Thanks guys.. As I thought.. what gets me into trouble with ES A LOT is I wait for the reversal.. then I chase.. doesn't take much chasing to kill a 2pt stop or neutralize a trade.. track.. your point about doing what feels wrong the core of consistently doing well.. Most traders losing money proves the possibility of making money simply doing what those losers do NOT do - control your fear AND greed. All VERY basic stuff we have heard a hundred times... trick is to get the nut between the ears to think differently once the bars start vibrating.. Will keep plugging..
Decided to restrict trading today.. One NQ short from 1297 to 1286.. Definitely cleaner than ES but not necessarily my salvation.. ES looked VERY inviting to short at 822 (see chart) but simply did not want to trade. As anything possible, that upper pink line still possible around 822.. depends on AA I guess.. Expecting bounce at least to 816 shortly... Really considering a higher time frame to trade while using the 3 minute for entry only as there is clearly more to see on a 15 min. Also I simply prefer to hold for several hours if possible. Also one Crucial bit a trader in my shoes can do to survive (short of Sim trading) long enough to improve is to seriously reduce trading when losing... 2 losing trades, quit for the day. There is a black hole one enters otherwise and it is seriously dark.
One of the downfalls of trying to hold all day... Short 821.. at the time knew 812 was support BUT a bounce to 816.5 or so is all I fathomed.. So as it changes character completely and clears 819 I move my stop down to scratch the trade for 1pt gain probably at the worst area.. Key issue besides regretting not taking 9pts is I changed my plan from accepting a 1.5 pt stop loss over 822 to scratching. Today is an unusual day (hopefully doesn't become usual due to earnings turbulence) so will continue with hold as long as possible idea BUT I think any short-term 8+ points should be taken. A second contract may be crucial to this strategy. Irritated.... After all that manic drive to get stops, it then lazily drifts down.. tired.. par behaviour..
I had the exact situation. Covered 1 at 813.50 and still holding the other. I shorted 819.25 though so you had a better price. The other stopped out BE(while typing). Now sitting flat and expecting bullish action. Volume is light, this is the wednesday before option ex, AND holiday week. Chances are fading is going to work better than expecting large trending moves.
Actually nearly feels worse than a losing trade! .. Looking like good old Cup and Handle now.. If 822 is taken there will be fireworks...