A better rule might be have a max amount of loss in a day.
trading bar by bar......an experiment
- Thread starter padutrader
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Print your chart.stick it on wall.then look at it from a slight distance. Then turn it upside down. Then look at it again . Perhaps something will click.
Where would you place your SL for such an entry?
The same place I put stop here, somewhere logical/reasonable below.
red arrow stop, green arrow entry. Trend of the "moment" is up, buy it.
Very good reason. At the red arrow. I always put the stop loss at a place if I am wrong, price will go the other way, in this case downward. I like to use wide stops
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Logical place
strength follows strength....this is law of Nature
if it does not, then it is a warning ...of trend change
if it does not, then it is a warning ...of trend change
And here is what PA did. The larger general trend to the left was up. Price staying above MA’s. PB’s not deep and made on smaller bars. The strategy is stay long with larger trend. Exit on high’s of each leg. Enter long again on PB’s. The tactic is fine tune entries with 1 minute chart (or two minute).
An alternative is hold long positions and add to it on PB’s. Exit when trend changes. The advantage of multiple entries and exits is you make more $ if you have a good tactical way of fine-tuning entries. Thus you are sort of compounding. Especially if you take profits on highs of the legs and then enter again on Pb’s with even larger positions as opposed to just holding a long position and not adding to it, or even adding to it on PB’s.
An alternative is hold long positions and add to it on PB’s. Exit when trend changes. The advantage of multiple entries and exits is you make more $ if you have a good tactical way of fine-tuning entries. Thus you are sort of compounding. Especially if you take profits on highs of the legs and then enter again on Pb’s with even larger positions as opposed to just holding a long position and not adding to it, or even adding to it on PB’s.