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Yes, I took the same trade however.......I only achieved my first objective........the market moved to within 2 ticks of my second target.....then........+1. I was glad the stop moved when it did.....if it was -8 back I would have been b/e on the trade but it turned out +8+1
I think maybe moving it to -3 or -4 would give the trade a little more room. Sometimes it pulls back to the exact breakout pt and it's a pain to get stopped out when a few ticks of room would be better. So I'm going to try -3 and see how that goes.. I'd like to do some stats, if it pulls back to breakeven what's the chance of it hitting target, the chance of it hitting -8, etc..
This is 1000x simpler that the other methods I'm currently doing. Makes me rethink my beliefs about simple price action setups. I just hope it keeps working.
This raises a question I've been toying around with: Is there a way to view bars that start at times other than the top of the hour?
For instance, instead of a 15-minute bar that starts at 10:00 and ends at 10:15, can you set the chart to create a bar that starts at 10:05 and ends at 10:20?
I'm thinking that there may be many other potential trades occurring during the day, but they're not recognized on a standard 15-minute chart. You could theoretically have 15 charts open, each one calibrated to a different minute, and thus catch more trade opportunities. Not sure if this would work but it would be interesting to find out.
This is the basis of the Kase indicators as described in her book. He uses a rolling window to compute stochastics and other top secret proprietary indicators. It's an interesting idea for Jeff's setups. I'm curious what you find.