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Seems you prefer shorting, and you mainly enter on a low 1, when the price dips below previous low which works great in a downtrend or with nice wide movement days. You get killed with chop and trying to catch a reversal in strong bull days.
Your exit strategy is paying off nicely you let the winners run, would you explain your stop strategy? It looks like about 1.5 or 2 points , is it a set value or do you adjust it according to price action?
The following user says Thank You to lasecondababele for this post:
I go for 10 ticks generally unless the market tells me otherwise.
What I've been doing most often is start the trade and set my target to 1 tick below/above the next resistance/support. Sometimes that is 8-12 ticks, sometimes its 60 ticks.
I then move my stop down to swing tops as it moves. The swing size depends on how much the VIX is (above 15, I use bigger swings)
I have been learning to use stop-loss as a last resort, I take it upon myself to make my best reading of the indicators and price action (and index price action) to determine if I should just exit, and when I feel that, I bail.
I'm also taking less trades, I wait for the "sure thing" now and have stopped trying to pick market tops and bottoms, following the market price action is far better for me then trying to make perfect trades. Its far better to take 75% of a move--vs get stopped out of half my trades which cuts into profits far more then just grabbing the 75% middle of a swing.
The following user says Thank You to Zxeses for this post:
