You have to survive
Every day is a battle, survival is rule #1
Sunday, April 7, 2013
k done with research for now. decided to watch S&P500 emini futures only and use its 4 hour chart to find s/r and trade on its hourly chart. this way I can focus on only one instrument, which makes it much easier for me, and there should be at least a couple trades per week for me to get into, which is good for learning. looking back over the past 20 days I would have lost on a few and gained on a few but the gains would have been huge compared to the losses, great sign to motivate me. I wont look back for trades on the hourly chart to add to my running list of recorded trades, instead I will just start recording trades as of Monday.
current hourly resistance for me is 1558 and current hourly support for me is 1533.
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I have used hourly and daily charts to find support and resistance areas; I find when entering a position, the slower the chart, the longer you would have to hold a position, 5pts on the S&P could be considered a good day, espeacily if trading with size, that's when I use a 5 min chart. 5 pt profit for me means at most a 5 pt stop.
ReplyDeleteI was wondering with the hour time frame how many pts you are going for as a target and what your stop would be?
Sorry for the long comment.
Duane a.k.a Trin
Hey Trin Cafe,
ReplyDeleteI don't have a target number of points to gain. My stop is a close past my entry/signal bar. No set amount for that either but it is usually 4 or 5 points. My losses are usually about 5 points. My gains are usually between 5 and 25 pts. For my last 40+ trades i would have gained on about 47% of them which sounds really good to me.
You are doing really well if you are gaining 5 pts on a 5 min chart, good job.