No I'm saying my target is 1274.75 using the last reaction high. If I were to use the absolute bottom (the trade went 2pts past my initial entry, then my target would only be 8 pts)
If you truly think this works centered around 10 point directional moves then why are the exits not based on that ?
I agree with everything you said completely, I hate fighting the trend. I love following the trend and slowly moving the stop in my direction. For purposes of my trading here though I chose to keep the stops and targets static. I want to keep the journal as simple as possible, as so many people did not understand the entries. Before you run, you first need to walk. Remember also that the 10pt target has nothing to do with r10, it has to do with risk reward. I use 3pt stop (as you recommend) and have the target as 10pts because I believe that a minimum 3:1 risk ratio is important.
Thanks Now. It looks like you are using the absolute highs and lows which I don't personally advocate. Regardless, the trades should work a decent amount of time. Are you keeping track of your results? I'd love to see the results (ie like 2 for 5, 3 for 8, etc)