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Stops... what about these with this system?

Last Updated: Jan 03, 2016 01:44PM CST

The technical stop is ALWAYS the last support or resistance + 5-7 pips on an odd number. If I've made a good entry by waiting for the 3, 10 (wild Card trade only) , 15, and 240 to go all green or red. I very simply place my stops 5-7 pips above a T30 if I’m trading south and 5-7 pips below a T30 if I’m trading north. I know I can always re-enter after taking a small loss after I see price stall and the indicators confirm that.. I'll put no more than 2% of my margin at risk on any one of these trades. Trading is not an exercise in perfection. It's a lot of waiting, putting smaller amounts of margin at risk at times and being persistent. If a move starts and is approaching the next T30 I pull my stop up halfway through to the approaching T30 and if I get a break of that I move to the T30 that has just been violated.



NOTE: since we are MOMENTUM traders -do a study on the 10 minute Wild Card and notice that if you stop that MOMENTUM candle (the one that has both Moving averages the same color, an arrow and a painted candle in the direction of the trend you will rarely get stopped out unless it is a reversal and at which case you want to be stopped out since you are going the wrong way.

There is a video on this in the Video Library.

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