Hi guys, after two consecutive losses last week, I stayed out of the market to try to improve my ES trading system. Now I think I have a better system with the odds of winning slightly higher than being stopped out with a lose.
My system identifies 1-2 entry points in the morning. After entering, a profit target of 6-8 points and an initial stop loss of 4 points are set. The stop will be manually moved up if the trade goes to my way, while the profit target doesn't change. These two exit orders will be entered in one OCA group, so that if one is executed the other will be automatically cancelled. I'm trading just 1 ES contract for now.
I'll start to trade this system tomorrow, and post my trades in real time. I'm crossing my fingers.
Wish you all have good trades today.
xje