Since moving to dailys I haven't changed much. I start with fractal stops and use them as much as possible, but I find the five bar stop useful for protecting profit on a sharp move up or down. Sometimes I'll also use the alligator lines depending on the situation.
RCWSO, it's true that there are fewer signals on the daily, but it's still the same routine; enter small and pile on when it goes your way. Sometimes you have to wait a few weeks for a good one, but when it comes, you usually make up for all the waiting. Honestly, I don't find the divergent bars to be successful as entries most of the time. I like them for exits, but I won't enter them if the alligator is wide open. I used to only trade reversals on the 15 minute and treat them as scalps, but I don't mess around with that anymore, mostly because I want to spend less time trading.
As far as money management goes, right now I'm entering with 1% and adding 1% for each new entry, up to a maximum of 5%. It's pretty conservative, but I seem to be getting that way the longer I trade. I've messed around with the reverse pyramid and tried different configurations, like first entry 1%, second 5%, third 4%, etc., and I haven't really hit on the one I like best. There are pros and cons for each (more profit vs. bigger drawdown), but for now, that's what I'm doing.
Cheers,
Richard
RCWSO, it's true that there are fewer signals on the daily, but it's still the same routine; enter small and pile on when it goes your way. Sometimes you have to wait a few weeks for a good one, but when it comes, you usually make up for all the waiting. Honestly, I don't find the divergent bars to be successful as entries most of the time. I like them for exits, but I won't enter them if the alligator is wide open. I used to only trade reversals on the 15 minute and treat them as scalps, but I don't mess around with that anymore, mostly because I want to spend less time trading.
As far as money management goes, right now I'm entering with 1% and adding 1% for each new entry, up to a maximum of 5%. It's pretty conservative, but I seem to be getting that way the longer I trade. I've messed around with the reverse pyramid and tried different configurations, like first entry 1%, second 5%, third 4%, etc., and I haven't really hit on the one I like best. There are pros and cons for each (more profit vs. bigger drawdown), but for now, that's what I'm doing.
Cheers,
Richard