Romik, Thanks for the root, I guess it helps when somebody else is out there rooting for ya. Otherwise I end up rooting for myself and then the whole ego thing kinda pops up. Hope you are having a good trading day. 4re
yeah, it's all pretty good today, like you I mainly "hunt down" 1-3 points per trade, though I do not stop at 2 points per day, IMO there is no justification to stop trading after a couple of trades IF your system is providing clear signals that you would have taken otherwise, I am certain you will come to that conclusion one day. Like yourself I am a big fan of S&R levels (various ones).
The main reason that I do just go for 2 and stop is because I like to cherry pick the best possible trades I can find and go with 1 large trade. It seems like the more I trade in a day the more stupid I get. So I like to get all trading done before stupid sets in. Do you prefer the breakouts or reversals? It seems like you are pretty good at spotting the reversals. I tend to use breakouts myself. 4re
neither has a preference in my trading, I trade mainly off wide range bar formation continuation patterns that can happen in either reversal or breakout situations. Like you I also trade multi lots with scaling out.
for me a perfect wrb is a candle which has shadows much smaller than the body and the High to Low/Low to High @ 4 points on ES or very near, no less than 3.75. I look for wrb on 15 min charts mostly, though sometimes on 10 min charts and quite rare on 5 minute ones. Once a trade is open I tend to ignore the chart and trade off tape, stop loss varies from 2-3 points depending on the set-up and position size. Scaling out after 1 point gain with 25% of position, further scaling depends on price action. If stop is hit I would re-enter the trade once the price hits my original entry point, but that would depend on other factors. Like 4RE has said in one of his posts, that a lot is contributed to amount of time spent actually trading/observing.