I sometimes go to Kroger's store and buy but I still buy from Piping Rock but I have noticed their product crazy deal sales and their other product prices don't seem to be as cheap as they used to.
I know SL should be tied to Vol, but how much? Too low, get stopped out, too high, not useful... SL also won't protect me in a black swan event, it will trade pass that in a black swan. Been there done that too. May be it is the nature of the beast and I just have to live with it if I want to trade this way.
I was not able to trade (as had to do other things) much of the ensuing trading range PA after those earlier trades today but I did get a few in on the trading range. Here they are. Ended the session with 13 points. Total 11 trades taken in the session. Ten winners and one loser so maintained a high win rate. That translated to $650.00. Minus 11 RT commissions. Spent aprox 30 minutes in the first set of momentum trades and around 35 to 40 minutes in the second set of TR trades. Win rate over 90%. Average loss 2.5 points. Average win 1.05 points. High win rate is what made this profitable. A scalper over the long haul must maintain high win rate to come out ahead. And here below in the screen shot of a 5m chart is why I "grab" those profits when the market gives them to me. Sooner or later a successful BO will occur and then I have to swap to BO techniques.
Here is how I would have traded the BO by swapping to BO techniques once I identified it was a successful BO. I would have first kept shorting the initial BO then when it made it back to just inside the TR I would cover then waited to see if any subsequent PB move up would hold a gap between the low of the bars and the BO point (top of the TR) So once I see that I would go long at H4 (the fourth attempt to go up.) It is the 4th time price breaks above the high of the previous bar. Then I would exit at the red square or nearby the square for a several point gain. This trade would also be an entry on the second leg up of the measured move from the BO point (top of the TR). That first leg was from the BO point to the pause for profit taking. So, there you see how I identify and determine when a BO is successful and then I swap strategies or techniques and go from trading ..i.e. fading FBO (failed BOs of a TR) to going WITH the BO. I had incurred on loss on any precious trade I would likely be doubling up size on this second leg of the MM. That is all for today.
I know the market is uncertain. I completely understand that. We navigate in a fog. That is why when I see some clarity I take it. I am a scalper. Way too many times in my journey I have seen the market hand me a profit that I didn't take (usually greed) then in seconds it goes the other way, and I find myself on the losing end in seconds. It is precisely because I know the market IS uncertain that I grab what is certain when it comes my way. I am not an investor. Skew means little to me as a trader in a negative sense that is. The market is skewed so I am skewed in my trading. Gurus harp never average down. Some traders say "averaging down is for losers." Because of the nature of the market itself being skewed averaging down is a way to take advantage of that skew. I say using tight SLs is Death Valley for a scalper that scalps the way I do. Waiting for bigger gains will wipe such a scalper out. Attempting to let profits run is ruin for a scalper unless he can see he has the opportunity to go for more in some fast momentum moves. A bird in the hand is worth two in the bush. That is my scalpers motto and I stand by it. In the end it is just what works for each trader. Not that one way is right and the other is wrong. Some folks like back testing. I care less about back testing. What works in back testing is no guarantee it will work live. And if it does usually it will work for a bit then fail miserably. I will do forward testing on a live SIM under live market conditions and get opportunity to develop skills and confidence. PA is always going to be there and if a trader gets good reading it and playing it, he will never be handicapped. Watch today's video I will shortly be posting. I was attempting for a bigger gain in what is called a MTR (major trend reversal). These are low probability. Tight SLs and they will get hit usually several times. But when they do pan out the reward is greater. The MTR trade didn't pan out so I took my loss and got it back and more on the same 5-minute bar. Then I attempted TR techniques fading a BO of the bottom of the TR. That too failed so I took my losses. Then within 15 minutes had all my losses back and up over 21 points. I prefer trading high probability trades with high win rate and locking in smaller profits and depending on FOT to give me good profits in short order. And depending on FOT and size increase to give me a way to get back losses quickly. It is my modus operandi. Disclaimer: All of these videos on this YouTube channel including this video are for entertainment and information purpose only that show how I like to scalp. Actual results can be different than real or SIM results so I am not advising anyone to use these techniques. You may not get the same results as shown in all these videos and you can even lose all your money plus more.