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Also, my intension would be to use specifc targets for profit such as 4 tics, 6 tics and then moving my stop to B/E or B/E +1tic and letting my other 1/3 of the position run, but manage the trade and take profit at s/r. The last 1/3 should be a free trade at that point based on profit of the first 2/3 and moving the stop. This would be on the ES. I'm not looking to make a fortune in a day. If I can do what I just described on a consistent basis I would be very satisfied. Am I out of my mind or is it reasonable?
David |
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This won't fly. The market does what it does and won't move to your rhythm at 4 or 6 ticks and expecting it not hit your breakeven. This is what price action is all about
: reading what the price tells you where the nearest low is and nearest high and respect these level. You should be putting your stops above or below and not a fixed tick number then use S/R as your target and/or stop loss levels. The 2 go hand in hand S/R and price action.