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So, how do I handle the above situation, getting stopped out, due to missing the optimal entry? If the trade is still valid, I simply re-enter.
3/6/2013, trade 7:
Short @ 90.05. Still inside the same extension short.
1st target hit
Stop to 90.11
MM short hits target, stop to 90.06. Going to give this market the full HWB short in this range. If we break local lows again, the trail will get tighter.
Moving stop to 89.90 89.87.
Stop hit, net +23 ticks
Plan your trade, trade your plan.
Can you help answer these questions from other members on NexusFi?
Tough spot here, the extension short from the morning is still holding, and micro long broke. But the following micro short short didn't hold, and I can make a case the longs are going up in traditional MMs. I'm watching, and likely done for the day. We'll see if we get any clarity here.
[edit]
Turns out longs were still in charge. No worry's, no trade taken either way.
I felt good the whole day. I saw which direction the market was bias towards. Unfortunately, I missed an early trade, which would have been great. But that was out of my control.
I definitely think journaling helped a lot today. It really helped to keep me focused on honest to my rules. Thank Big Mike for the forum!
*this is my most important stat. The premise of this system is to enter the market in areas where a reaction sufficient to hit a first target is likely. If I'm doing my job, this should be >80%. Beyond that, it is in the hands of the market.
Long @ 91.16, very quick full stop out.
Net: -26 ticks
Even though we are still in the daily extension short, I read a series of MM longs, and attempted an entry.
Tricky market this morning. It looks like they are going to break it out of the daily ext short.
I'm taking things one trade at a time, but remaining nimble.
3/7/2013, trade4:
Long at 91.09
1st target hit
Stop to 91.03
Stop to 91.07
Stop to 91.10 (8:06 local time)
Stop to 91.18 (8:09)
Stopped out, net +14ticks
It is looking like the daily ext short is failing, the next resistance I see is at 92.54. However, doesn't mean we go straight there...
Poked a new high by a few ticks, not changing anything yet. If we break with authority, then we will be ext longs.
Update on trade status, the next MM long has traded and bounced. Stop remains at the failure of this long. The second picture shows this and my next resistance level. Third pic shows this resistance on the daily chart.
While I'm waiting for this trade to work, I'd like to share a thought:
One of the best things I did for my trading was to focus only on 1 instrument. I used to trade ES, TF, CL, GC, 6E all simultaneously. I thought this was best because it would give me more opportunities for successful trades. However, I could never focus properly on one market. I had many more stop outs, the gains in one market would be offset from losses in another, and it was hard to make any progress. By simply focusing on one market, CL in my case, I can give it my undivided attention.