Simple Profitable Method

[oraclewizard77]

If you take a trade on the 10 min chart, what type of profit target and stop loss do you use?

Quote from SamuelEngland:

Mo0, they're not 'after the fact' charts, they are screen shots taken from the points I entered and exited while the charts were live.

It's just an example of how strong the signal can be when you get a 2 minute zero line cross, and a 10 minute zero line cross at more or less the same time.

I checked the 10 min chart to see what the MACD was doing, it was heading down for a zero line cross.

I then checked the 2 minute chart for trades to the short side, and there was also a zero line cross. I simply had to make that trade, the market begged me to.

Something else I took into consideration is that the price was below the pivot point for the day (white line) at the time of the zero-line-crosses to the down side.

 

[SamuelEngland]

The chart pattern dictates where my stop loss is, on any time frame.

I generally try to enter only high probability trades, and if it doesn't work more or less straight away then I will cut it loose.

They're mental stop's based on what I see happening, though I do have a max stop of 30 ticks, I usually know that a trade isn't working long before that sorry point is reached.

Profit targets depend on the strength of the move, what the 60 min chart is doing, and how brave i'm feeling.

 

[Trader28Lite]

I'll quite often look at a 15 minute chart just to get the tone for a day, taking trades in line with that general tone can improve your strike rate and give you a bit of confidence if it whipsaws on you

 

[pma]

Trader28-lite-etc...I want to say "thanks" for all you have shared here on ET. I too use your method successfully. Your method also works great on the major currencys.
BTW-the link you sent a while back to Bob Proctor's speach on youtube was awesome. I plan on buying the movie "The secret" to get some insight on my life.
Have a great day my aussie friend!

 

[ivob]

Quote from Mo06:

"If any day will be trending next week it will be Wednesday with nonfarm payrolls coming out and a bunch of other figures, all before the market opens. Tuesday most probably will be choppy."

Payrolls are normally Friday. any reason for early release ?

Sorry,

Yes it will be Friday of course. Today (Wednesday) is just "Crude inventories" at 10.30. I expect a choppy day.


regards,
Ivo

 

[SamuelEngland]

Quote from pma:

Trader28-lite-etc...I want to say "thanks" for all you have shared here on ET. I too use your method successfully. Your method also works great on the major currencys.
BTW-the link you sent a while back to Bob Proctor's speach on youtube was awesome. I plan on buying the movie "The secret" to get some insight on my life.
Have a great day my aussie friend!

I agree, T28 deserves a medal.

ET Legend.

 

[Trader28Lite]

Quote from SamuelEngland:

I agree, T28 deserves a medal.

ET Legend.

Now how can I drink a medal?

We're traders.... where's the Scotch?

 

[jack411]

How has everyone been doing today? Market has been a little choppy today and yesterday for my taste. I scalped a few ticks on ES, but thats it.

 

[ryank]

Quote from jack411:

How has everyone been doing today? Market has been a little choppy today and yesterday for my taste. I scalped a few ticks on ES, but thats it.

Was undisciplined yesterday and got killed. Did 3 trades today for small profits, up 120 ticks total on ER. Going to call it a day with this choppy action going on.

 

[jack411]

Quote from ryank:

Was undisciplined yesterday and got killed. Did 3 trades today for small profits, up 120 ticks total on ER. Going to call it a day with this choppy action going on.

120 ticks total for the day, week, or month? In other words youre talking 12 points ER2 right? What trades did you take today and what charts was it on? I've been looking at the 5 min lately instead of 2 min. I think Ive got my target and stop losses worked out pretty good with those time frames.