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S/R Emini Journal
- Thread starter 4re
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Quote from belavia:
Would you have exited when it came back to 14.50 or lower?
Here is my exit strategy I have posted for new traders and others interested:
OK here is how I exit my trades win or lose.
1. Shoot for 2 points, if momentum is really strong go ahead and stay in until the first sign of slow down and get out.
2. If price goes 1.5 points and starts reversing take 1 point and get out with profit.
3. If price goes my direction 1 point then all the loss I will take is 1 point (Kind of a modified trailing stop)
4. anything else 2 point loss
Numbers 2,3 and 4 are with the idea that I can always re enter at a later time if the signal comes up again.
This point strategy is with the focus of not letting a winning trade turn into a losing trade first and foremost.
Quote from 4re:
Here is my exit strategy I have posted for new traders and others interested:
OK here is how I exit my trades win or lose.
1. Shoot for 2 points, if momentum is really strong go ahead and stay in until the first sign of slow down and get out.
2. If price goes 1.5 points and starts reversing take 1 point and get out with profit.
3. If price goes my direction 1 point then all the loss I will take is 1 point (Kind of a modified trailing stop)
4. anything else 2 point loss
Numbers 2,3 and 4 are with the idea that I can always re enter at a later time if the signal comes up again.
This point strategy is with the focus of not letting a winning trade turn into a losing trade first and foremost.
Thanks a lot for the information. See anything interesting today? Just like August!
4re,
very nice stuff...your cookie cutter.... edge
very nice stuff...your cookie cutter.... edge
romik is more into riding the runs with his approach...yours is a point target system....pure mechanical...i don't know what romik uses....but if he gets more points he either has a higher pt target mechanical or he uses other criteria to exit....
Quote from tradequicker:
romik is more into riding the runs with his approach...yours is a point target system....pure mechanical...i don't know what romik uses....but if he gets more points he either has a higher pt target mechanical or he uses other criteria to exit....
This is correct I just wanted to point the benefits of both methods and let the individual trader choose what works best for him/her.
that is very wise indeed..thanks for the time and effort
Quote from Patricio:
My software on a 1min intraday is showing a R1 pivot at 1316.6 and a S1 of 1312.9. its calculating off 50 days. Is anybody see these Pivot points?
Wow you are using 1 minute charts? You might find it too fast and noisy to trade with.
I don't use pivots myself. Not saying anything bad about them because a lot of traders use them. I just don't trust the idea of support or resistance based on a mathmatical formula. Same with fibs, a lot of people use them but I don't trust them for my trading.
But if it is working for you stick with it.
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