Spud,
If we can get a handle on the predictive nature of the stochs and the cycles, I think this would help us with the ups and downs and help us not to get so trigger happy to hit the panic button when the trade starts going against us. I experienced something of an epiphany on Friday trading. My stochs said to stay with the trade and I did. At one point, I was down -34 but always came back to the black time and again. But here's where I need help understanding. When do you consider the trade to be going against you? I mean we all use stops, some 50 and some 30. But at what point do you concede that it's a losing trade? The 15m may go against you for one bar and then turn right back around and go your initial direction. Some of us may have closed out at that point. What are your thoughts?
If we can get a handle on the predictive nature of the stochs and the cycles, I think this would help us with the ups and downs and help us not to get so trigger happy to hit the panic button when the trade starts going against us. I experienced something of an epiphany on Friday trading. My stochs said to stay with the trade and I did. At one point, I was down -34 but always came back to the black time and again. But here's where I need help understanding. When do you consider the trade to be going against you? I mean we all use stops, some 50 and some 30. But at what point do you concede that it's a losing trade? The 15m may go against you for one bar and then turn right back around and go your initial direction. Some of us may have closed out at that point. What are your thoughts?