Yeah, what he said. Why should I give a damn about a spike caused by some big ball unloading his contracts? As long as my system remains profitable, paying attention to anything else would be a waste of time.
Forget the stupid mantra's. It is pretty damn easy if you know your system well enough to tell whether a trade is doing what you thought it would do or not. Of course fully knowing and grasping your timeline for the trade will enhance your ability to become profitable. Example- I buy a stock using one of my 10-30 minute timeline strategies. Within the first 10 to 15 minutes it is easy to see whether to stick with it or not. I know to stick with it because i have seen countless times with similiar success and i can also see quite clearly when that success is simply not forming.
... I don't see the contradiction... What the hell is wrong with the OP??? I'm getting confused... I haven't been this confused since a retarded kid told me that apple and oranges are opposites.
I would assume that you might want to know the average range of the time frame bar you are entering / exiting on....and decide on a ratio based upon that average range. Example: the average range of a 2 minute bar on the YM is approx 10 pts........So, depending on the type of "day" the market is presenting to you , you might have an 11 pt stop or a 30 pt stop, etc. whereas, the average range of a 50,000 tick bar is approx 55 pts......so, it depends on your time frame. The longer the time view, the larger the stop.