Hi Everybody,
As I said yesterday, the markets go in cycles and after a few hard days we were getting ready for a good day, so when we got a TS3 sell to go short right off the open, I had high hopes. The ES did not disappoint, as the ES dropped straight into the Typical Wave 3 WPT. With +6.4R Profit (ignoring slippage and commission) available at that level, and some TS4 buys coming in on the 15min Charts (NQ), looking to bank such a good profit was a good idea........
No do you see why it is important to keep your losses small. Even with a bad day on Wednesday with three -1R losses, this one +6.4R Profit puts you back into profit in just one go ! That is the secret to successful trading, keeping the losses small and profits large.
Even with two more -1R losses later in the day, you were still up overall............. So all in all, a good day yesterday !
Thanks, Steve
As I said yesterday, the markets go in cycles and after a few hard days we were getting ready for a good day, so when we got a TS3 sell to go short right off the open, I had high hopes. The ES did not disappoint, as the ES dropped straight into the Typical Wave 3 WPT. With +6.4R Profit (ignoring slippage and commission) available at that level, and some TS4 buys coming in on the 15min Charts (NQ), looking to bank such a good profit was a good idea........
No do you see why it is important to keep your losses small. Even with a bad day on Wednesday with three -1R losses, this one +6.4R Profit puts you back into profit in just one go ! That is the secret to successful trading, keeping the losses small and profits large.
Even with two more -1R losses later in the day, you were still up overall............. So all in all, a good day yesterday !
Thanks, Steve
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