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I'm reading the brooks book and he says after 4 pts in ES move stop to BE and go for a swing, exit on a signal in the opposite direction.
In my Euro trading I'm looking to stay in the trade as long as we have HH or LL. In CL I am currently taking profit at 30 ticks because that's a big move and usually there is a pullback.
My opinion is 11 ticks isn't enough because of the risk you're taking putting the stop above/below the swing pivots. If you have stop of 20 pts then why not go for 20 pts on your target?
Almost all the traders I know that are not scalpers.... take some quick profit on every trade, move the stop to reduce risk and wait for a signal that the move is over.
Obviously, a stop that is too tight will not let the market "breath" and a stop that is too far away will not stand up to a proper risk/reward ratio. This balance might have to be adjusted from time to time depending on the level of market volatility. This would call for bigger stops smaller position size.(making the r/r work) So....one size does not fit all. Each market is different and the charater of the market changes. Adjustments must be made to account for the varioius conditions.
he said - I am a master beta
