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Ugh, sorry for your loss. I know you have your method.... but man I would have never held on as long as you did on that long. All that proves is that everyone is only capable of trading their own method, and not someone elses. Hell some people can't even trade their own!
I do remember reading that if the gap is not filled within the first hour, you need to exit, since its highly unlikely for it to fill once that time has passed.
Have you tested that reasoning out?
Friday, January 14th, 2011 - No good gap setups, but the first-hour guides had a breakout high setup confirmed across 3 markets, so I bought a pullback in TF. I tried to do the same in ES but it doesn't tend to pullback as much so I just got the TF entry. I set up an ATM with a progressive trailing stop near the target and I got some strange errors.
I shared this with someone earlier, I thought I'd post it here too. I think it also has a lot to do with the need to feel right often vs the thrill of hitting occasional "home runs" even if you only get winning trades 30% of the time. They can both work, it just depends on your psychological needs.
See this video, starting at minute 11:00, it's just a couple of minutes.
Was up late and watching the London open on Bloomberg so I decided to take a Sharky-inspiredpullback on 6E ahead of the London open. Too bad it was on SIM as it yielded +20 ticks.
Wednesday, January 19th, 2011 - Yesterday many MTG members got a decent sized gap winner, but I passed because fading the gap based on Friday's close on a Tuesday (because Monday was MLK day) seems a little sketchier. As for today, there were no likeable gap setup, which was good as they would have been stopped out.
Instead I focused on scalping pullbacks in a trend using a couple of different methods with good results ahead of my busy work day.