The idea's we trade by, so we never lose again. p2. The students become the masters

[Mr. Hyde]

Easy money. 26 points off of a 4 point risk. I'm happy making 30 points a week off of the ES, but love when I make that in a day. I love triangles. Got about a 15 point one last week to.

US500IndexH1.pngtri529.png (43.21 KiB) Viewed 4271 times

[Mr. Hyde]

Well that puts me up over 30% for the day on ES alone

[Mr. Hyde]

You think that, that line would be a good place to exit. Hum . Oh plus it was a weekly zline.

[Mr. Hyde]

You think that, that line would be a good place to exit. Hum . Oh plus it was a weekly zline.

Equal size bars at S/R is always money. Now I feel like I'm just being greedy.

[Mr. Hyde]

If you extend the blue dashed line that I drew yesterday as a S/R area you can see the reason for the 1st short (taken off of the 5 min) which netted 20 pips. then the 2nd trade was a doji style box which also netted just shy of 20 pips.

Ever since Lem tempted me with the dark side and brought me more towards a scalping mentality, I have been looking back into Doji's idea's.

[Mira]

If you extend the blue dashed line that I drew yesterday as a S/R area you can see the reason for the 1st short (taken off of the 5 min) which netted 20 pips. then the 2nd trade was a doji style box which also netted just shy of 20 pips.

Ever since Lem tempted me with the dark side and brought me more towards a scalping mentality, I have been looking back into Doji's idea's.

lol It's funny! Different styles, same views

Doji Zones are good for big charts too by the way. They can catch many reversals easily!

Good trading man, you are doing very well and i'm happy for this! It gives me the strenght to never stop learning

[PhilipLangford]

If you extend the blue dashed line that I drew yesterday as a S/R area you can see the reason for the 1st short (taken off of the 5 min) which netted 20 pips. then the 2nd trade was a doji style box which also netted just shy of 20 pips.

Ever since Lem tempted me with the dark side and brought me more towards a scalping mentality, I have been looking back into Doji's idea's.

Very nice trading in general, Mr Hyde.

I have come to the conclusion that ANY method/technique/setup is valid if I use the "bar closes against me and I get out asap" mentality.

I can almost always get at least one pip after such an exit. On the rare occasions which I have to take a full stop, that 20 pip loss is actually a break-even trade.

Out of everything I've learned from MO, TRO and Joe Schmoe, that is the single most valuable teaching. Everything else is creativity.

[Mira]

If you extend the blue dashed line that I drew yesterday as a S/R area you can see the reason for the 1st short (taken off of the 5 min) which netted 20 pips. then the 2nd trade was a doji style box which also netted just shy of 20 pips.

Ever since Lem tempted me with the dark side and brought me more towards a scalping mentality, I have been looking back into Doji's idea's.

Very nice trading in general, Mr Hyde.

I have come to the conclusion that ANY method/technique/setup is valid if I use the "bar closes against me and I get out asap" mentality.

I can almost always get at least one pip after such an exit. On the rare occasions which I have to take a full stop, that 20 pip loss is actually a break-even trade.

Out of everything I've learned from MO, TRO and Joe Schmoe, that is the single most valuable teaching. Everything else is creativity.

Nice that you guys are taking about this because it’s EXACTLY the point I’m covering in these days.

When I pick a Daily zone the SL should be at the Daily zone H/L, but when I tune my entry (let’s call it confirmation zone) I’m loosing that edge you’re taking about if I adjust the SL to the confirmation zone.

Having enough room to see if price is closing against me keeps my losses very small, but adding entries in the travel doesn’t offer the same R:R.

What do you suggest to do?
Thanks!

[PhilipLangford]

If you extend the blue dashed line that I drew yesterday as a S/R area you can see the reason for the 1st short (taken off of the 5 min) which netted 20 pips. then the 2nd trade was a doji style box which also netted just shy of 20 pips.

Ever since Lem tempted me with the dark side and brought me more towards a scalping mentality, I have been looking back into Doji's idea's.

Very nice trading in general, Mr Hyde.

I have come to the conclusion that ANY method/technique/setup is valid if I use the "bar closes against me and I get out asap" mentality.

I can almost always get at least one pip after such an exit. On the rare occasions which I have to take a full stop, that 20 pip loss is actually a break-even trade.

Out of everything I've learned from MO, TRO and Joe Schmoe, that is the single most valuable teaching. Everything else is creativity.

Nice that you guys are taking about this because it’s EXACTLY the point I’m covering in these days.

When I pick a Daily zone the SL should be at the Daily zone H/L, but when I tune my entry (let’s call it confirmation zone) I’m loosing that edge you’re taking about if I adjust the SL to the confirmation zone.

Having enough room to see if price is closing against me keeps my losses very small, but adding entries in the travel doesn’t offer the same R:R.

What do you suggest to do?
Thanks!

When you say "adding entries in the travel", I'd strongly suggest not doing that if price is traveling against you.
"Hi. My name is Philip and I'm a martingale addict."

The martingale is so seductive because it works for so long. Weeks, months of reversing your losses and gaining spectacularly by increasing size by 3x, 5x, 10x. You feel indestructible. And you would be, if you had infinite money.

In my early trading days, I blew account after account in a never-ending boom and bust cycle. I would try to justify my addiction by telling myself, "If I can make such massive gains (before losing it all on a single trade), then there must be some merit to the martingale. I only need to cash out before the account blows up. Just a few more trades first though..."

I still struggle with that pull. "If I just 5x my size here, this losing trade would be a winner within 10 pips." And usually that is right. Until it isn't.

What I do now is to set my SL at 20 pips and if a 5 or 15M closes against me, I set the TP to 1 pip and forget the trade. I may even start setting it to 3 or 4 pips, but there is a point of diminishing returns. The 1+ pip gains cancel out the 20 pip losses, and the winning trades are... well, pretty sweet.

[Mira]

Very nice trading in general, Mr Hyde.

I have come to the conclusion that ANY method/technique/setup is valid if I use the "bar closes against me and I get out asap" mentality.

I can almost always get at least one pip after such an exit. On the rare occasions which I have to take a full stop, that 20 pip loss is actually a break-even trade.

Out of everything I've learned from MO, TRO and Joe Schmoe, that is the single most valuable teaching. Everything else is creativity.

Nice that you guys are taking about this because it’s EXACTLY the point I’m covering in these days.

When I pick a Daily zone the SL should be at the Daily zone H/L, but when I tune my entry (let’s call it confirmation zone) I’m loosing that edge you’re taking about if I adjust the SL to the confirmation zone.

Having enough room to see if price is closing against me keeps my losses very small, but adding entries in the travel doesn’t offer the same R:R.

What do you suggest to do?
Thanks!

When you say "adding entries in the travel", I'd strongly suggest not doing that if price is traveling against you.
"Hi. My name is Philip and I'm a martingale addict."

The martingale is so seductive because it works for so long. Weeks, months of reversing your losses and gaining spectacularly by increasing size by 3x, 5x, 10x. You feel indestructible. And you would be, if you had infinite money.

In my early trading days, I blew account after account in a never-ending boom and bust cycle. I would try to justify my addiction by telling myself, "If I can make such massive gains (before losing it all on a single trade), then there must be some merit to the martingale. I only need to cash out before the account blows up. Just a few more trades first though..."

I still struggle with that pull. "If I just 5x my size here, this losing trade would be a winner within 10 pips." And usually that is right. Until it isn't.

What I do now is to set my SL at 20 pips and if a 5 or 15M closes against me, I set the TP to 1 pip and forget the trade. I may even start setting it to 3 or 4 pips, but there is a point of diminishing returns. The 1+ pip gains cancel out the 20 pip losses, and the winning trades are... well, pretty sweet.

Thank you Philip!

Yea i know very well what you're talking about
In my past i've been a martingale addicted too and it never went good.

I agree in full with your words, however with 'adding in the travel' i was referring to the position size management.

Here i'm asking the same question but with charts attached:
post115228#p115228