Osorico's cookbook of YuMmys
- Thread starter osorico
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I am kinda curious about your Stop Loss actually. How much before you admit you are wrong? Is it $ based, pattern based or a combination of somethig else?
Nice profits btw.
Nice profits btw.
Stop loss is ALWAYS money based. As a guideline I'll use a 6 YM pt ($30) MENTAL stop when entering a trade. The physical stop is dependant on what I'm attempting. Scalp, swing, fade, scale-in, etc. The rules of my trading (1st post of this thread) contain maximum loss parameters, and those rules rule, until formally changed.
Todays situation was I was attempting to make swings out of scalps. :eek: dum thing to do btw! As the trades moved with me, I adjusted the stop to above BE and kept there. But when the moves retraced, they took me out... In other words the retracements were almost as strong as the moves. Slop and chop!!
Had these trades been anticipated as swings, I would have re-adjusted stops every 8-15 pts (in trendy markets, S/R prices) to preserve profits.
In all cases don't let profitables turn into losers. Todays +$10 trades were just that.
Wednesday 3/8/06
Done for the day approx 11:15 MST
7 trades, 2 long, 5 short
7 contracts
NET PnL 527.70
Did somnething different today...I played the morning down as big scalps even tho the swing direction was well defined. I took every sell signal and covered on neutral or buy signals during the move. It worked very well...all but 1 short entry was higher than the preceeding short cover. Im sure my broker enjoyed it too.
What a nice day!
Done for the day approx 11:15 MST
7 trades, 2 long, 5 short
7 contracts
NET PnL 527.70
Did somnething different today...I played the morning down as big scalps even tho the swing direction was well defined. I took every sell signal and covered on neutral or buy signals during the move. It worked very well...all but 1 short entry was higher than the preceeding short cover. Im sure my broker enjoyed it too.
What a nice day!
Thursday 3/9/06
Done for the day approx 12:30 MST
all trades M6
2 trades, 1 long, 1 short
3 contracts
NET PnL 338.30
Nothing special today. Took only solid signals as the morning was slop and chop As such caught the breakdown 2@088 covering on retrace @58 (between 25 - 38 fib level). Followed by scalp long @66 out at 76. I love those 2m holds!!
One of these days I may put in a full day
Done for the day approx 12:30 MST
all trades M6
2 trades, 1 long, 1 short
3 contracts
NET PnL 338.30
Nothing special today. Took only solid signals as the morning was slop and chop As such caught the breakdown 2@088 covering on retrace @58 (between 25 - 38 fib level). Followed by scalp long @66 out at 76. I love those 2m holds!!
One of these days I may put in a full day
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