Trending down after gap down and weak relative to market. Entry on horizontal break of support. Closed half at breakeven after bullish candle threatened. That was just temporary though as it resumed weakness. Closed rest at +1R.
TJX (fall thru prev day low)
Trending down with relative weakness. Entry on break of horizontal support. Closed partial at +1R then rest at +3R as it closed in on $40 level.
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4 comments:
Nice job. I have a few more questions for you on how your trading if you don't mind me asking? I like to look at your trade charts and try to figure out what your doing. How do you pick your R levels for profits?
Jay
AJ.
My original rules were:
Partial out at 1R then leave the 2nd half to run. Then exit this 2nd half at end of the day.
On the 5min charts, I'm still experimenting with best approach, so haven't ironed it out yet. Having said that I am exiting 1/2 at +1R. The 2nd half, I'm taking case by case. Sometimes exiting at major support level. Other times at +3R or in last session.
Exiting the 2nd half at 3R will give me +2R overall. Exiting the 2nd half at 5R will give me +3R overall.
R u using a % factor or a hard profit or a tech target to get your Rnumbers?
Have a great weekend.
jay
One R is equivalent to stop loss. So if my stop is 20c away from entry then when I get to 20c in profit that is +1R.
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