{quote} Thanks for your kind help and detailed feedback. i understand, yes i would pretty much do the same. No i am not trading with greed and fear. I am just trying to figure out a trading plan that could fit my personality trading this method on a higher time frame while providing a realistic chance to reach my goals. I think I will simply have to try. Will post some chart examples of trades taken hopefully soon, right at the moment I am quiet to busy with my other businesses. thanks again so far ;-)
I am formulating my rules around what I observe in the charts and what RH's methodologies indicate. For example, out of the many exit strategies he lists I have chosen to use a fixed take profit of 2R (I am toying with the idea of 3R) because my observations show that many, many trades make it to 2R before signals start popping up to potentially exit the trade. Now, often they are just a retracement and that's fine because I'll take my 2R and then get in on a continuation if it was a pull back and if the pullback turns into a crossover signal then I may take that one. RH's entry method is sound to me and is attempting to get on board a trend early. Does a trend always materialize? No, but you got to get into a trade some how and one of the reasons for my quick 2R take profit is because a larger trend may not develop but at least I nabbed 2R. You just need to observe the charts and see what makes sense to you.
Emotion - it steals your money.
