S/R Emini Journal

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romik,

So when you see a situation such as today develop, do you alter just your exit target or do you also alter your position size to take advantage of the situation?
 
Quote from romik:

It's about favouring the odds Belavia. Any other day I would have settled for 2 points, but today's price action has been very different to the previous 5. Just look at the previously posted chart and pay attention to the 2 yellow lines. Price has been hitting upper line and pulling back. That small break of upper yellow line was triggered by Mr B making a speech last Friday, one has to wait for post reaction to establish true extension of range. When you do get periods of time like previous 5 days (congestion/pennant/flag) a nice move in either direction is almost certain. Gary has talked about these patterns in the past.

So by favouring the odds I meant willing to take a loss on a trade today and by doing so going for a kill.
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This was a great example of letting the charts tell you what to do. This is something I am rarely able to do myself and shows complete faith in the patterns in front of you. If this was one of those big huge moves it would have been easy but it was not. And that is what makes this a flawless trade.

Now that I have said this. I am still happy with my trades as well and anybody who banked profit should be happy also.
 
Quote from romik:

guys, I am eye balling a pennant at the moment, can I answer later today?

Thanks.
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I am watching it also, long would be initiated at breakout of HOD. I might take a small position on a 1307 long. That channel extends to 1311 so 2 points can be had here.
 
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