There are days when you can't make a dime, the difference between a hobbiest and a pro is just one thing. The hobbiest will waste his time looking for more toys while the pro will waiting for the next setup....
Today even BobCathy could have made money.....I think even Biggs could have gotten this one right, shoot there is a even bet that Little Ricky made money. The first bar triggered short....the third bar trigger short....the 50 CCI ZLR setup nicely and on and on.........and even if you missed the ideal mother of all trades....guess what?
At 10:04 there was a very nice TAZ with the stoch at the top (Point "P") for a short scalp......follow the stoch down and when it took out the high of the last bar on the 70 tick manage the trade....half off or cover it since it's a scalp......
And for anyone that was trying to buy this today...THANK YOU....I LOVE YOU....YOU'RE THE BEST TRADER IN WORLD......baaaaa
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3 comments:
Risk managment has me keeping my stop within 6 ticks of entry
the 3min bar would require a 14 tick stop.
This trade does make one look like a hero. But sure can feel like a goat when it doesnt work.
How to control the risk while take every setup.
bobbie boy, you need to run a statistical study of what the "point of no return" is for a trading edge you're willing to take. If that stop loss amount is too much for you to risk then you need to either find a better edge or drop down to a lower timeframe to take the trade.
You can see that Dennis looks at his 70 tick chart with a stochastic to get the finer precision on an entry than just relying on a 3 min candle (not for the opening bar trades but for his scalps and trend trades).
If you want to trade a 3 or 5 min chart where your 6 tick stop loss will hold up, then take a look at gb007's trendline break / CCI 100x trade. That should work for your level of risk tolerance.
Go ask anyone in the TradersHaven hotComm room. They'll be able to point you to the proper material to research if you don't know who gb007 is.
thanks dennis for the postings. I am rusty at this interpretation of the ticks, but keep plugging away after work. I look but never comment till now. It seems like some people like to criticize like they are being paid for it. Thanks again for taking the heat for those of us who are trying to learn this business of trading.
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