Hi Everybody,
Today I would like to look at a short trade on the ES yesterday and how to manage it, especially as it was slightly tricky.
First, I would say that “normally” I would suggest sticking to the “standard” trade management guidelines if you are a Standard Trader. But my goal though these posts is to move you beyond this level to become a more experienced trader.
So here was the position yesterday. We had a good day the day before, so we should have been expecting a hard day yesterday so when we had two -1R losses early on, our aim should have been to look to get back to break-even for the day (as we were expecting a hard day). So my question is whether there were any signs to help you protect this 3rd good trade ? Normally we look to the DP form the minor Wave b low, but on the ES it had not quite got there............ But this is where we keep an eye on all the 4 E-minis.
Let’s take a look at the NQ in the next post
Thanks, Steve
Today I would like to look at a short trade on the ES yesterday and how to manage it, especially as it was slightly tricky.
First, I would say that “normally” I would suggest sticking to the “standard” trade management guidelines if you are a Standard Trader. But my goal though these posts is to move you beyond this level to become a more experienced trader.
So here was the position yesterday. We had a good day the day before, so we should have been expecting a hard day yesterday so when we had two -1R losses early on, our aim should have been to look to get back to break-even for the day (as we were expecting a hard day). So my question is whether there were any signs to help you protect this 3rd good trade ? Normally we look to the DP form the minor Wave b low, but on the ES it had not quite got there............ But this is where we keep an eye on all the 4 E-minis.
Let’s take a look at the NQ in the next post
Thanks, Steve
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