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- Thread starter hushntrade
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Yes correct, first long with 2 contracts, then I closed quickly and shorted 2 x 2 contracts, covered my losses with one of the 2 contracts and let the other 2 contracts run.
Day 17 we took a break, Day 18 back with 1386$ for combine accounts. Live account on hold.
I think we would all love to see the trades again!
For sure, ill post with my executions going forward. Today I went slightly heavier for the challenge accounts.
That would be awesome!
So it looks like on the second set of trades, you scaled into a long 3 times, and puked them all for fairly big losses, right? But then you shorted and eventually made it all back and then some?
So far, we have witnessed you doing this several times, so I'm sure it happens alot, but of course can be quite profitable. Why not take the opposite trade when you get the direction initially wrong after all. The question though is, how often do you get it wrong after you exit for a loss and then take the opposite direction? Your first long was at 20287 and you exited for over 100 points lost. Aren't you worried that after a fairly signification drop already that there will be some kind of heavy pull back? The action for these two days is actually unusual given the relentless rally for the past few weeks. I guess my point is that taking the opposite direction after a loss is usually the worst time to enter because of how far it has already gone, at least that's what I notice each time I do it.
Yes, you are absolutely correct in thinking that. The reason why I took the long first is because I believed the market profile was going to be retracement for NY session then in PM they would go lower. However market had other plans lol. Also my contract size was small at the time so those losses were not too significant. Once the market shows its hand, then you can put in size. The reason why I wasn't scared of my position was because from a monthly level we are still in high price and needs to sell off more. I was prepared to take a 400-500$ loss as well. Once you fully understand market profiles and market levels it makes it easier to trust your trades and stay in them. However, risk management is always key no matter what. Hope this helps!
Just from experience, be careful about reversing with heavy position. The market can do a rejection reversal and you're stuck with position at the extreme of the range.