LOL . I got you LF ! I wanted you to point this out so that I can point you to consistent execution and then stats can play themselves. Yesterday, I wasn't consistent in execution and the result I took that dd yesterday and loss today. So, stats will not play out in the long run for a guy like me. Now, it is incredibly hard to have consistent execution (at least in the beginning of one's trading career), as I have been finding out. Btw, your point about stopping for 3 point with a 3 pt improved entry lateron could be correct. Its just that I have not tested these things. In most of my testing, I have 1 or 2 trades a day on ES. So, if I get stopped out - I do not test for re-entry. So, it could be just a matter of me having not tested all the possibilities. What I stated is based on just taking one setup once.
I hate to do this, but I'm adjusting my stop to 37,50. Last line of resort for me. This is a potential turning point for this bull flag and I don't want my stop run.
It's common sense. Of course there's commissions, but they should be irrelevant when compared to your improved risk management. You mentioned that my analysis might be correct for most days. In terms of statistics, should you not set yourself up to exploit most days? I`m not so sure about the long side any longer, but if I get back in long now, maybe as low as 34, I will have improved my entry and profit potential by 7 points, while you (no offense taken I hope), need a 7 point point move just to break even.
Nice one, Pita. I went long 38,50. Stop @ 37. Same target as earlier. Last bullet for today. Alerts set up at 37,50 and 42,50. Will take a light nap until then.