Please Help.. Please
- Thread starter mrnate22
- Start date
I have only heard good things about LBR.
I really doubt you'd trade someone else's picks even if they had a track record of consistent profitability. Good, aggressive technical day trading is difficult because it "feels" weird. If I was talking to you in real time and told you to place a stop order or limit order to initiate a trade, I highly doubt you'd do it. And if you did mirror my trade and it was a losing trade, the chance of you mirroring my next trade would be slim to none.
I made a little test for you. I'm a scalper who targets a profit of .20 or better on each trade using a 5-min chart for market context/major setups, and using a 1-min chart to get precision entries that allow for a stop loss of less than .16 on each trade.
I will post three separate 1-min charts with a 20-bar EMA. The horizontal grid lines indicate price increments and the vertical grid lines separate each 5 minutes of price action. At the hard right edge of the charts, I've either just entered a long or short position or am about to enter a long or short position. These charts indicate only high conviction technical setups, meaning these setups have positive expectancy sufficient that a 1:1 risk:reward would still result in profits over time after commission and slippage.
Your test for each chart is twofold:
1) Assuming you are the trader of these setups, indicate the direction (long or short) of the trade that you just put on or are about to put on.
2) Tell us the reason for your chosen position.
Nodoji,
Very cool charts.. I trade similar to you except that I'm not a scalper but a daytrader so I'm gonna answer your test thinking I'm a scalper..
The first chart I would buy.. it made a higher high and a higher low so I can't imagine shorting there..
The second chart however I would short.. its trending down and actually might be hitting the down trendline..
The third chart I would buy.. this is exactly what Surf was talking about when he said "buying after a series of downs produces better odds of success"
Let me know the answers..
Very cool charts.. I trade similar to you except that I'm not a scalper but a daytrader so I'm gonna answer your test thinking I'm a scalper..
The first chart I would buy.. it made a higher high and a higher low so I can't imagine shorting there..
The second chart however I would short.. its trending down and actually might be hitting the down trendline..
The third chart I would buy.. this is exactly what Surf was talking about when he said "buying after a series of downs produces better odds of success"
Let me know the answers..