This happened to me on Fri 8.15.14 after the news on Fri about the Ukraine and Russia.
This chart shows my after analysis to see what I could have done differently. If you see others things I didn’t consider, or you see it differently than I do would welcome feedback.
The momentum scalps are entered 3 ticks above a high or below a low.
So you trade that has 2nd entry short - only broke by 1 tick - so following the 3 tick breakout rule would have saved you that loss. 3 Ticks on NQ is .75
In addition a rule about momentum scalps is to not enter 3 bars before a deviation level as we expect it at best to hit it and reverse (often getting choppy). That same trade violated this rule and went short right into the deviation level. So entry on this trade violated 2 rules.
Your 3rd entry also went short right into a -1 (day high to low) dev level which is against the rules. Would have saved you on this trade.
Main thing is follow all the rules. Just the basic rules would have taken 2 out of these 3 losses out of the list.
So First Tip - Follow Rules
Second Tip - Clarity /Stop Price Option
Also Im guessing your not using the stop plugin or the clarity price on these as the first entry was exactly 4 ticks and most likely never hit that price on the clarity or stop plugin itself. Not a requirement but as you can see will save yo on those single ticks.
Third Tip - MVP direction (Option) Some traders (not a rule just something some traders have mentioned) is only trading with the MVP line direction) ie not adding on longs when MVP is short and vice versa) Obviously you will miss some early turns but you will also miss out on some chop./
Your going to get caught when it changes if volume keeps exceeding. But if you took all the scalps you still will do fine.
Fourth Tip - Dont start at a devaition high to low move on the day Starting up on these right on deviation levels may result in some chop just look back at momentum scalps at daily high to low and a +1 and -1 dev levels. To me (not a rule) The best ones to me are the ones inbetween dev levels as you dont have that dev level giving resistance.
Note there are dozens of good trades on the chart you did not take at all. Why wait till the market moved a deviation to get going. Lots and lots o good movement previous to this and even some good movement afterwards.
