The chart pattern dictates where my stop loss is, on any time frame. I generally try to enter only high probability trades, and if it doesn't work more or less straight away then I will cut it loose. They're mental stop's based on what I see happening, though I do have a max stop of 30 ticks, I usually know that a trade isn't working long before that sorry point is reached. Profit targets depend on the strength of the move, what the 60 min chart is doing, and how brave i'm feeling.
I'll quite often look at a 15 minute chart just to get the tone for a day, taking trades in line with that general tone can improve your strike rate and give you a bit of confidence if it whipsaws on you
Trader28-lite-etc...I want to say "thanks" for all you have shared here on ET. I too use your method successfully. Your method also works great on the major currencys. BTW-the link you sent a while back to Bob Proctor's speach on youtube was awesome. I plan on buying the movie "The secret" to get some insight on my life. Have a great day my aussie friend!
Sorry, Yes it will be Friday of course. Today (Wednesday) is just "Crude inventories" at 10.30. I expect a choppy day. regards, Ivo
How has everyone been doing today? Market has been a little choppy today and yesterday for my taste. I scalped a few ticks on ES, but thats it.
Was undisciplined yesterday and got killed. Did 3 trades today for small profits, up 120 ticks total on ER. Going to call it a day with this choppy action going on.
120 ticks total for the day, week, or month? In other words youre talking 12 points ER2 right? What trades did you take today and what charts was it on? I've been looking at the 5 min lately instead of 2 min. I think Ive got my target and stop losses worked out pretty good with those time frames.