I've a very basic confusion. My current trading is solely based on my custom indicator that is derived from TSSuperTrend. Have not done any backtest yet but here are my observations.
[Bargain Zone]
When blue line slope is not very steep - go long-short based on ST color when price comes near the stop level. Bargain offset is 5pt or lesser on 240m, 2pt or lesser in 60m chart. 3m chart - no offset.
[Continuation]
When blue line slope is steep - use it as support/resistance and take trade based on ST color. Works great for scalp on 3m. Ok on 60m chart too.
[Reversal]
When ST changes the color - take trade; This needs bigger stop and I avoid this setup.
Since I've lost huge amount of money during my learning phase, I get scared very easily. My confusion(s)
* I tend to get out at tiny profit and unable to catch any bigger move.
* I get scared by very thought of hitting the stop so my stops are usually very wide.
* Multi timeframe is very confusing for me - so many contradicting readings; scares me like hell.
* I'm also looking at NQ,DX and $EURUSD ; NQ and ES setup also contradicts many times; scares me like hell.
As a result - I'm unable to execute my system which seems to be a very nice system.
I'll highly appreciate if some elite member can mentor me.
We can even collaborate to improve this system. I can code in C#, Java and you name it. Very successful in my profession but failed badly in trading.