Thanks, but first it went down to 1212. (I made the call last night as well) Crystal ball now says come back later
Today I got fooled with my analysis late in the day, but the market still rewarded the trade with 20 points. This is to be considered a paper trade as the entry was not posted in realtime, but I wanted to show trailing stops etc. The reason the market was favorable to this trade is because it was with the daytrade trend ( not the daily, which is currently down). In addition, you will notice that the individuals who counter trend traded near the 1240 level would have to have their stop well away from the market to avoid being stopped out , illustrating my point from earlier today. As I recall, there was a trader here who attempted short at around 1230. We have no idea where that individual's stop was because they did not post it, so we must assume that they are quite a bit underwater right now. Although, really the trade was considered a paper trade per journal rules, so they are in fine shape right now. In any event, the point is to trade with the trend and trail your stops outside the noise and they are less likely to get taken out. --Even after the stopout, there was a new long signal as demonstrated by Osorico , where a relatively small stop could be employed. Correctly identify the prevailing trend and you will be well on your way to success. The times that I have been stopped out with losses are almost always the times that I misidentified the trend.
(Back from having fun outdoors with my kid!) Not really ... The S&P always demonstrate huge daily range in terms of % of the face value when there is a possible trend change or break out of some kind. Daytrading during this time period will require precise entry/exit or stops that are calculated from volatility to avoid being stopped out. Personally, when I see volatility range > my risk tolerence, I will avoid trading completely.
You're complaining about +15 points? Why? I'd rather win 15 than lose 15. 15 points a day is a decent profit rate in my books
Given the situation I should have made more; not complaining though. Osorico and I, always seem to be on the opposite side and some how we still make money. Hope all is well!
I hear you about initially losing. My trades always go against me some before turning back, and I always seem to pull out before the run is over...
One of us will be in a position then once one is in the money, the other will go the opposite direction. Debating if I should short now or not. Probably won't.