Quote from Chuck Krug:
/shorts ES 1358.5 stop 1361
Its always easy to say in hindsight, but I've seen you get stopped like 5 straight times this morning so I gotta suggest something. You gotta get the mean-reversion working for you rather than fighting against it. Try to enter on extremes rather than once a move has started. Unless you can accurately spot cascading buying/selling where you can really jump on the train to scalp a couple points, you're fighting an uphill battle.
More often then not the market will retrace enough to let you get in and allow you a smaller stop... when it doesn't, you gotta just let those trades go IMO.
