My initial stops in this environment are usually points, but I try to avoid taking a full hit. I then like to give the trade some room to breathe before adjusting the stop. Often, that means locking in a profit and working behind price. Generally, I find that B/E stops works great when the market picks up momentum. Like yesterday to the upside. But they are suboptimal in this environment where there's a lot of chop back and forth. Managing both entries and exits is a skillform I have yet to master, to be honest. Looking to get back in short - by the way. I still think this one has a good 20-30 points more to go below.
Here's how to trade this today. Diamond pattern in the making, but low could be lower. Choppy, so buy and sell for quick gains. Bias short since it could sell off any time.
Yes, I often compare them with firefighters. Scuba master, dive master, same, same, at that level is more about how much you dive and how varied your diving is.
I solve this by taking partials. I always take a +10 profit. I also like +20's, +50's, +100's. I'm trading smaller these days so I have to pick my levels. But if you are trading a 3 lot and take a +10, you can feel better about letting the trade breathe. Works for me, and I'm not telling you what to do nor do I think I am telling you anything you don't already know. It's just sometimes we know stuff but don't use it, so ... you know?
This is SPX 30 minute candles since the gap down ... a measured move takes us to around 2350 (another poster mentioned that level as well)
lol doesn't have to happen today ... the "pattern" so to speak is three days in already. We don't have to break down today much less go to that target. And keep in mind we don not need to break down at all as this could go ripping higher any moment. And if it does break down, a measured move is probably but not ordained.
2480 interesting area..the 30 m RTH chart could possibly be ascending triangle if mkt is accumulating in here vs dist..??