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Had some issues early in the morning with PA confusion and missed most all of the big move down.. Good news is patience kept me out of stupid trades and eventually the PA became clear.
Still having problems with stop size and it is impacting me on 2 fronts: 1) Passing on trades due to stop size being too large and refusing to take a larger stop and target 2). Taking a trade with a smaller stop than the structure will allow and therefore having a stop out..... Today, 2 of the 3 losers were good trades, but stop outs due to stop being smaller than the price structure really supported.
I need to resolve this part of my trading plan before next week(Stop size versus target and how to handle).
About 2 hours of trading this style is about all I can handle with this trade plan for now. Maybe that will change, but my concentration lacks after about 2 hours.
Deducting commissions, this would equate to a about $700/contract / week.
On the positive side, win rate was acceptable st 70% and followed plan for the most part most of the time.
As for opportunities, still need to resolve how to handle larger than normal stops as a part of my plan. For most of the week, this cost me some really good missed trades and once I tightened my stop up ahead of a structural stop, I took some losses that could have been avoided.
Going to do an analysis of trades this weekend to hopefully give me some clarity on how to handle this.
Analyzed this week's data looking at MFE and MAE on trades... Recognize 40 data points not enough to draw any conclusions, but results on possibilities going forward very encouraging. Was looking for guidance on how to handle stops and targets with this increased volatility.
For now , will continue looking for 1 point(4T) on most trades and keep stops same (about 4T)unless trading a pivot break on large entry bar. If I have a large entry bar on pivot , will increase stop to what it needs to be and target will be what is needed to keep at least 1:1 R:R.. I will not trade anything with less than a 1:1 R:R.
Will gather more data in coming weeks and see what it adds.
Video was easier to describe details than typing, so short video attached.
Called it quits today at 1100.... Some really good moves today. Took OR off of my charts since I really do not trade based on it .. something else to distract me. Have essentially stopped using footprint chart also.. If context right and I get a structure.. place trade.. Using only 1800T chart and 900T chart on occasion.
Today was almost surreal.. Was very comfortable letting first big move down go without me and no trades.. Beginning to accept it is better to not trade than trade a marginal setup or chase. Additional setups always around corner.
Nice job dude. I think it's that calm the books talk about. I felt today for a brief minute. It helps being up for the day rather than down for the day. Hope the rest of the week goes as well.
Going to trade only until about 1100 each day.. About 2 hours of concentration all that I can take for now..
A couple of great MM reversals today.. only took one of them.. ALso took a larger than normal stop twice with larger than normal target.. One was a 8T winner and the other was a BE trade..
There is something about taking pivot trades I seem not to like.. ES retraces enough usually I can get in most trades with a limit order.. Need to evaluate doing just limit orders and not stop limit at pivots.
