Mondays are filled with too many meetings so only Sim trades today. I nailed some terrific entries, but was too quick to move my stop to break-even, so did not realize any gains. Here's a chart of my entries/exits from today:
Those entries are Golden! Now I just need to figure out how I can pull profits from the entries. Both of these trades were mean-reversion setups, with the Long being a combo of mean-reversion and double-bottom. In both cases, price was extended beyond the value areas. I'm thinking in these scenarios, perhaps I should leave the initial 2-point stop in place until price moves 2R in my direction (4-points), at which point, I would move the stop to break-even. Once price moves 3R (6-points) in my direction, move stop to +2 points, and continue the process until price action stalls, and signals a possible reversal. Of course this rule works like a charm if I just look at today's trades, but I don't have sufficient data to know how it will work over time, so I'm still undecided on this. You guys have any feedback/thoughts on this topic?
ES Market Balance (5-min Continuous Contract)
ES Market Balance (5-min Day Session Only)
TF Market Balance (5-min Day Session Only)
Looking over today's charts, the TF "looks" like an easier instrument to trade. It bounced off it's mid-point pretty nicely in the afternoon.