Yes, my misunderstanding. Just to clarify, say tomorrow (Monday), or Tuesday, price trades up to 1003, and closes there. Are you sitting strong. Say the day after price goes to 1012, and closes at 1009, are you still sitting strong? Not saying I think this is going to happen, or even that it's likely. Just interested in how you would deal with adversity in this trade.
We have to go one day at a time here. But, I suppose my answer would be "yes", I wouldn't feel as strongly about my position if it were to trade over 1000 again. But, we'll see... As for monday, buy both @ 950 with a stop loss @ 1010
Just gazing at a weekly S&P and it looks like a market structure high has formed, so based on that, this trade seems to have good potential, possibly to the 925 area rather than 950. However, the trend is currently up based on the weekly. Anything can happen at Anytime (that's what stops are for), but the trade seems to have some good potential. I'm neither large nor huge but that's my piker .02 cents worth. Downward pressure ruled last week, if it builds momentum then 925 area seems doable. If not then adapt. One day at a time or in my NQ piker case it's one piece of a day at a time. Sometimes a few minutes at a time Time can be relative to trading style and/or account size. Mine is nowhere near 6 figures, but I firmly believe that it will be. Just a matter of discipline, learning to sit tight when I'm right(<the hardest part for me), get out of the way when I'm not and continue to do so over time. Got a long way to go but, I'll get there. Hope the trade works for you RH. If it does it does, if it doesn't it doesn't.
I gave my reason for the stop loss above. And it's a solid reason. The buy price was picked b/c at that point, I would consider it a home run trade. And I'm not a pig. I'll take +37.5 points of profit any day!
I like my short position in the S&P futures. I am short 2 @ 987.5 I am placing a good til cancelled order now. I want to buy the 2 back @ 950. And my stop loss for both contracts is @ 1010. I will either make 37.5 points, or lose 22.5 points. Not a bad place to be in. I like it!
I usually win. The S&P will hit 950, and this trade will make me 37.5 points or +$18,750 in real money. That's +$18,750 !! But don't bother to belittle this, or bait me now. It's time.
Or have capital tied up indefinitely it looks like you have bracketed out side the trading range so It is just like being sidelined but at risk as well. If you keep moving each tool in a pioint every 15 minutes you can learn to bracket and also get back to trading. this thing you did is a great example of a person who is new and scared too. Move your stuff towards the market so you can get back to trading again. Right now you are on the sidelines as far as we are concrened.
Oh set your protection for 4 contracts and keep your exit at 2 contracts. That way you can get out if you're right (The trade is so long in duration that your one day at a time comment is silly at this point). So as far as I am concerned your entry was a screw up at this point. You need to start over at this point. Wash out today with a flat trade.