Highlighted in blue was where I had entered long. Thought I'll hold it beyond ticks this time, so I went in with 2 contracts. Refused to let go at 6 ticks even when tape was telling me to not stretch it.To cut a long story short, while I could have made 5x3 ticks TWICE, I was holding my position and had gotten out where I would have entered another long (highlighted in yellow)...&$$%*!! In grey are the signal candles (one of my favorite setups: traps).
I expected it to be a choppy day, but didn't think it was so difficult to get 2 points.
Anyway, I'm happy with my simple strategy of going in with 3 to 5 contracts and getting out with 3 to 4 ticks each time - not going to be bothered about whether market's choppy or trending. You only know in hindsight anyway.
That's just me, of course. All of us have our own trading style that suits our personality. Mine is definitely hit-and-run. And I don't really care that Phantom of the Pits thinks it's foolish to not press a winner (I still like the guy). I'm just interested in getting better at what I've chosen to do.
I have my 2 points still (2 contracts x 1 point), and am going to trade light if I were to go in again. It's a day after Fed day ie. still cursed, so I'm going to be selective about my entries.
6 comments:
Price action has been horrible so far. Other than a few half-hearted efforts to leave the opening range it's been chops-ville! Not ideal for holding and rough enough on scalpers to make it annoying.
Yup. But that's a warning that gap's likely to be filled :-)
"I'm just interested in getting better at what I've chosen to do."
...Wise words. ;)
Hello MM :-)
Just words of frustration really :-) Someone said that ticks are just "noise". Fine. Noise can be very loud! LOL!
Most 'tick' traders will unload all of the contracts except 1. The last one is to be used for the holding tratergy.
Learning to do that, Cory :-) I'm just not comfortable with leaving anything on, even if I move stop to break-even. But I know it's a sound strategy. That's for next step :-)
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