Wish I had a crystal Ball. If I knew well in advance what kind of day it was going to be I would trade the break out rather take counter trend trades. I stick with my strategies. Trend day happens 3-4 times in month, while non trend day happens 70% of the times.
I agree but you took your trade after a down trend was already showing on the chart. So all I'm saying is if you see that a trend has developed and knowing that your type of trades don't usually work on these days, why not cancel the order or go counter your normal strategy?
July 29, 2008 11.30 AM EST Numbers for ES: Resistance at 1255.75 and Support at 1230.25 If any of this numbers are touched before 2.00 PM., EST., then they could be faded. DO not trade based on this information. This is just for observation and education. The R/S Numbers are based on my proprietary mathematical calculations.
Got 3.5 points on 1250.25 Resistance trade. shorted 1255.75. Resistance, best I could get was 3 points. For the day I am up 6.5 points.
July 30, 2008 11.30 AM EST Numbers for ES: Resistance at 1285.25 and Support at 1263.50 If any of this numbers are touched before 2.00 PM., EST., then they could be faded. DO not trade based on this information. This is just for observation and education.