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31 C Scalp Objective for 60 Minute Emini (15 minutes)
I have a question - In the discussion on scalping the 60 minute emini he says that the average range of the bars is 5 points but this must have been a few years ago because the average range on a 60 min bar is in the 15 to 20 point range and the average range on a 5 minute bar 5-12 points - so how does this affect trading decisions? Reduce the contract size so you can increase the stops? I was trying to trade an 8 tic stop and 16 minute target and get stopped out almost immediately. Any thoughts would be appreciated
Yes, You need to adapt your management to the bars you have in front of you: A 2 point stop is useless even in the 5 min chart. For the 60 MIN emini you need to risk per trade more than you say most of the time: in big days, 30-60 points. If this is too much in dollars, switch to the micro-emini and, if it is still too much, then trade EMINI CFDs where 1point = 1 USD. And, once done that, use the appropiate PA stop!
Thank you Ludo - You confirmed my instincts