Imagine finding one setup that happens at least once every day with a profit of at least 2R and that is profitable over 90% of the time and when it losses it costs 1R.
Then add a trade copier to the chart so you can control both the accounts that the trade goes into as well as the size of each entry taking into account the volatility and the R size you are using.
The end result of this is you can sit in front of your workstation for less than 30 minutes a day and with just one trade you are DFD.
The markets we are experiencing give as more opportunities than I can handle so making this type of change makes a lot of sense. The methodology I am using is that I ave currently at least three setups that meet the criteria I describe in te opening paragraph above. Which one I will use depends on the volatility of the three markets I am currently following at the window I want to trade.
Chart below shows one such trade that appeared at about 7.30pm EST. Both order flow and distance from the mean gave the perfect setup that I have severely back tested for the NQ. I use the MNQ for charting as it has significantly more volume than the NQ. I use my trade copier to switch the 2 lot MNQ order into significantly larger size in NQ. A 6 lot NQ provided a trade profit of almost $1k into each account. DFD.
Hi! When you are taking such a position don't you do it with the target to get it back to some kind of POC-level, like the area around 21460-480, as first logical scale out? And is there a reason you take the position just before it hits your FIB117,20? At 20:10 PM you get an actual "hit" of that FIB and then also a much sharper move down (of course easy to spot after it already happened but just curious).
ReplyDeleteThanks a lot for a great blog! Im checking in twice a day with the hope to find something new to learn :)