- initial position, double, [+50%]
1U + 1U + 1U
1U + 1U {normalize risk}; + 1U then{scalp a TP if necessary}
MightyOne wrote:Break even is not a target.
You either win or you lose, you either push forward to a goal or take profit right then and there.
Previously I talked about 'shedding' lots but I found that others still had difficulty working long term positions.
Since everyone is used to trading small charts I thought I'd break it down into steps to achieve the same end result.
1. initial position, double, [+50%], look to exit at a small profit; the last addition of 50% is optional.
2. since your position moved from the extreme, re-strengthen your stop.
3. click through the chart periods before re-entry with your last lot size.
4. repeat: enter, double, [+50%], exit.
We don't use 2+ day extremes simply because they are strong positions, we use them because WE [WILL BE] [s]are[/s] TRADING A LARGE CHART.
Many people get confused thinking that short term momo should lead to long term trends
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Short term momo = short term trends
Long term momo = long term trends
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Short term close over = temporarily meaningful
Long term close over = long-lasting meaning.
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If you take a short term entry then the LARGE CHARTS
MUST FALL IN LINE or you are holding nothing but sand;
nothing will materialize.
Focus on the large charts first & then add to them with short
term perspective.
If you take a trade against a long term chart then what are you hoping to achieve?
That price broke higher & may now close lower than the extreme & in the future might follow through by closing lower than something?
It could very well make sense to try such a thing according to the small charts and long term stops but the key here is that YOU KNOW WHAT YOU NEED to continue with such an idea; you are not just flailing aimlessly as someone in a mosh-pit.
The next time that your mind is in chaos simply go down the list:
1. where are the 2+ day extremes?
2. what is the long term perspective?
3. short term price is higher or lower than what?
4. enter, double, [+50%], exit.
repeat:
1. ...