thanx mb for sharing ur views.
yes,true when u put 15 mins low or high as a hard stop just after u take a trade and donot manage it, u will surely have many loss days,maybe loss days may outnumber profitable days in a month.but that is what i said in my post u use 15min hi lo as a trigger for ur entries and then manage it on 1 min and 5min chart. i mean to say use highs and lows of 5min bars and ph and pl on 1 min chart or u can also use a timing trigger.say u r in a trade for 5-8 mins and trade is not going in ur favour dump the trade and look for a new one.by keeping these in mind u can reduce a lot of negative trades.
this is a little bit modification of saint sirs teachings.that is u take a higher timeframe chart as a perspective chart and based on that trade on a lower timeframe.that is to say if u are a 1min chart trader u look at 15 min or 5min chart as a perspective chart and trade 1min pivots but here in this system what i use is the perspective chart to trigger the entries and then come back to 1 min and 5min and follow the trade.why 15 min chart as trigger?because my personal finding is that the flow of a direction on 15min chart is the best for intraday.it absorbs the right amount of volitility,not too less or not too much more.if on a 30min or 60min chart,the previous bar hi lo eats up a lot counter trend moves and 5min and 10min chart gives no room for consolidation for a trend. this is just my observativon. this idea might differ from person to person. ofcouse there will be wipsaws here too but that is part of every system. but sure u will have to do lots and lots of digging into charts to get a correct workable formula to maintain stops at right level at right time.
regards.
