Opt, you are overly self-critical and way too generous with your compliments, you will have a great life, as you understand a very important concept - you can't lose out by giving, all efforts pay off 1 day, it comes back to us somehow Best to all! Have a great Memorial Day, my American mates & we Brits will enjoy yet another Bank Holiday Monday. Great!
Phrased my question wrong as I know the above risk information. I meant would you mind if I posted...which you don't.
You can do anything you like, but all you are doing by increasing stop by x5 is increasing risk, as out of the noise stop might have to be near 100 from my entry, so there will be situations where I will get stopped out for -10 & you will get stopped out for -50, now multiply it by x2, you get -100 & I get -20. But of course there will be times when I will get stopped out 5 times & you won't. I will be seeking entries to go with the flow of momentum, so hopefully we both will be OK. 10point stop gives a lot more tolerence for drawdowns, which may be continious & that does effect a trader's psychology, I will more happily part with 10 points at a time, I will have 100 trades to lose $10k that way. Then again, you might have more $ to play with.
Correction: meant to say -50 vs -250 & -500 vs -100 There will be no trades on Tuesday as daily histo is already below centreline
I was expecting more trades...but unfortunately none so far. I'm going to play around with MACD crossovers at these higher time frames of 240m and Daily. Daily momentum looks to be stalling and moving back towards a crossover as well. Long YM 12302 (1 contract) Stop 12252 Target 12552 I'm willing to risk 50 points for possible reward of 250. I'm going to move my stop to breakeven if we get to 125. If this system is successful I will use 125 as a place to scale out when I trade additional contracts.
I thought you were going to trade with me man Better luck next time! I am still waiting for daily to even out, end of last week screwed up the histo pattern, so even though 240 was pointing to the upside I decided that it was early to start trading from long side, even though 240 did point to the upside breakout
Poor judgement last night. I will trade with you on this. I got a little greedy as over the past two weeks has gone almost flawless. Today has put me back in my place. Plus I don't want to confuse / mess up the thread. I guess we will just have to wait a little longer.
I am waiting upon daily chart's histogram to either rise towards centreline or decline towards it creating a pattern that normally provides either conviction of strength or weakness, here is an example of bearish indication, turn it upside down & below centreline & you will have a bullish indication. So when I see that about to form I will go over to 240m chart & < to seek a point of entry. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1954199>