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Agreed... Keeping your initial contract size small while being consistent is way to go.
I was just saying if you want to make $500 - $1000/day, just trade same way, going for 4 tix,
and just trade more contracts. No need to change your trading style to swing or anything...
All the hard work is done up front making $50 per day!!! From there it is ez making more $$
Also in that trade scenario, even if you went for the long.. you could have reversed and gone short once
you realize you were in a trap. Yes you will be down x amount of tix, but you also stand an excellent
chance of doing a recovery trade to get tix back.
I believe in this trade your risk was 7/8 tix... not too difficult getting your tix back on reversing trade for recovery...
What I do is trade 1 contract long and go for my 4 tix. If I get caught in trap, I then double down with
2 contracts and go short for 4-8 tix. The trap creates an impulse move, for Buyers and Sellers are
trading in same direction. Notice the aggressive move down when the SEL failed.
Excellent way to get your money back and even make a profit if going for up to 8 tix.
The key is spotting the trap.
My trading partner forwarded me this chart today to share...
Here's another example of SPOT THAT TRAP!! on the 6E [Euro]
The lesson learned here is the small bodied Green candle was your first push up in the pull back count....
so when price went below that, that was count 1
The second push down, which fails and creates the TRAP, is more obvious to see. See chart for notes...
This also happened at or near the Channel Trend line and EMA.
This is where the magic usually happens close to these levels....
so in a sense we were in a Bull Channel so the TRAP created a WITH TREND long!!! AMAZING!!!!
Also notice the large or impulse like Green candles after entry. Both Bulls + Bears are buying creating this aggressive move...
Want to keep posting charts like this spotting these pattern setups that happen each day.
Need to train eyes in seeing it live!!!
All are welcome to post charts and discuss if valid trade or not.
The indicator is from a vendor who sells the Boomerang System [ Mohan ].
It's called HyperScalp. A momentum indicator.
I do not use it in my trading anymore. Call me lazy ...
On future charts that will be removed.
For now, just need 5min chart and 21EMA and learn to spot 2nd entries and traps[ failed 2nd entries ]
These occur everyday and need to instinctively see them and take the appropriate action when they appear.
I believe he scalps for 4 tix. Takes off 1/2 contracts from that point.
Brings his remaining contract(s) to Break Even [BE] and goes for runners.
At this point, it becomes a free trade, so to speak...
Mack states: 'Every trade starts off as a scalp until proven otherwise...'
I use between 8-10 tix initial risk. Again it depends on the setup bar. I might drop down to a smaller
chart 2/3min if 5min bar appears to be too large for my entry....
As far as CL... I think Vince does an excellent job trading with a 15tix risk / reward and save a contract as a runner for those
explosive moves that we all love to see on that instrument.
I believe anything smaller than that, you would be getting stopped out often.
Need to let that breath a bit as it finds its way when you take trade.
As far as amount of entries on a daily basis... for me 2-5 setups is perfectly fine. I shoot for daily profit of $75 - $100 per contract.
Trying to build consistency and put it all together.
Everybody has different goals when it comes to trading... I believe if I can consistently make $75-$100 a day per contract, then
as time goes on, if I want to make more $$, just trade same way and add more contracts!!!
I've included a Profit Matrix, originally done by Perry in his Aug 2011 Webinar, showing how to increase your profits by simply trading more contracts....
The dashes show where the bar closed. They are not plotted on the earlier bars due to a parameter within the indicator limiting the number of bars to keep.