I had no trades this week because i wanted to focus on confirmations and stop&reverse ideas.
Last week i made +35% (demo) in three days with a starting risk of 1%, then i had a loss and i stopped trading for a while.
The problem is that i was wasting my space
I was placing a limit at 50% of Momo letting ALL my space at risk.
Fortunately i remembered the WD idea and now i have a better plan for my bad exits!
In NLA MO talked a lot about LIS (line in the sand), and finally i got it!
My position (max risk) is still based on major momentum but a CLOSE over a minor (smaller tf) momentum is my signal to get out.
The result is that i'm risking very little of my space and 1/2 of times i can end up at B/E if i wait for a pullback.
I'm in this trade right now:
- 00 is my position
- i went long when price reached the 50% line and left with a H1 momo
Now the trade is not working so good, but i'm not letting price touching my sl, because if it closes below LIS i'm out with a risk smaller than 1 lines over 3 (H4)
Still working hard, thanks MO and everybody on the board!