Wow. Anything else you guys want to know about? Like my favorite color?
Just kidding, guys. lol Great questions, I'll try to answer them the best I can.
You style is clearly quite hands on once the trade breaks and not of the set and forget type (unless PA is A++, then I guess you can split the positions, set TPs and relax). So do you stay glued to your computer waiting for the break, or do you use alerts? Great setups are the goal to the trades I select, just like it should be for every one that trades this method. I do use alerts if I have multiple setups that I'm watching. But usually (because I'm picky) I don't have many alerts going at one time.
Which sessions do you watch and what do you do when it comes time to sleep? Do you pull the order or sleep with an alert? Sleep? Who sleeps? I'll sleep when I'm dead. I'm not at set and forget trader (yet), so in that sense I am hands on. If a great setup ocurrs while I'm asleep, I'll have to wait and catch the next one. lol Before and during the London session I watch the most.
How much pips will you give out in case you do not have time to move BE and price go back. Do you always have a maximum number of pips for stoploss for monitoring the break? Like 20 or 30 pips. Again depending on the setup and (as Tia mentioned) S/R levels within the formation itself, I will set my stop loss accordingly. Meaning that if a 300pip PB has an inner S/R level say 55 pips away (or left eye level) from the entry I'll use that level and adjust my position size. If Price breaks and hits my entry which is 6 to 8 to 10 pips away and starts running against me, I may stop out sooner say 20 to 30 pips or just let it stop out.
What if the potential support or resistence requires a drawdown for over 30 pips, maybe 40 or 50 pips? Will you want to give it a try or you just cut the loss immediately no matter what? Again depending on the setup. On A+ trades I will take the initial pips offered on the 1st half and place my stop loss on the 2nd half at the top/bottom of that given setup.
Also, are you getting pickier in trade selection recently? It seems that you're passing on more trades. If so what brought this change on?
lol Better results. Mike had said this many times, that the so-so trades between our A+ trades can make the differences of a profitable month or breakeven/ losing month.
And finally, when you're looking for 30-40 pip hard break moves, does the spread factor in? Yes, so a 40 pip break would reslut in a 37 pip move with a 3 pip spread.
I hope I came close to answering your questions, if not ask again.
This was fun,
Jim
Indicators show the past. Price Action "Indicates" the future.