I have said many time not to forget the 5min charts, that is because they are slightly longer time frames, their swings are slightly larger. In this case this cave projected targets “higher” than on the 5min Charts. Combine these higher targets with a break above the DP on the 3min chart, and again it could have helped you decide to let at least part of your position “run” into the close with the ATRStop.
There are too many people that get “too close” and try and “micro manage” charts with very short time frames, when in reality using slightly longer charts, like 5min actually let you capture some of the bigger moves, and as such gain larger profits.
I agree, this was a hard call to get right “at the time”, but even with “standard” trade management, the profit on this 5min long trade would have been approx +5.4R (ignoring slippage and commission) at the first 5min target.
Thanks, Steve
There are too many people that get “too close” and try and “micro manage” charts with very short time frames, when in reality using slightly longer charts, like 5min actually let you capture some of the bigger moves, and as such gain larger profits.
I agree, this was a hard call to get right “at the time”, but even with “standard” trade management, the profit on this 5min long trade would have been approx +5.4R (ignoring slippage and commission) at the first 5min target.
Thanks, Steve
