The edge you will get with the eminiwizard system is based on a simple assumption.
We expect a certain price to be resistance or support and we trade accordingly. This is because we know the secret code, and know the magical numbers in advance that act as pivots that attract or repel price action time after time after time.
We do not need to wait for a candlestick close to tell us to enter or exit. When the price gets to our already pre-determined target, we execute the trade decisively. This is the critical edge in trading our system.
Our 1 to 1.5 point stops protect us if our judgement is wrong. That edge makes all the difference in our bottom line. If you trade two contracts, When the market moves in your favor for about one point, you can scale out of one immediately, and then your second position you allow to trail no worse than break even.
If our expected resistance doesn’t hold, we receive valuable information from the market. We now immediately change our opinion, and expect that key price area to become support, and we reverse direction.
Money management is quite important in this business. Re-read that last paragraph and please understand it’s significance. Ninety percent of traders lose because they remain rigid in their thinking.
To quote Jeff Cooper: “Markets turn on a dime, but most traders don’t, that’s why they lose.”
If you wait for some oscillator or indicator to confirm the entry, you are giving away your edge to the traders who are aware of these high odds turning points. Its that simple.
Would you go on a journey without a map?
Why would you enter the trading business without a map of the territory?