Then you may also want consider the advantages of exiting at a given target and standing aside under certain conditions. This way, you're free to take the reversal or to take the continuation, whatever happens. We've been moving sideways for over two hours, so there's plenty of time to think.
I stopped it at 73.0 for +6, small profit on the day, dissapointed. But I stuck to my plan. That's the most important thing. If my plans suck I can always make a better one next time.
I may be sufferening from my old losing days, where getting in and out of trades was always a bad experience. But now, even with a couple of flip flops, I'd still have done better with what you've suggested.
If you're still trading 2 ctx, you've got all kinds of options. One is to exit one contract at the downside target and leave the other at some appropriate stop point: last reaction high, MA, pivot level, whatever. Then you have one contract available to take the reversal. If the reversal works, you get stopped out of the contract you left at the stop for the short, but you're on your way with the contract you took at the reversal.
Incidentally, 6pts is nothing to sneeze at. Think of all those traders who tried to catch the falling knife and went long all the way down.
Depends on your broker. You might have to have two accounts in order to be both long and short the same instrument at the same time. Not that that's a big deal, but it can take getting used to. My preferred alternative when a V reversal is unlikely is to trade both ctx the same direction, exit one at the target and be happy, tighten the second, and take whatever the market is willing to give me as a bonus, usually exiting at the close. OTOH, if a reversal setup presents itself, I'll exit whatever I've got and take the reversal. I should point out, tho, that my minimum goal is the average daily range. If I want twice that, I'll do it by managing more than one contract rather than jump in and out. Which reminds me of that link Ditch gave you to something of "Jimmer's" regarding confirmation. That was actually a post he made to a Yahoo group I set up to discuss a strategy of his, and we had gotten into a debate about whether one ought to wait for confirmation or not. I don't know how it wound up as a web page, but it's weird how this stuff surfaces years later in the most unexpected places. We never did resolve it because we were trading different strategies. But, in the context of what he was trading, he was correct. There is, however, no "one answer fits all".
Sounds good. I was trading 1 ctc today due to my problems closing losers that I wrote about. I did pass on the reversal setup which I got around 13:00 CST, and stayed short according to plan. Well, not really, because I did say I would close with "a clear indication the decline is over." Yes, a nice long setup qualifies. In the end I said to myself, if this thing never hits the pivot and tanks, AND I'M NOT SHORT, i'm going to pound my head through the desk. I would rather have it hit the pivot and stop it. So I got my wish. And really, I should be thinking in times like that, there's always a chance to get in. I have to stop worrying about missing the boat. The right thing to do was take the long setup. If it turned out to be a loser, it's still more points ahead then stopping the short at the pivot. So once again here's the point: Getting out for the right reason's doesn't mean giving up! If the party resumes, you can get back in. If not, you can make money the other way. That's what being a short term trader is all about!
I haven't contributed much to your journal because you've been making your own discoveries on schedule, and most of these journals suffer from too much advice given at the wrong time. Therefore, I won't address any of the points you've raised. You'll find your own answers in your own good time. I will say, however, that perhaps your most important goal - or at least one of them - should be to build your self-confidence. I meant what I said earlier about the six points. Perhaps what you need to do right now is build up a series of wins, even if you don't capture the day's range. As long as you follow your plan and don't cut your profits short, what difference does it make how many points you end up with? (On the other hand, if you cut your profits short just so you can rack up a win, then you have more work to do.) And if you need to stick with one contract for a while in order to accomplish this, so what? Build up your confidence. Work toward breakeven. Points are gravy. You're on the right track. The rest will come.
For the past two days I've been kicking my own ass (in and out of WAY too many trades). I thought I was over these kinds of problems. Lack of discipline is what it comes down to. Hmm, let's try tommorow to just keep it to a few select trades! "The best the tape has to offer." "Every trade a patient ambush."