1234 looks like it will hold on the hourly. I did not take the trade, since I had profits for the day and were not certain. Seems like it would have been a nice trade, at least for a scalp What is more annoying is that I shorted @ 1138,50 and only took a 1 point profit on the large sell-off. Why? Because the last weeks I have been consistently leaving 1 point open profits on the table, in anticipation of more movement and now I`m afraid to let it happen again thus taking profits prematurely. Turns out today would have been a day where trailing my stop would have worked fine (at least on this trade).
nothing wrong with banking profits! it may have been a good scalp - but a dangerous day for little targets?
1238.50 was a golden entry point! I've decided this is an ongoing fact of trading. As soon as the market conditions you to do a certain thing (such as start scalping CL), the next day it does what you were conditioned for before that (such as letting winners run) I was reading emails, then I looked at ES and it was @ 1238.00 and I'd missed the golden entry point. I thought "Test of low is required by law." I was afraid to enter there, so I took break through 1237.00 and targeted a test of the low. I was about to put in a 4 pt target order (1232.75), but figured maybe the market would offer more. So price gets to 1232.75 and I realize it's fallen a looong way and I cover @ 1233.25. I'm wondering if a hard target there would've even been filled.
Indeed, it was. So, instead of beating myself up because I did not maximize the trade, I should congratulate myself on actually having the entry down Glad to hear you took more out of the market than me. And I believe you on what you`re saying about market conditioning. In my limited experience as well, it seems to be very true Did you ever consider going long around 1233-34? As I wrote earlier, I considered a long at that price level, but fear took hold of me so I sat on the sidelines watching the market leave without me
Not going long here, in fact I sense a sell off into tomorrow. I may be wrong, but I will not be profiting nor losing from this call. Standing aside & observing markets from a rather magnificent view from a piker's cave
Actually I thought 1235.00 was an excellent long entry (counter-trend intraday, with-trend bigger picture), but the 2-point profit target didn't meet my risk:reward criteria, so I called it a day! Sitting on the sidelines is fine as long as you don't let frustration of missing a move influence your next trade. When you miss a good move because you hesitated or chose not to take the trade, read your trading rules to yourself out loud to avoid revenge trading.