Hi JH
Bunny cross, I saw that thread and started to read it but then got distracted, you know what it's like. Guessing, and from what I read it sounds like a filtered ema cross type strategy, can't say I'm a great advocate of such systems simply because of the whipsaws you mentioned (and I don't have medical
)
Wrong way before the right way - it depends on the individual trade and whether it was opened with only partial trade size, (ie if the usual trade size is 100k and it was opened with only 50k) it gives a bit of room to add to the original position at a better price, a good example being a fibs where retracement can often exceed 61.8% but the trade is still valid. Other times, like a double top/bottom, any breach is clearly not in line with expectation and the only sensible option is to close at a loss.
Trades in a day - it varies depending on the market and how much time I'm prepared to sit in front of the screen watching. I try and pick trading hours which produce reasonable moves such as London open, UK data times, US data times, and NY open. More often that not there will be a trade within half an hour, if not then I don't go searching. Personally, on average, I make about 2 or 3 trades a day.
How many pips - again, this varies, but an average ball-park figure is around 800-1200 pips per month trading around 4 hours a day in hourly sessions.
Money management - I never risk more than 2% of equity on any one trade, adjust trade size to suit the stop for individual trades, and close losers when they reach that stop irrespective of whether I think the market is going to turn in my favour. Sometimes it does, sometimes it doesn't, it would be a gamble.
There are countless strategies out there, and so many opportunities, this is one helluva game!
Mick