Im with ya! If I could get off scalping, and see what these guys see on even a 15 min...it would help...everything looks foreign to me above a 5 min chart

dojirock
Moderator: moderators
newscalper wrote:Pro - 'where candle highs and lows meet' - do you mean swing pivots?
And is that all you're taking into accountL swing hi/lo pivots. So no S/D zones, no momo, no mighty zones etc etc. Just swing pivot and line to line a-la James 16 etc etc?
pp2 wrote:PRO
Am I on the same wavelength here?
$1k account risking 2% using 30 stop.
1000x.02 = $20 risk / 30 stop = $0.67 per pip.
First trade was +20 or $13.4
$13.4 profit +$20 original risk is $34.4 risk/30 stop = $1.11 per pip
Second trade was +30 pips or $33.3
$33.3+ $13.4 + $20(original 2% risk) =$66.7/30 stop = $2.22 per pip
Third trade was +26 pips or $57.7.
$57.7+ $33.3 + $13.4 + $20(original 2% risk) =$124.4/30 stop = $4.14 per pip
If I doing this right, what I like about it is that even though the total percentage gain of all three trades is around 12% which is nice, I like the fact that trading seems less stressful and more fun because my stop has widened and risk is 2% compared with trading 5% before.
Now waiting on a fourth trade lot size would be 4.14 dollars a pip.
EDIT: why 30 pip stop?? no idea, just feel it's enough room so that I wouldn't get caught by any spikes (I think MO has a trick like 1.5 x 5 min range somewhere, I need to look)
Remora wrote:Hey PP2, it has also been said that any stop larger than 20 pips and we would be forever chasing our tails, all discretionary though I suppose.
newscalper wrote:You misunderstand me - I wasn't asking about candles or bars, I was asking if you meant swing pivots?
I'll post a graphic up of what a swing pivot is if you want?
BTW, I'm not talking about systems either. I've never actually seen a proper system for manual, discretionary traders on the internet anywhere. I've seen entry methods and money management strategies but never a whole, complete system.