Well as no one else has responded. The target is when you would close out and gives a line in the sand when to take action and thus avoid the indicision of mental hand wringing? But the long or short targets would be different if a different method was choosen to evaluate the O-L mean or O-H mean, in which case the targets are slightly arbitrary being dependent on the method chosen. But so long as the method is applied consistently and with a clear stop, then cranking the handle day in day out gives positive results.
Well MN, I thought someone might say that there were too many lines, which there were, so now tidied up and long term chart added for big picture. Nearly completed now, have left out the stops intentionally, as the lurkers might pick up on it then! There will be a small table down in the left hand corner, with all the key information for daytrading. Your last line is the most relevant, and accurate. Why bother, some will ask. Well, automation means most of the hard work is already done, for, you do not have to use algo automation to make money trading, all you need do is use your head and come up with your own! The most important part is the background J_S
208 is profit target. 203.7 is Line in the sand. There isn't any short structure at the top just top pickings to becoming short squeeze fuels. Go long until it can't then there isn't any much support for the elevator once it starts going down.
There was a time, a while back in this thread, when things were starting to seem a bit clearer to me. Lately though it's become a lot less obvious.
The sooner one realizes that, the only person who can make it happen, is no one but you, then, and only then, will progress be made. If you keep listening to idiots like me posting rubbish on websites, then you really will get nowhere. All you have to do is look at all the posts on ET, and other trading websites, to see how silly and ridiculous people can be when it comes to managing ones own money. Anyway, what was becoming obvious that has now suddenly disappeared? I am back to where I need to be, head is now sorted and focused on fine tuning my own trading setups, which are going very well, and which I am very happy with. Putting in lots of hours and trading with small size to iron out the kinks, and who ever said making money is easy, well, in my eyes does not know what he is talking about. Anything worthwhile requires time and effort! J_S
Thanks J_S. You have opened my eyes. I now realise, all this time, I have been looking for the wrong thing. I was seeking confirmation from others that I was on the right track, whereas I now see that I need to plough my own furrow. The thread has been very helpful though. Never again will I gamble recklessly.