Your right my friend, i thought because i would be away from the station as i had to pop out that i would put entry to get my in the trade and have a wider stop. Very bad trading as i should have waited for the zone to hold. Your right, trendlines offer amazing risk to reward as you know when your wrong and can get the hell out. Okay last attempt at long here 38.75. Lets see if 60min chart can hold. Will post my tradestation orders and positions chart at end of day to see where my trades were and where i went wrong. This is very counter-trend to short term and i am usually a trend follower, but i this has good risk to reward. Target is 47 and risk is very small right now.
That 60min bar looking quite strong for a reversal. Certainly some value at 1356 so might see price gravitate to that region before getting blasted back down. Im still long as i have to stick to the plan, would like to have scaled out at +5 but not to be with only the 1 contract on. If we get strong open then i will hold till 55-56. Otherwise i might trail out of this one. Error with last long as well was stopped at 40 not 41. So ate 4pts on that trade. That will teach me for putting positions on going into new announcements.
Trail took me out at 42.75 for +4. Decent trade, i gave it chance to run and it broke down. Stop was placed strategically.
Still looking for a buys as long as that 60min trendline holds. Things do look awfully bearish right now with the bad news but i rather rely on my charts so i have no bias.
Clown has got long 43.50, tight stop. Target is massive 55. Often best buys when everyone is a little too bearish. Just playing by the plan here so happy with this trade.
I would scale out here for +6 if i had bigger account size. Just adding this so i can see how it would affect my PnL so i when i do eventually increase size i will have some stats on it.
I like to make my trailing stop tighter as the trade goes my way. For example, 3.5 points when trade is put on, then .5 closer for every 1.5 points. This helps maximize profits while keeping the trade on.
The only problem with that for me is that my system works on the basis that i will hit the occassional 10x risk or 15x risk and market is designed by its very fractal nature to take me out on these type of winning trades if my stop is too tight. I would like to use a tight trailing stop system, but statistically my system will fail if i don't get those big winners. The other solution is that i need a bigger account and that way i can scale out. Regardless i can't complain on the last trade, i gave it room to retrace and bounce and locked in 2 points of gains - it was just not meant to be. Choppy type of day but on a trend day i should clean up using this system. Thanks for help wrongside.
Gettin long here at 43.50, test of the highs is my target. Tight stop as per usual. Will post the entire tradestation chart at end of day with all entries on it. Bad trade stopped out -3