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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,742 since Nov 2014
Thanks Given: 3,429
Thanks Received: 3,009
Yeah. You read that right. Getting Stopped out for a loss can actually feel good
Everything went well today including my stops being hit. Let me explain.
My entry was picture perfect.
I was patiently waiting for the set up. About 20 mins post open, I saw divergences in Adv/Decline and NYSE Tick at 1997. I also saw reasonably big sellers at 1998 and could lean against them. Though delta was strong, I decided that the location was safe for my stop at 2005. Comfortably above the noise of O/N high and even yesterday's high. No hesitation. Entered. Original screenshot
Within 10 minutes, my first target of 4 points hit. (Markings done later)
We saw directionless move for a long time by the locals (as seen by the low average size pink coloured volume bars) mostly aiming for stops above O/N high and 2000 became a prey.
Then Locals took a U turn and market picked stops below the day lows and almost hit my 2nd target 1989.
Another U turn, this time to grab stops above Yesterday's High
Even at this point, my Stop is safe ABOVE THE NOISE mainly because of my initial entry Position and wide but logical stop.
Also note the high volume bar and big average AKA OTF stepping in for the first time around 13.05. That's when My premise changed but there is no way of guessing it. The context supported shorts and I took it at a good location. I am glad that it took about 12,000 contracts that traded that minute to prove me wrong. That feels good.
Eventually, we reached 2020 and that's a great news too. The implications are huge. That means, when I am stopped out, I can be confident that market has changed FUNDAMENTALLY and hence I will be more confident (in the distant future) of FLIPPING from short to Long.
I did NOT expect that all. I was fairly confident of Bears gathering momentum to test 1972. I guess, the Bear bus became crowded and Market needed to shake off weak shorts
Whatever the reason was, the reality is we are back at the high of the composite area testing FOMC highs again.
Since it was relatively low volume, my Bearish Bias hadn't disappeared but I have a healthy respect for Bulls now.
I am NOT a Breakout trader and hence may not get onboard if this Bullish momentum continues but with big news coming tomorrow, I will wait for more clarification.
