Something similar, yes, but intraday. I think trading needs to be aligned with the metrics of the market you're trading. So, if you're trading ES short term intraday, the market rarely moves 10-20 points without a good retrace. So, get out on a limit or trail a stop aggressively behind price. I would have done something similar as a swing trader. Having a few entries go from + 10 to B/E as a swing trader is okay I suppose. + 150 points back to breakeven? Not so sure about that one... If I did that today, I would have netted half the profit I took going all in / all out. Also, I may not have been able to participate on that breakout higher as if I had the short trade on I might have held on to it, hoping. The market is always clearer when you're flat. Point is, there's an added layer of complexity as soon as you start scaling out, IMO. Right now, I think I'm just going to continue like I am, but as soon as I can add a few more contracts I may start looking at some scaling. I'll probably jinx myself now, but today was my 15th gross winning day in a row. I say gross because 2 days were about $60 in the red after costs.
Market's in a range. I definitely agree with @schizo in that we might be stuck until FOMC. Maybe a pop to 3920 to fill that gap.
In my case, I just didn't do a thorough enough job on my analysis -- that can happen when you have another job and other obligations.
Yeah that fourth wave is super messy. Here is another count that partially explains it with a running ii wave. The small timeframes are always a little weird.....
https://www.bloomberg.com/news/arti...s-passes-ominous-milestone-for-chart-watchers The S&P 500’s long-term trend has turned “sharply lower recently,” and the index has closed below its 200-day moving average for 110 trading sessions, the longest streak since the bear markets of 2008-2009 and 2000-2002, according to Bespoke Investment Group.
I'm starting to wonder that myself. One day I will be brave and open a futures account, and trade the thin overnight session like Jack Morgan.