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Tiny Tweaks and Good Discipline... 9 points and gone.


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#1 OEXCHAOS

OEXCHAOS

    Mark S. Young

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Posted 13 April 2017 - 11:59 AM

So, we had an hourly Buy set up this morning in the ES and even though we were above support, the TOD was good and so we went long with our 10/10 model. Normally, we'd shoot for 10 points, but since the trend is down, the momentum is down, and we've got mixed sentiment, I wasn't willing to bet on the market blowing through the 50-hour just for an additional 1 point in profit. I set my target for 9 points profit and at the same time, snugged my stop as I was already 6 points to the good.

 

So, what was good about this trade was that I was open to a long (despite signs of weakness, which never deliver as much as we'd expect), that I wasn't worried about a perfect entry at the right time of day, and that I played the odds with the exit point.  Missing a point profit (which I would have gotten as it turned out), is nothing. Missing the 9 point gain would have sucked.

 

It's good trading and I'm pleased with it. The past 12 1/2 months performance has been outstanding for this model, despite some very tough trading last year.

 

I'd love to give the long side another shot just below but my hourly is neutral at best.

 

Mark


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