Try the structural level prev year high and Jan low. Tomorrow will tell if ES can close above that zone. If so, we have a low in place.
Shorted 1255 with a stop at 71. Open target. If stopped will reshort 75 and 85 with stop at 1310 and target of sub 1200
Hi Phil, If my account was bigger I would use a 7.5 pt attached stop (for RTH orders), but hopefully never let the stop exit me from the trade. So once in the trade I would monitor it for a while to make sure it starts working. Once it was a few points to the good e.g. 3pts I would: Set alerts at BE and at 6pts profit. So for a short 1245, Alert <=1239 Alert > 1245 Set once 3 pts profit and I want to stop monitoring the trade. So I would never enter the order with a posted stop and immediately go for a break. ------- I also have an orders ready to go as in: Buy 1247.50 = a stop Buy 1234 (if the target is 1231.50) so if the trade goes sour I can get out. just some thoughts. I hope it helps.
I dont think I have thought my strategy out that far. I have been using a tight stop because I am not firm with the strategy yet. I have seen it work and I have see it stop out 5-7pt stops. But, on those I learned that I just needed to adjust my entries. I was only using 1 time-frame and I needed to have at least 2 in my favor before committing the trade. If both the 15min and 1hour are in agreement my stop should not need to be more than 3pts in most cases. But, if that really is the case then a 6pt stop would be fine also and could limit my risk of a rouge whipsaw.
Drew those LC,found another supp tl which might explain the reversal,didn't see it til u pointed to last years high