I find myself with a new motto...."Don't be in such a hurry to lose your money." It's helped me to be patient.
The whole mkt. is out to lunch today. I guarantee you the mkt. will begin to move in about 10 min. That's when I have to go out for awhile.
True, as far as my experience. On Gary's break-out, 2 points should be good enough for a stop. If the break-out is valid, it should move a couple of points right away or fail right away. Gary has really given all of us an entry and a stop. How you maximize the trade is up to you. One idea I use for another type of trade is: 4 lots=1 unit target 2 points on a 2 lot (move stop to break-even on the rest) target 4 points on a 1 lot trail 1 lot with a stop 2 ticks below the 30 min bar (or break-even) This will allow you to average a lot more than 2 points profit with a 2 point risk when the market in moving. Notice how yesterday, your final exit would have been at 1356.75? Yesterday would have looked like: 2 points on 2 lot, 4 points on a 1 lot and 5.75 points on a 1 lot or 3.25 average per contract for a 2 point risk. Do Not move up to 2 units until you have the account size. I do use $4,000 per contract. Why? Primarily because if the ecme goes down, I need to have enough margin in my account to off-set with the YM. It can and will happen. Don't get blown out because electronic trading goes down!!!!
Seems like price is just trapped between 57 and 60. All the overhead resistance at 60 and that huge congestion zone between 54.50 and 57 from yesterday is pretty strong support. IMHO
I'm still hesitant about going long if it breaks above today's high. IMHO it still needs to pullback more.
twink - I hear you on this one. I don't post in this thread a lot, but am a lurker. I found that for me, a trail stop just did not work. I seemed to move it too quickly (gotta protect that profit) and would get stopped and then watch the trade move in my direction. For me, I stopped using trail stops and now have defined exits. If the trade keeps going, it keeps going. But now I am exiting with larger profits, so that was a good thing! The trail stop idea is a good one, but hard to implement in real time in my opinion. Good trading!