Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
These are all solid, defined rules. Little discretion needed nor permitted.
These need to be updated:
Trade Management:
All trades to be managed in accordance to the following steps:
-Initial stop is placed beyond the previous swing high/low
-If price violates the area of interest but does not hit the initial stop then risk is to be managed aggressively to exit the trade with a minimal loss.
-If price respects the area of interest, then the stop is not to be moved until further requirements are met
-If price approaches the previous swing high/low but sharply rejects from the area the stop is to be moved to the current swing high/low in the area of interest
-If price breaks the swing high/low, the stop is to be moved to just beyond the acting swing high/low
-If swing projection decreases or depth of pullback increases considerably, then the stop is to be trailed aggressively on the next swing
-If price reaches the opposing significant level then the stop is to be trailed aggressively
I'm kinda casually perusing other FIO members' stops... how far do you set yours out and what is your expected R:R? Forgive me if you've mentioned it before... I am old and lazy
Forgiven! My stop goes beyond the previous swing high for shorts or swing low for longs. My minimum target is the break of the swing low for shorts or swing high for longs. If I enter at or beyond the 50% retracement my R:R is better than 1:1. If I adhered to my rules and stayed in my trades for multiple swings the average R:R would probably be around 2:1 or 3:1.
There was one qualified entry today that I was not fast enough to catch. The distance in time between the double top and the entry was approximately 30 seconds.
I did a great job of not chasing price for the rest of the session. No valid setups = no trades.