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I agree. Al Brooks' says that every trade starts with a scalp. Then you decide if you want to swing it. I like this approach. If it feels good let it ride. If not then take the scalp.
Even just scalping 1 point on ES consistently every day will make you rich.
Exits are no problem.......if you are a scalper. Study every signal.....measure the move....capture the meat of the average size move. (you may miss the beginning of a move and you will miss the end....that's OK)
After you measure how far each move went.....how many "runners" do you see ? NOT THAT MANY. Ask yourself.....is it worth the extra risk to put on the extra runner position? I decided no. I prefer to be a scalper. I like the 2% club mentality. Get your ticks and get out. Everyday.....day after day.....consistently,consistently, consistently.
Trade only during the best times of day, take only the best trades then be disciplined and STOP TRADING.
As far as indicators go.....if they help you reach your daily goal then pile then on!!!!! They just don't help me....they actually hinder me. So I don't look at them or in the case of dots and paintbar studies....I imbed them in the price...so I stay focused on watching price patterns set up. Whatever helps you do this is a useful tool and you should use it!!
I am not at liberty to post the dots or the paintbar study because they are not finished.
They were created by Sharky and his staff. I have been asked to beta test them. As you can see, if you have been following this thread, that they fit nicely into my "All you Need" approach.
One question I have to ask is do you need to watch other markets or just
the one your trading? I have always been told you need to watch the ES
even if your trading something else. What do you all think?
Here's TF / ES comparison from Friday. Not much difference. I see almost identical similarities between TF / ES / NQ / YM all the time. Pick the one you like the best & follow it. I chose the TF because it pays $100 per point. Just my 2 cents.
After all, it's what you learn AFTER you know it all, that counts!
hi, Wizard, I have a question, do you find PRC indicator is good in real time? I feel it repaint when I use it in real time. what is your experiences using this indicator?