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Awesome like to see us Indy guys on the board! Hit me up on PM if you want to meet up and get beers sometime. Thanks for following - always appreciate advice along the way.
Long day and putting in a quick post before calling it a night for a couple hours. Overall I was again disappointed in the trading aspect. I suspected a long was the way to play it but I got caught in the chop shortly after the open trying to catch a long around the 7720 level and then had to play catch up for the rest of the day. A loss to end the month but still profiting over the past week and change. Hoping that I can catch some good runs this month so I can put the past week behind me.
Daily chart: Potentially starting October well in the green as I write and we'll have to see if that sticks for the rest of the overnight session. Bulls are trying to break back out of the August chop range and I could see us drifting higher as China is off for the rest of the week. Impeachment news likely to keep the nerves in the market and we'll have earnings starting in a couple of weeks as well. The next pivot point I have to the upside is just above 7900 and with the daily ATR positing in the 100's lately we could easily see that at the start of the month.
Thanks for the question. Right now I'm risking $200/contract which is automatically set when I enter the trade. Given how small the account and my way of trading reversal setups I try to move the stop up to break-even if I happen to get a nice move once I get in the trade. That said, this last week and change has been really choppy (for me) and it could be that I've been too eager to try to get cash into the account so I have a cushion.
I should also note that NT intraday margins are $500 for NQ so I've tried to leg in multiple contracts as well and this has only helped to erase some nice intraday gains up to this point. However, the goal is to get this account's value off the floor so I can hold contracts for a longer duration - just really hasn't happened yet.
Well the bad news which is unexpected - I didn't trade yesterday and haven't traded today as our A/C blew out and of course it's going to be a record hot day for October before we cool down. We've decided to replace the unit and I figured since this account really hasn't gone anywhere for a week and it's available money then I'm just going to withdraw and help pay for the replacement.
Ray wins this round. Thanks for the folks who followed along over the past week. Hopefully I'll pick this back up again soon as it looks like Q4 is going to be a fun ride. Good luck to all and cheers.
