June 26, 2011
It is important to confirm your entries to a higher time frame. All moves up and down end for a reason it is just pinpointing the potential turning point ahead of time so you are not emotionally buying the top of the wave or shorting the bottom of the wave.
The Turbo Scalper is designed to catch the best entry points in within the larger waves. We will usually get multiple entries on the scalper within one larger wave and knowing this slows down the market so we are not trying to catch the bottom with a long trade.
NQ 1st target is +4
TF 1st target is +2
CL 1st target is .25 cents
It is best to trade a symbol where you can trade at least two contracts so you can scale out of the trade. Scaling out and putting a stop to even can be a huge money difference over the course of even one week because you are banking profits that might not be there if you were only trading one contract meaning; if you take +4 and then get stopped for a loss of 4 it is a even trade. If you were only trading one contract going for the bigger target you might end up with a 4 point loss on the trade. It can be a big difference.
Many of our members have said that the thing that got them consistently profitable was switching from the ES to the NQ and trading multiple contracts. The NQ is $20 per point so you will have less emotions to actually trade the signals NOT the P&L screen.
Happy Trading,
www.eMiniSchool.com
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