picked tens of thousands of tops and bottoms,caught less than 30 to the tick,low probability but possible,he may have planned to keep re entering every 5 ticks lower but it wasn't necessary
I've never done it and don't recommend it, even if you plan on re-entering I think it's a waste of commission/spread. One pip in eur/usd is not as thick as 1 tick in ES and still on ES the smallest I've done is 2-3 ticks but just because I can't or don't do it does not mean it cannot be done. Evaluate the info as it is presented by Xspurt, Ammo and if you care, myself, try not to concentrate on the individuals so much, you'll get better info from the threads. However, I do get where you are coming from, it is a little, unorthodox
So let me get this clear. You want folks who have never witnessed my trading and who do not know me personally to vouch for your judgement on my post as to the truthfulness of taking that reversal on a falling knife with a 1 pip stop? I hope you never get a job as a court judge lol! I could bring on lots of witnesses who have as much as 10 yrs ET posting history to confirm many trades like that, but that would just upset you more. In fact I banned them from talking about it when I taught it because of what it stirs up - but hey it's the holidays and I'm bored so I wanted to see if Aussie Steve and the crew would make their usual contribution to the TA knowledge base. So don't freak about that trade as there are lots more like it. If it makes you feel better, you can pretend that I had a 10 pip or a 20 pip stop or whatever would make it right in your eyes. Pretend I entered much later too - just like you. But whatever you do, don't ask if the stop had a reason for its placement? Don't ask how the trade was taken? Don't ask is it a technique I developed over decades that is my unique style? Don't think, if the set up is correct and the movement commences, why risk more than 1 pip? Instead compare it to your understanding and ability and that will be the yardstick that will determine truth. Then ask other traders that do not trade my style if they would do it. That will confirm what you call the truth. Here's the truth - that is the lowest risk, highest reward and easiest trade to take - it you understand the set up. And you have my personal assurance you will never know what that is. But you and your team demonstrate one thing that I teach, the biggest rewards and the easiest trades are the ones that you will find the loudest voices on ET screaming, That's Impossible! If you want an example on a much bigger TF, look at the early days in this thread when the Dow was falling like a lead balloon and I was calling for a reversal and giving the levels - in advance. It's much easier and more precise to do that on the 1m chart. It doesn't matter to people like you that I have called the type of PA about to unfold in advance and a week ahead and it wouldn't dawn on you that it is easier to call the next few minutes PA than several days ahead. There is no evidence that will be acceptable to you unless I show it to you live a number of times and with your attitude... Enjoy your trading dear judge and bring on your witnesses. I don't see too many people here who want to stick their neck out every week and call next weeks action, but you carry on sir with the TA you know and I'll carry on with the TA I know
Why do you mentor people for money if you can catch trades with 1 pip stop losses? Why even bother? It's obvious that you are fishing for customers behind the scenes with all the indirect marketing you do, plus you can't even do it the proper way by becoming an ET sponsor, for someone so skilled, that sure is low. I just had a brilliant idea, I will place you on ignore, that way I can just read RedTank and Ammo who clearly have no hidden agenda and don't have absurd claims like 1 pip stop losses. Best of luck to your prey.
For that 1 tic trade to "work" the following needs to happen: a-the limit order put in advance. b-the limit order filled at the bid. c-the market to never trade 1 tic lower. In any case, if that were to happen, the volume traded at that "one-tic" would be almost irrelevant, and therefore the purported "technique" would have very limited worth. It is indeed enlightening to read such "long defense" from the eXpert... it only confirms the ever present rules of the game: "Eventually, when the opponent is challenged or questioned... it means the victim's investment, and thus his intelligence is questioned... No one can accept that... not even to themselves..." "You only get smarter, by playing a smarter opponent". Almost boring: "No one gets rich by picking tops and bottoms, but by riding and adding to a trend."
tell that to the big guys who sell the tops and buy the bottoms and turn the market and ride it to the next s/r...this is a good thread xspurt, learn to take comments in stride,let's keep it on TA