True, but also more about execution honestly. I was short to start out which was great and had area below where I went long and got stopped out BE. Than I had ES 3431 and NQ 11600.75(which I bought) per post. I exited out of everything instead of setting a break even +0.50 on remaining. Plus after re-reading my post I had a poor attitude on every long I took, calling it garbage and trash. Towards the end of the day I certainly had the incorrect read, but I got out of my shorts 3 different times for profits, but was stubborn and kept a runner and re-added higher, when ultimately cost me about 60% of my profits. So, still a profitable day, but a lot of mistakes. I was too confident with the gains I had built up from the opening market shorts I took, plus some small gains from the longs I took. Pretty disgraceful and poorly traded day overall, no excuses.
Make that 46.75 on the stop. Just in case. I suspect that for swing trading - I'd need to use and stick with wider stops. Same with my overnight trade which got stopped out on a low retrace. My hypothesis is that we put in the Week Low yesterday. So that's the 'safe' stop placement. I was hoping we'd take out this 50 level and leave it behind quickly, but we may chop and range around a while before finally we have 'lift off'. Either way - I feel better about taking at least some off ( + 13,00) and not let it go all the way back to zero.
Still not a huge fan of the long here. Looks like decent probability to me that NQ goes to 11506.50 in the next couple of days at least, if not 11208.00. Which would put weight on ES. At any rate will see what tomorrow brings and just continue to take signals as they come both long and short.
As mentioned before, it does NOT matter how bullish or bearish your systems are, STAY AWAY FROM MARKET MOVING NEWS. You'll get crushed until one day it'll sink in... I'm doing my best to give those warnings ahead to you guys here
You just mean certain people should stay flat prior to scheduled major news events due to volatility?
Precisely..... If not, you'll find yourself sitting at a bar one day, on drink #3 in the middle of the afternoon, saying "I was a trader once, was trading well that day, then got steamrolled by a headline".