Quote from BabaNamKevalam:
Remember, price is like a train that wants to travel to itâs destination with as few passengers on it as possible, especially the longer trips. It's when there are a lot of passengers on the train that it travels slow bumpy rides at close distances.
Not only get out but reverse and hang on, because often the high profit trades occur when you (and everyone else for that matter gets out). For example, look for the significant entry signal in the price sequence and if there is no follow through (and the other time frames start to give evidence that it will not follow through) â wait for a reversal signal (sometimes not a very clear cut signal), enter, and hang on as it may try to shake you out again. In these cases you should be able to reverse with break even or very minimal loss on original trade (if you don't hesitate too long), but the profit on the follow through will be worth it. .
Amount of trades per month sounds about right and I'm assuming that 38% includes a number of breakeven trades as well. Profit rate - ES you HAVE to let your profits run even as an intraday scalper otherwise you are sabotaging your own systems potential. Entries are the easier part.
Learn about elliot waves (not so much for entries but for exits) and set your profit targets as a fib. extension of high/low wave 1/2 (in other words visually question what a valid wave 2 is - as sometimes it retraces too early and people incorrectly estimate wave 2's and get shaken out early). Hang on till a major fib extension zone is showing resistance (ie 1.61), Use either second charts to see what is happenning here- or price action on your mid level timeframe chart (or both). Exit and either go for a retracement trade, do nothing or get in on a pullback exiting at the next fib level. In strong trends fib. extension of wave 3/4 peaks. Don't get shaken out early. Just my 2 pips.
