Huge volatility continues, it looks like Bears still want it lower next week, we'll see, for us, Diamond Setups traders, it does not matter whether it goes up or down, as long as it moves we can make money.
We met our Stage 1 target this week after 2 weeks, 20% profit target reached so on Monday we start Stage 2, next target at US$ 15,000, 50% profit, we'll increase the size we trade to 3 lots now.
There are so many ways to trade, in our system we have different setups for different styles of traders.
Some traders like to take more trades along a trading day, others would rather take one single trade a day but they would go for bigger targets, two of our setups can be used in those two different trading styles.
We call those setups: DS1 & DS10, those who know our system know exactly what to do to trade those setups, the DS1 is presented several times a day, every single day, this week for instance, it has been possible to make over 70 (seventy) points with that setup, traders who took most of the DS1 setups did really well, each point on ES (the instrument we trade, S&P 500 e-minis) is worth US$ 50.00 per contract, so if a trader would have traded just 1 lot he could have made over US$ 3,500 trading just one type of setup. Our minimum target on each trade is +3 points, so if a trader would have taken just 3 points on each of the winners then he'd have made around 30+ points this week.
But not all traders are the same, those who prefer to take just 1 trade a day and try to go for bigger targets, they take the setup we call: DS10.
DS10 is presented once a day (on some days they don't show up, I'd say they happen on 80%+ of the trading days) always in the afternoon either around 2 PM or near the regular trading hours close at 4 PM, traders who take it can take profits at 10+ points or just hold into overnight or even next day for bigger targets by trailing the position, this week those who decided to trade only this setup, had the possibility to make over 100 points, by taking one trade a day only, that's more than US$ 5,000 on the week per contract. This setup has been making an average of 50+ points a week this year so far.
When you know what to expect from certain types of market behaviors and you have the discipline to take the trades and only leave if stopped out or at your target, you can consistently make it big, week in, week out.
Learn a trading system that works like clockwork, there are several of them in the market, ours is one of them, the Diamond Setups, pattern recognition is our main thing.
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Act as if what you do makes a difference. It does. - William James.