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Well..........what can I say........if you choose to trade in the morning before the oil inventory report is released......good luck with that. Did you read Cunparis' earlier post?
Couldn't sleep. Cunparis, as far as large stops, my preference would be to reduce overall profits in order to lower my risk on any single trade. Your preference may be different, but if you have found that large stop trades are still profitable, then that is good to know, thank you.
Jeff, in my experience, I haven't had any problems trading up to 15 minutes before news. IMO, the first trade was good from start to finish, and at 40 minutes before the news, I don't see any problem with it. The second trade was about 10-minutes before the news. I called the second trade discretionary because I was actually trading off a 5-minute chart, the entry just happened to be within 1 tick of the entry using the 15-minute inside bar strategy. I agree, I never should have taken it , but finally did the right thing and dumped it quickly.
I have been reading this thread, but it is possible that I missed some of the posts so I plan to go back through it shortly. Thanks for the feedback.
I found the large IB setups are very profitable. Large IB = even larger previous bar = volatility = good chance of hitting your target.
I have determined that 31 ticks is the optimal stop for 3 years of non-filtered (news) trades. So I use 31 for max stop and if the IB is 20 ticks tall then I put 20 tick stop (22 actually to have a tick on both sides).
stop outs are rare. and this is where I think trade management can improve the edge, but that takes a lot of practice cause it's possible to screw it up and get less performance too.
Yes.......6.5 .....I don't know anything about NT V7......and from what I've seen that's just as well.
Yes, post #1 says it all. The only other thing I would add to that is know WHEN to trade and when NOT to trade. If you are not familiar with time of day, time of week, time of month, time of year......then there are a few tidbits in the rest of the thread.
Ultimately you've got to do what works for YOU.......it just seems like every Wed. someone posts a chart and says "look....my three set ups trade is a loser!"......I take a look at the chart and see that they have NO respect for the biggest weekly news announcement for CL.......this just dosn't make sense to me. So, that's why I get a little edgy about these things.......they make good set ups look bad because they don't know WHEN to trade.
I do admit.......it seems every Wed there is at least one trade I wish I was in........but there are usually two that I am glad I had nothing to do with. I find that if I am patient and wait until the oil invertory report is released.......I usually get a great set up or two!! So, that's what I'm stickin' with.