MightyOne wrote:I'll just REPOST this because no one likes to turn pages:
A PIP is an EIGHT is a SIXTEEN is a THIRTY-TWO is a SIXTY-FOUR.
The numbers are all $pip values, but you are trading for the PIP value no matter which macro that you decide to trade.
So I originally thought macro pips were just what you(us as traders) used when you scapled the daily charts. Which I thought was a cool idea, a way to place multiple trades across different pairs that required little work.
But it seems like the macro pip is now a concept by itself as almost a money/risk management. Also from what I have read (maybe I missed something) the sl can be anywhere from 3-8 macro pips, while you are only targeting about the same (unless units are reduced and then you hold for more).
Which seems almost opposite of what you use to talk about, Keeping sl small and aiming for big R:R's (I'm talking about back to NLA when you first mentioned "externals" or how you scalped for 2/3's of what you risked, 2 or 3 times then used that profit split in 2 trades and aimed for returns of greater then 15 to 1).
This isn't meant to seem like an attack or knock on you. I feel like I'm missing something from the reasoning or importance of the macro pip (yes I know it helps so you don't get whipped sawed and makes you think in macro and micro pips). This is why I keep my trading very basic and try not to ask questions, haha.
Also one last thing. Regarding actually scalping the daily candle, are there other ideas you use besides the closed under an extreme, closed above an extreme, the last bar was .....