Friday, March 25, 2016
This is how I trade now of days. Most of my trades are in the ES mini. Most of them are a goal of one point with a stop loss of 2 points. I attempt to have runners when I can.
The above trade was perfect. Market was in a range and I tend to get chopped while in it.
So wait for the range to be broken with the buyers in control (using stoc above 50%).
Buy the pullback - a pullback of 38 to 50% of last move.
Wait for target to be hit.
This time because of the choppiness, I did not try for a runner when I could have gotten 3 pts out of the trade.
Bottom line - perfect trade.