Simple Profitable Method
- Thread starter trader28
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If you were already in then the price never breached the 10SMA+2 and you would have caught the spike, otherwise yes you can wait for a pullback and re-enter
The new adventures of old SPM
Now there's another example of not basing trades on longer time frames
Bastard short this morning was supported by the 10 min MACD
Lovely long was not
Trust the 2 min, you wont win every time but like a good women it will feed you at the end of the day
Now there's another example of not basing trades on longer time frames
Bastard short this morning was supported by the 10 min MACD
Lovely long was not
Trust the 2 min, you wont win every time but like a good women it will feed you at the end of the day
Understood.
I was referring to a more conservative approach. Starting with higher TF & working your way down.
Current ES:
60min MACD signal cross +
10min MACD signal & 0 lines cross +
Entering 2 min MACD cross will not only provide positive expectancy, but also a favourable R:R. I have no idea whether it will work out today, but on average that should provide a better R:R than a 2 min MACD cross, which will be based more on a trader's discretion, unless all signals are taken. Obviously, T28 knows his stuff, so he will know which ones are more favourable ones, but for a person new to trading I would personally go with a more favourable r:r, unless you can fire them winner after winner with minimum losses. IMHO
Everyone does that, and 95% of traders lose, you need to think outside of the box, waiting for all the stars to line up you can miss the dinosaur killing comet streaking towards your head...
Do I even make sense at 4 in the morning?
Why did they put all the good markets on the wrong side of the world?
Do I even make sense at 4 in the morning?
Why did they put all the good markets on the wrong side of the world?
Exactly my point, when I started trading real capital back in Feb, I just went with 1 pattern, which I have backtested to provide a safe 1:1, but after a wile I realised that 1:1 simply does not cut it in the long term, UNLESS you have an ability or have a entry/stop/exit method which is giving an appropriate W/L to remain profitable.
I mean it's a good thing to learn & get used to intraday market cycles by trying out all these things on daily basis, nothing wrong with that, in fact that's the right way. I just feel that these guys trying out all these other trigger points via other indicators keep it in mind, that W/L will have to be way above 50% using SPM without referencing higher TFs.
All the best to all!
Well I shudder to think of all the great trades (this mornings long for one) that higher time frames would have kept me out of... but I'm a Leo, grew up playing Aussie Rules Football and have a lot of repressed anger... so maybe I'm a little more aggressive than some
ER2 makes a lot of nice moves that dont translate well into YM so I use a filter to eliminate all but the choice trades. When your account is a small as mine a couple of nasty moves against me in ER2 could do more damage than I want so I take less trades with YM. I will get there eventually.
So far today's price action is what I was blabbering on about, yesterday's loss offset & in profit after just 2 trades due to a potentially higher r:r. Of course to each his own, some will stick with purely 2 min frame scalping for 2-3 points risking 1-2 points, others will reference other time frames & by doing so will automatically increase r:r.
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