Because that is not support. Support is right below it @ 1452.10 - clearly marked like all the other green lines. A single bar closed below the line but did not then trade below that bar.
Personally I set a random target for my whole account (between 1% and 10%). I call it a "sprint". I enter positions with trailing stops only. Each traling stop has a max risk of 1%, less if I have more than 25 position, as the whole max risk at any time for my account is not allowed to go beyond 25%. I don't limit my positions on the upside. I pyramid them when they win. I don't use automated rules for raising stops, I have my own rules. When my account has reached its profit target, I close all my positions and start again. It's been my 2nd year in the Trading World Cup. I learned a lot in these 2 years. What you learn by competing against the world's top traders is priceless. Because you are not competing against yourself. You are competing against others. There is nothing that comes close to be pitted against the best. That's where you learn your true intrinsic value. I trade for the thrill of the competition. At this point in my life, I have no need for the money I trade. There will come a time when I'll need it. But not today.
@Tradex, I am a man of simple tastes. The sound of a Mustang GT V8 5L Coyote is sweeter music to my ears than the sound of a Tesla Roadster. That is why I said I don't need the money right now. But perhaps there will come a time when I'll feel different. I don't know. God knows.
Just give some to the poor and the homeless then, I am sure there are plenty of them just in Montreal (your hometown according to your ET profile). What is the exact URL? Thanks.
@Tradex, sure, I give to whomever I feel like giving to whenever I feel like it. Giving doesn't come from the left brain. It comes from the right brain, which is much more irrational than the left. And giving is not only about money or material things. It's about knowledge too, which is much more valuable than money. As a matter of fact, an old saying says: If you want people to become independent, teach them to fish, don't give them fishes. (or something like that). The url is https://www.worldcupchampionships.com/
I don't quite understand but it seems interesting. Can you explain it in a graph? I'll understand if you don't want to. You have to win the championship!
Hmm... This is not graph stuff, it's plain money management. Here's an example. If I have $100 in my account, then my max stop loss for 1 position is $1 (1%). Suppose I develop my account to more than 25 positions, then I set my maximum risk for the whole account to $25 (25% of $100). It means that, for instance, if I have 50 positions opened on a $100 account the max risk on each position will be $0.50 (25% of 100 / 50). The more positions I have opened, the more tight my stops become, and when they start systematically getting triggered I know that my risk is too high for the market volatility and that I have too many positions opened. These numbers are arbitrary, they're not magic. Your % of risk is your accelerator pedal. If you're in the last month of a competition like the world cup, you can even floor it at 100% (make or break). Of course, if you're managing a behemoth account with money that isn't yours (like a hedge fund), you don't want that risk. 2% or 3% is all that you'll accept each year, for a max gain of what? 20%? 30% in the best years?
Also, my silly right brain tells me that looks more friendly, less cynical than . However, my left brain tells me to ignore that slight emojical nuance. Brain hemispheres... They're like two freaking stuck-up political parties that can never agree on anything and that can't stop talking about themselves. Fortunately, I'm the one who gets the final say!
Yes you are the one who gets the final say - the one with two hemispheres. Like all the rest of us. And like all the rest of us, including those who enter trading championships, many do not trade alike - like, for instance, the use of trading targets. Also Larry Williams, many times a winner, is known to trade differently than when he was in those competitions. So no one size fits all ... to just do this or that.