TF got me stopped out on a false breakout to the downside. I then went long CL which made back the loss plus a small profit. At this point I was sitting on a small profit, and wanted to either make a bigger profit or take a normal loss for the day. From my charts, it looked like ES had strong support around 1311. However, it was reversing up after making a new LL, but never breached the strong support. So this to me is actually a HL and even stronger we are now going back above the break. So now we have a choice take a scalping profit or normal profit. I decided I wanted a normal profit on this trade, and while doing other things, I was able to get it ending the day with a nice profit instead of just breaking even. I am glad I held the winner on this trade. Things I might have changed, was not moving the stop on TF. I did not want to get stopped out, however once I saw it continue to go down, I killed the trade. I was thinking TF and ES are similar, but in fact they are not exact, although if ES does go up then TF would follow. My concern about staying in the TF trade was that let's assume ES did go all the way down to 1311, I did not know how far down TF would go since we already broke support. Of course it does feel stupid to get out right at the price the market reverses. However, there was no reason to move the stop when support broke since I should have just taken a smaller loss. Other things I might have done different was to just wait and take the CL trade since it never broke support. The smart thing I did about my ES long was stop watching the charts, so I would not move my stops or targets. So 3 trades today, 1 loss and 2 wins, plus a higher profit than yesterday which was my goal.
You know, very well, that option positions are subject to many adjustments, adds, reduces, etc, etc. More so than your constant adds/reduces in your futures trades. Therefore I can only outline the general strategy used, which I posted long ago, in advance, without detailing and revealing more than I care to. Specially when I do not fully own the account where the trades were placed. In fact I have revealed more about my strategy, in my posts, than I should have. But since most are too stupid to understand, I don't care. So far I have only learned usable stuff here from atticus, and Volente_00. Maybe/likely/certainly there are more, better traders in ET, with better results than mine, but they are probably/certainly taking too much risk.:eek: Been there, done that. It doesn't work. They WILL blow up. I'll be laughing and celebrating when they do.
I am continually astounded at how these R10's keep banging back and forth in the present environment. Another one @ 12.50, currently +5 ITM. Edit: Sorry Volente, didn't see your post about the short. Yes, R10 longs from 12.50 need not be greedy here, beyond 50%.