just a day trade. was thinking around 9-10 pts above the open would be ok for target.
ES Journal - 2015
- Thread starter Buy1Sell2
- Start date
just a day trade. was thinking around 9-10 pts above the open would be ok for target.
What time frame chart did you trade off of?
Was there any consideration given to a 3 point stop instead of the 5. Would you have been stopped out?
ok--just curious about rationale. My view is that if using targets, probably would want at least 3 to 1 reward to risk, so I would be looking for 15 pt gain there which is probably achievable on 5 minute timeframe and certainly on 15 minute. But when you get to the 15 min chart, a trader is really almost swingtrading and needing to hold overnight positions. The 1 and 5 minute charts, specifically the 1 minute, are the daytrading timeframes to trade as I see it. I would think an acceptable stop loss on the 1 minute chart would be 2 pts with a 6 to 8 pt target. Any thoughts?
I thought about this just a bit more. I think if a trader is using a stop out like the first half hour low, then that is really more of a swingtrading idea and not a daytrading idea. I think daytrading stops etc are much more nimbly applied. A stop out below the first half hour low is a strategy that can be employed but I believe it's designed to be used for a bit longer trades as if one were using the 15 min chart. --My opinion of course.
I dont disagree. I defer to hourlys typically, and held yesterday for a couple hours. I figured we would stay above rth tl.