I think I'm making some progress, however, my equity curve is very choppy. I think I'm on the right track but need to do some tweaking. The 5 minute chart may be too quick for my personality and style of trading. I'm going to start watching a 30 minute bar chart along with the market profile chart. I'll start forward testing new setups and see if I can smooth out the equity curve.
Update for Monday 3/12/12. I did not trade today. I had to go out to a job. I did spend some time when I got home setting up my new charts. I think using longer time frames better suites my personality and style of trading.
I'm not sure I have enough data to answer all your questions but I'll do my best. I was taking ever instance of the setup so I could track various conditions and then perhaps filter out the best setups.
1) Entry, breakout long above high of a bar that has a large range and large volume. Stop set to 3 ES pts and target set to 9 ES pts. vice versa for short.
2,3,4) Stay in trade until stop or target is hit, or signal in opposite direction.
My equity curve has been pretty choppy though. I'm looking to adjust my setups, I think I'm better suited for a longer time frame like a 30 minute bar chart. I have switched to that and done some initial visual backtesting and will now forward test it for awhile.
1.) Putting it All Together: My style of trading require patience and objective thinking in order to put all the pieces together. It takes time and experience to be able to read everything properly in order to positions yourself in asymmetric opportunities.
2.) Attitude: It's vital that you keep a positive attitude. It's easy to get discouraged and lose confidence. You have done an extremely good job at persevering and sticking to your methods. Keep up the good work!