Mr. Hyde wrote:
So lets say one of those chicks survived and in his eyes had a basic understanding of M.O. Trading for Dummies idea's. He is profitable in the long run but is not as consistent as he would like. I have tried many of your different MM style but cant seem to find one that I feel is best for me. What seems to hurt me the most are trades Im sure of and put OPM towards take a large chunk of my profit and then the "no way this trade should work" so I enter with min size are always my best.
For example in my eyes I thought I had a perfect 123 setup. It broke the trendline, had DIV, and was at an angle (median line of a pitchfork so I did know it could shoot through the opposite way). So I entered on the TTE, break of the 2 point and a BZ trade. I could have gotten out at the 2 point as Ross recommends on a TTE, but I let greed and my need to "catch this trade" get me. Then trades like a HTF extreme or a weekly/monthly horz line with no good reason to enter except were price is at, turns on a dime and shoots hundreds of pips in my trade direction.
Thanks
It is the idea of space as a rectangle that robs the chicks of their strength; it is so much easier to track and manage space when you think of it as x number of lines.
You may find it to your liking to start with trades on the H4 and then drop back to the H1 (doubling your current position size) to catch the continuation or reversal. Once you have gained both size and space then you can return to H4/D1, for longer moves, and then think about catching the weekly/monthly chart in a pattern and riding that large chart breakout with SIZE.
There is no law that says that you have to continue on the same chart in which you initiated a trade; one pair might be making better V's on the small charts, another might have a beautiful H4 or daily chart, and price might be returning to a pattern in any number of weekly or monthly charts.
I recommend that you increase your size by a 3rd and only double if price is running away from your stop on the larger charts.
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There are also a number of old school strategies (catching/cutting) that you are probably well aware of:
1) first exit is after 3 legs down, it has a strong finish as if price were going to fall into a bottomless pit.
2) we catch price (re-enter as price rises into a risk-box) at the pattern breakin and double up simply because we can.
3) exit as price enters the pattern of the first rise, align the middle of our risk box with the prev. stop, and then double as price re-enters the pattern and also our risk box.
4) you don't always have to double, you can simply re-enter and place your stop at the prev. high.
Combined with scaling in, you can reach max size scary fast.
Unless you were born with abnormally large balls, you should probably only do this on the H4+ charts.
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