Quote from indextrader7:
My focus for tomorrow will be on a disciplined stop-loss placement. Each and every stop-loss will be placed a tick or two outside the entry signal candle.
One big positive point today:
Honest self-critique. Those 2 losses happen but with your honesty with yourself you are already ahead of most of the competition. And thank you again for posting.
(I had similar experience today. Got stopped out on my short early in the day in TF, but worked out better on ES later in the day.)
Maybe 1 - 2 ticks are too tight. When I trade TF, I noticed fake outs before the big moves. I used to put my stop loss 2 - 3 ticks above/under S/R. It moves to trigger my stop and it then reverses for the big move. When I widened my stops to 4 - 5 ticks under/above, I don't get stopped out as often and only for a real breakdown.
I lowered my position size and I tried to enter sooner once I get confirmation, to account the greater capital at risk. Earlier entry didn't really affect the probabilities, yet, and once it moves in my favor, I pyramid quickly thereafter on the next retest/breakthrough to counterbalance in case I have/had few failed entries on being early. Seem to have worked better for me.
Good luck tomorrow.