no, the retrace for entry is different to the retrace for trend change. The retrace for entry could occur now to about 34800, then its a long. Yes we could get to 35100 and then retrace and I wil wait for that before entering. If we retrace to 34600, the we must consider a short...
Mol, take your stop loss, then multiply that by any factor of profit. so if you work out you need a 3:1 profit loss ratio, then exit contract 1 and contract 2 at targets that gives you 3:1 profit/loss and then move your stop to breakeven and then into profit as the market moves in your direction. Now let the remaining contract/contracts ride the trend and exit at your stop....yes you do give some back but thats the only way to milk the trend. This way you managing risk and profit not only for the trade but for your ALSI futures portfolio. Read "Trading in the Zone" by Mark Douglas
yes, I see. Oh well, as you say we wait. My issue is the wait, my fingers are always to eager to enter a trade. How did you determine the retrace of 34800? Is it the low of the previous 15 min bar? I would have looked at 34700 or now possibly 34900?
and 4 green days...well, today was a pancake day...was a good day to test that discipline and manage risk...and looks like we closing around the 34700 level..that same level again. June was a good month for ALSI trading...Monday?...well we see on Monday