Don't you feel 1 point is too tight? Unless you're Nostradamus, picking tops and bottoms is not a profitable business. It's best to go with the flow. JMHO.
If 1 point is too tight, then I don't see any reason in market timing. Sometimes I use 1 or 2 tick stops as well. On my first trade, all I needed was a 1 tick stop. If the market can't be timed within a point, then the market can't be timed at all.
I don't understand your reasoning at all. Market turns can't be timed to a single point because that point does not exist yet in the present. The best you can hope for is to assign probability to a range of points, then as time and price intersect refine your possibilities and price points as it plays out.
Sometimes you can get within a point of a turn. I called a profit target on a trade not long ago that turned out to be 1 tick from the day's pivot low, called almost 3 hours in advance of price getting there. There's a guy who was calling pivot points on ES Journal well in advance and very often they were a pt from the pivot. If you're risking 1 pt, but capturing large moves when you catch one right, I think the strategy can work over time.
Well, if 1144 has a chance of being the top, then why should I use a large stop? Either it's going to be the top or it isn't. A few ticks of cushion are needed, but not more.
Read the negative/arguments against joe's trading. This is why most traders fail. Certain traders (PA) can ignore this. There's more than 1 way to skin a cat