so tempted to just jump in short at these levels
ES Journal Archive (2011)
- Thread starter Buy1Sell2
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cant resist
short 1091.5
6 point stop
short 1091.5
6 point stop
That may very well be an excellent short entry. The gap is pretty much filled and there was not much momentum on this run up.
But why not use a tighter stop in case you are wrong?
Should not go much above 1092 if we turn, in my opinion
Quote from Laissez Faire:
That may very well be an excellent short entry. The gap is pretty much filled and there was not much momentum on this run up.
But why not use a tighter stop in case you are wrong?
Should not go much above 1092 if we turn, in my opinion
I don't claim to be a great trader, and i've played around with all kinds of stop sizes, but with me, tight stops always get hit. I'm having much more success at the moment with bigger stops, although im always willing to change things if results start to deteriorate.
+5 and a -5 so far today, so breakeven. Second trade offered me +4 I think which I was very tempted to take, but didn't, unfortunately.
Yesterday I made about 16 points.
out here at 1085.5 for +6
I`m not trying to impose my style of trading, but 3 points is a wide stop for a day trade in my opinion.
On those days I use very wide stops, for some reason they tend to stop me out and often on the extreme of a move just before reversing on me. That`s why I personally prefer to just get the hell out for a small loss and then rather get back in at the same or better price if stopped out prematurely.
I think one can use a tight stop on trades where one expect a key level to break, like this one. Gap fill + prior support. Actually taking out and trading far above 92, would most likely mean that we find support there.
That said, your trade is looking good this far
What`s your target?I did not post it, but I actually played the gap fill when we took out the morning highs. Reversed at 92, but I`m not so confident that the daily high is in, so I`m playing a tight hand
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