ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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trin is turning relatively bullish.. even though its still in bear zone.
Someone PMed me and asked why I bailed on that trade. Rather than anwer in PM I'll answer here...
High priority RULE (not guideline): Never let decent profit evaporate fully, or worse turn into a loss.
Adhering to the rule involves stops...
For YM, for me, initial stop is almost always never more than 15 pts and in most cases a mid single-digit. Once the trade moves in the intended direction by 12, stop is adjusted to b/e (actually +2). Once 18 pts in the good, stop is moved to 1/3 (ie +6) . Beyond 24, stop is moved to +16. From there a customized volatility type stop based on 15m chart dictates. Also important to note is that exit also may provide an opp to reverse, again dependent on what I see.
In this case, the move was +19 almost immediately. And then retraced substantially hitting my +6 stop. We all know what happened after
HTH
Osorico
High priority RULE (not guideline): Never let decent profit evaporate fully, or worse turn into a loss.
Adhering to the rule involves stops...
For YM, for me, initial stop is almost always never more than 15 pts and in most cases a mid single-digit. Once the trade moves in the intended direction by 12, stop is adjusted to b/e (actually +2). Once 18 pts in the good, stop is moved to 1/3 (ie +6) . Beyond 24, stop is moved to +16. From there a customized volatility type stop based on 15m chart dictates. Also important to note is that exit also may provide an opp to reverse, again dependent on what I see.
In this case, the move was +19 almost immediately. And then retraced substantially hitting my +6 stop. We all know what happened after
HTH
Osorico
Long from 1399.50
long wait actually
long wait actually
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