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I never tried trading minute time frames. Putting your stop behind the entry bar or behind the swing high/low will give you a variable stop size depending how big the bars are at the time. If you get a signal from a tight consolidation, you have an awesome risk/reward, but if the volatility is high, you will tend to get worst risk/reward. What is the typical stop size do you generally get on average for the CL 1 minute with your approach? Do you ever pass on trades because putting your stop behind the swing would give you too bad a risk reward?
this is a good point.I traded off a 1 minute for a long time, and, after watching it today, i actually miss the simplicity.I put it up next to my 4 range, for the cl, and it takes alot of noise out(obviously).I think part of the decision to consider the trade, is partly based on the pivot candle running away.If its too big(thus, requiring a larger stop), just wait for the next signal.Also, getting in at the beginning of the swing is important, obviously.And , what are the sizes of the swings previous to the present signal.So many things to consider, when choosing to pass or not.It seems like PandaWarriors filtering , patience, and discipline is really what is making the difference, and as another post referred to, waiting for a specific scenario to evolve, and then strike....Im not answering for Pandawarrior, just had some thoughts.
To be honest, I have taken trades this last week with an inverted risk to reward ratio. I just move the stop pretty fast once price gets going in my favor. If its over 20 ticks, I guess I would hesitate. Most of the time its around 10-15 ticks. Sometimes less.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
In all fairness, I've taken quite a few regardless of the R:R. Since I am a scalper, as long as the conditions are present, I think I can take them all. I passed on one today because the risk was bigger than normal but the result was the same. A nice winner. I think the idea is buy strength and sell weakness. One of the guys I used as a model for this takes them all regardless of the risk bar....he rarely loses and he uses a 5M chart for this. I saw him take a trade after a 40 tick bar once. No way I could do that, but he made his target and his targets are much larger than mine.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I'm on another computer besides my trading one so I have no charts today....but it was a tough day for me.....I had an itchy trigger finger. I kept wanting to short when the chart was long.....not sure why but I could't shake it....so I traded it on sim. Predictably, I was stopped out all three times I tried it.
But I managed to go long when the chart said to go long, made some money, lost some money, then finally got the short signal I was so desperately looking for and made my daily goal. I like to average about 30 ticks a day but I will take more of course when its good trading and if its tough, I'll settle with whatever I have at the end of my session. I nailed the 30 ticks minutes before I had to quit.
After that, I shut down the platform, walked out the door to run some errands and ended up at the hospital all day where my dad had driven himself after experiencing very rapid heartbeat.....a resting 160bpm it turns out. Anyway it looks like he will be fine but is staying the night for some tests and observation.
Today is probably my last CL trading day for the month. I've always had a hard time in December and so last year I promised I would not trade in December. So since I have the option to not trade, I'm not. Instead, I am going to play around with forex on sim and see if I can apply the same lessons I've learned to forex and if I can, I may start doing some longer term swing trades on small lots to perhaps look at a long term wealth building plan.
Cheers.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris