Had a profitable week last week. All my Xbox trades was profitable. The only lost I had was this Triple dipper Trade. I want to start adding Triple Dippers back to my strategy so I can get in more trades. I know they say Quality over Quantity but don’t more trades make you more money? I normally trade at night and Xbox only trades come very slow. I wonder if I should add expected volume on my chart to make sure I take quality Triple Dipper trades. Can someone review this Triple Dipper trade and let me know the best way to go about using triple dippers during this volatile time or should I do them at all? I know certain videos Darrell say focus on Xbox but I guess I have a fear of missing out when I see triple dipper trades win that I pass on.
Triple Dippers
Someone with more knowledge should respond, but I’ll try.
It looked like you made some potential profit before losing, but I can’t tell exactly on your chart what that profit was. On an 8 bar chart and entering one tick after closing, the profit goal is usually 7. Again, I can’t tell how far it went before reversing.
From what I can tell with the trade going in the direction of the trend, it looks like you did nothing wrong (depending on your profit goal). It just did not work. It happens.
(An idea Darrell mentioned was to set an auto breakeven of 6/2 (6 Profit 2 Plus) in your ATM. This will at least give you a minimum two tick profit if the trade reverses. If you prefer, you can use 6/1 or 6/0.)
As far as Triple Dipper trades on CL, I don’t know if they work as well as on NQ. From my observations, they work better on CL than on ES.
As far as adding EV back on your charts, I would say it’s up to you, although I’m not sure about its current use with the recent volatility on CL.
On the whole, stick with what works, and XBox trades work. However, there’s nothing wrong with adding Triple Dipper trades. Just make sure they work if you’re doing them on CL.
Trupple dippers are best on NQ in ranging markets where yiu dont bave a lot of them in a row. Remember to get the heartbeat of a market before trading it