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GC has been a pain to trade the last few days and this is the reason why. GC had a breakout of downward trend line which then went right into a channel. We are stuck in the middle of two lines. Its making trading very choppy.
Trading @VinceVirgil style today. I am in prep for the combine which I hope to start as sson as they get the new data feed online.. I find myself switching back and forth between the 800 tick chart and the Channel Trend bars. Both have their advantages but seeing this chart today is pushing me more toward the 800 tick.
I managed to hit two out of five entries. One last night and one this morning. I couldn't pull the trigger on the last two. I am having trouble entering a trade after I after miss the initial entry. I had 3 or 4 chances to enter the third trade marked but could not do it for fear of the reversal. My fear of losing what I have already gained for the day still haunts me. I actually am able to pull the trigger on more trades when I lose the first trade. I have been thinking about reducing my size if I start out with a decent winner. this way if the trade goes against me I wont be giving so much back.
Thought about applying a stop loss to your daily/weekly/monthly profits? So if you are up a certain amount you can keep trading but size or select trades accordingly, so will have a cut off and keep a pre-determined level of profit. This is the money management tail wagging the trading dog (if you follow the metaphor!).
I've got this in my trading plan but don't yet make enough profits for it to come into play. Strikes me as a sound concept nonetheless.