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Looking forward to seeing how you handled this quite difficult trading day (for me at least!). Hopefully you caught the long entry around 7 AM CST and were done. I unfortunately got chopped for a bit, but then switched to a range bound strategy and made it up.
I was on a skype call yesterday with a trading friend and while we watched the market together, I at least did not trade. Regardless, the only trade I would have taken was the premarket short right just before the open for around 20-25 ticks back to the 50% level. I would have been done after that.
The opening range was quite wide, in my view that often spells trading range and I confess I am not very good at trading them, so I usually stand down if I see that happen.
Congrats on making up the losses, can be tough for trend watchers on a day like yesterday.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
My daily average going back quite a ways is around 25 ticks per contract before commissions per day taking into account my large winners and my losing days of which thankfully there are fewer and fewer. I try to make each day some number larger than this to maintain the average in that range, so this represents my 50-60 tick winners of which there are a few and my scratches and losers.
I feel that if I can maintain a daily average of 20-30 ticks a day per contract over time, I can do quite well for myself. This does not mean I can just target 20 and be done. That will over time drag the average down, so if I get a 50 tick winner, I'm done, if on a slow day I can get 20-25, I'll call it, if its a trading range day like yesterday and I get a quick hit early and then see it develop into a range day, I'll call it and if I'm nicely ahead after 60-90 minutes and I'm not feeling it, I'll call it then as well. Basically, I'm looking to hit for average over time knowing I need to have a few triples and home runs in there to keep the average up.
In the end though, its subjective, I have no rules about this. Just make money and see where you end up. The one rule I do have though is my daily stop limit. I have a dollar range I am willing to lose depending on how the day is flowing with regard to the pace of the tape, but I never exceed the upper limit of that range.
Hope that helps.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I hate days like this.....grinding price action...I like fast and furious....get in, get paid, get out....not today....
Second trade was a stop out but I recognized the stop was in the wrong place to late and got hit almost to the tick before I could move it. So I jumped right back in, got paid, waited around for a bit, took another trade and went BE pretty quick. Not willing to take heat on a day like today once I was up and also running close to my end time. It went BE and that's it for me today.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris