Yeah Sid, thanks for asking. I am still using my same entry w/ the buy/sell market orders and my stop remains @ 12 cents. The big difference is that I am shooting for 15 cent profit targets. It will take me a little while to get used to sitting in my trades for more than 5 seconds, but I feel it will be worth it. The new targets have actually made trading a little less stressful in that I know my method is high probobility and that winners will at least outweigh the losers. For example, yesterday, live, I took my first trade for the full rip of 15 cents, it was easier to take the second trade because I knew that even if it was a loser I would still be up 2 cents after comissions. I avoided the whole expectancy thing until I realized that I was never going to survive the way I was doing things. I had more winners when I was scalping, but for every loser I would need 2.5 winners. It wasn't until I got stomped 2 days in a row that I realized I was repeating the ugly circle: #1 learn method, spend a ton o' time with it, #2 trade it and do OK, #3 start losing and move to the next thing. ALL my failed methods have one thing in common: tiny profit targets at least (if nit more) than my profit target.
It's amazing how long it takes to figure this stuff out. My real problem had always been sitting in trades for more than 30 seconds; I needed to learn how to be uncomfortable. I figure if I was going to box Mike Tyson (I beat him up every weekend ) I would need to learn to take some punches.
It's nice to go back over this thread Now that I am using Renko bars. Trend trading is most beneficial because you're in the direction if the thing takes off. However, it still helps to use my old methodology of knowing when a trend will pull back as to where to take profit when it stalls / hits another peak point.
Another thing I realized with trading trending systems on renko is not to trade Against the trend on a 4 tick renko chart
unless you get a good signal from the 8 tick or higher renko chart. However, if you are trading a signal on the 8 tick renko chart, a signal should also appear on the 4 tick renko chart as-well. Its like a hierarchy i suppose you could say. What i use for a signal is an EMA and or linreg. I am still configuring my system with different indicators / settings to get it just right without too many signals.