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After yesterday's trades that achieved lots of larger target trades, I decided to experiment a little today. Now, as I have mentioned in the past, there are days with huge momentum where I like to go for trades that are 80 ticks or more. However, my bread and butter trades are 40 tick stop and loss. Now, when the market is making obvious moves like my favorite impulse wave, pullback and continuation trades..I do very well and usually have several winners in a day. But they are many days where those patterns are not so obvious and that some of the larger timeframes become much more important for filtering direction and trend.
So I thought today I would try to make basically every trade 100 tick target and a 50 tick stoploss. This is kind of a new experiment for me. I ended up doing pretty well. What I learned is that it requires much more patience in waiting for a good setup at a good price area. If you want a 100 tick target you can't go in close to a support or resistance area like I do with the 40 tick targets. You can't break even since 100 tick moves may have multiple large pullbacks. You can't get too caught up in managing the trade on a 5 range chart since it's going to have lots of scary directional changes. Of course some trades I got a bit less due to n s/r in the way or price action that made me feel it was time to get out. Multiple time frame analysis is much more important than when I go for 40 ticks.
Anyhow, the next few posts will show today's trades.
Trade 1 early trade that made 90 ticks
Trade 2 This almost got the 100 ticks but had to settled for 70 ticks
Trade 3 this one bounced before the target and I got 65 ticks trades 4 20 1
Trade 5. Targeted about 85 ticks due to some support. It won
Trade 6. Afternoon trade that hit the full 100 tick target.
Trade 7 84 tick winner
So, I think I will try this out for a week or so and see how it compares with my typical 40 tick target and stop trades. Certainly the risk reward is better. trades 4 20 4
These updates are great and I'm learning a lot from you about the NQ. I like the experiment to improve your risk to reward ratio. I've been developing my strat and aiming mainly for 60 ticks. I find that I can sometimes hit 80-120 ticks if I can take some heat. As you mentioned in the video, I'm also trying to figure out when to take profit, although I'm only doing 1 contract so it's a bit of a different dynamic. Please let us know whether you see positive results from the new profit targets.
