That would be a good example of when not to trade. I have a good friend who does that, but less than before.
I think you'd probably consider me a "grinder", too, then. I err the other way: perhaps too determined not to enter without the set-up being in my "book", and sometimes miss good opportunities as a result.
Agree, but what if your method describes only "passing" up a matched low when RSI isn't oversold, only on option expiration day?
Question the "option expiration day" thingy.... If you plan to "risk 4 points for the perceived opportunity to make 12+ points", the "day" shouldn't make any difference. Being flat in front of an event... like the opening for options or in front of Fed day... but those are just for "shorter-than-day" periods. Once the reaction to those events has waned (and that doens't take all day), back to business. Even with the Fed day phenomenon... I'm almost always flat going into the announcement and Fed statements afterwords, but that's mostly because the ES can jump 10+ points in an instant.. and any stops you have may not be executed well.
How many of you have put on a trade, then felt either nauseous or like something bad was about to happen? If I put on something and it feels really bad, I get out. I don't look at the chart and try to justify it regardless. Setup, no setup, whatever. Just puke it out.
That's the problem on expiration day...my risk will be more like 6 points and the reward about the same, yet my high win rate always disappears because of weird chopping price action. When expiration day is trending more, my setups tend to not kick in at all. So, I give myself a holiday.