
============== Use smaller stops ,preplanned, on a daytrade than a swingtrade; I am careful not to overtrade,reguardless of trade. Mostly moving average stops; enter close to a moving average or better yet moving averages. Some [not all] whipsaws can be avoided like trading less during sideways markets,like lately. Move in when stock for sure is moving my way; some stocks have a pattern of less whipsaws tham others. Will switch slowly to a tighter [smaller]moving average as days pass by; a whipsaw can occasionaly be a blessing in disguise-trend is about to end, or go in a sideways trend. Love, Murray
4 ticks on the ES...sometimes I'll go crazy and risk 5...hehe Raise/lower it to BE as soon as possible.
Sorry missed that one. To me, what is the use of using wide stops, probably from another higher timeframe? In other words, why enter on a smaller timeframe, if you are not going to profit from it. Although I enter based on the break of the daily hi/lo (with a few other distinctions) I base my stop on the intraday pattern around that break. To me, that is the whole 'edge' of daytrading... You can keep your losses small.