ProfLogic's Method
- Thread starter El Guapo
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I'm currently trading with 2 contracts and being that I'm just starting out, my goal is capital preservation. I don't use the ATR to make any trade initiation decisions. What I do is set my 1 contract target to the ATR and then adjust my stop to B/E, leaving the other contract to ride the strategy . . .
What I've been noticing however is that many times I get stopped on the second contract and then price takes off in my direction . . . so perhaps just need to bite the bullet on the full size, or shift down to 1ct . . .
I'm a work in progress . . . so thank you for your comments Prof. And happy birthday!
Guys,
I've enjoyed reading this thread and would like to contribute some of my setups.
5 trades taken this a.m. My approach is taking trades off a 2401 view and switch to 343 for entries (can be see on top). The first 4 trades here show how I basically take the same setup no matter which way it shows it to me. I basically regard them as entries looking for a 1st HL or 1st LH, and I use a clear pivot to my left to "know" a failure has happened.
First 2 buys look like winners, but I ended up scratching both (frustrating) from the way it showed me the failure and shot to my 2pt tgt without filling me.
First and second shorts were off PPF LHs when the 343 oscillation failed.
The fifth trade (buy) is unlike the others. I avoid buying off breaches, so I waited until it actually looked more like it was forming a HL. All it did was chop so it scratched out.
Any of these have the look of some of your "prime" setups?
voodster
(Thank you Bill for the indicators with Histogram)
I've enjoyed reading this thread and would like to contribute some of my setups.
5 trades taken this a.m. My approach is taking trades off a 2401 view and switch to 343 for entries (can be see on top). The first 4 trades here show how I basically take the same setup no matter which way it shows it to me. I basically regard them as entries looking for a 1st HL or 1st LH, and I use a clear pivot to my left to "know" a failure has happened.
First 2 buys look like winners, but I ended up scratching both (frustrating) from the way it showed me the failure and shot to my 2pt tgt without filling me.
First and second shorts were off PPF LHs when the 343 oscillation failed.
The fifth trade (buy) is unlike the others. I avoid buying off breaches, so I waited until it actually looked more like it was forming a HL. All it did was chop so it scratched out.
Any of these have the look of some of your "prime" setups?
voodster
(Thank you Bill for the indicators with Histogram)
Jander,
interesting to read your opinions, thank you.
I'm trying to get up to speed how many of you guys are trading the Logic charts. I see a lot of 16807 references. I am aware of the 16807, but mainly trade 2401. My first short is a bread n butter for me and I would take that every time coz I know I'm joining the 16807's trend there. The countertrend buys like #5 are taken knowing they are low probability, but I can sometimes tag the 2pts so I give 'em a shot. When those chop I'm outta there.
interesting to read your opinions, thank you.
I'm trying to get up to speed how many of you guys are trading the Logic charts. I see a lot of 16807 references. I am aware of the 16807, but mainly trade 2401. My first short is a bread n butter for me and I would take that every time coz I know I'm joining the 16807's trend there. The countertrend buys like #5 are taken knowing they are low probability, but I can sometimes tag the 2pts so I give 'em a shot. When those chop I'm outta there.
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