1/4/21

 I wonder if it would be a good idea to not jump in on the BOPMH candle since you have no unit of risk at that point

over the last two days, there have been four BOPHMs, hoth, pstv, immx & jfin

good, tradable setups: hoth & immx??????

I don't even know about immx though since you would have had to sell in like 2 min from when you bought in and there'd be no way to qualify risk

technically you could have bought in ABOVE the BOPMH and then put in a SL at the bottom of the first 5min candle but you would have lost money

by contrast, it would have been safer to wait until a candle opened above the BOPMH candle and then used the bottom?? top??? of that candle as the SL

in this particular case, using the top of the candle would have worked, but I can see that not working at scale

two scenarios, you could have 

• used 3-5x volume in order to rationalize entry and then taken half off during the next min or so and then moved the SL to the top of the first candle of the day at which point it would been triggered almost instantly (re: immx), I don't actually know if this would have worked though because the SL could have been triggered beforehand due to price action and I also don't know if you could move fast enough
• done what you were talking about before, just not taken the immx trade because it didn't open above the BOPMH candle

no, immx would have worked, look at it

you could have gotten in at the first candle when it broke, then, when the second candle moved higher, you could have moved your SL to the top of the first candle, where the SL would have been triggered and you would have made a little $

this means that, in both cases, you could have entered when it broke PMH, 

• if you have 3-5x volume
• if you move your SL up to the top of the first 5min candle when you move to the second candle
• if you sell all in less than 10min and look for decreasing volume
• if you scale out very quickly

problem I just realized is, how do you know which of the 5 are going to go, since it all happens so fast, focusing on one could screw you for another...

and also, with those three bullets above, even that doesn't work because you can't define risk units ahead of time

• using hoth, if you were to use the first 5min candle, you would have essentially been risking 1:1
• using immx, that would have worked a little better enabling you to get a 2:1

In practice though I don't know if you would even have time to set up an advanced order to pull this off, you'd just have to watch it

immx would have been like a 5min trade

hoth would have been like 7-8

bad, nasty do not trade setups: pstv & jfin

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