Thursday, 14 November 2013

Followup to Yesterday's Trade

I just wanted to show what happened to yesterday's ES trade in the previous post. There were two possible entries a little after the open. Putting on a trade and then managing it to completion is the skill that a trader needs. Its probably the "managing" part that is most important. As Pete Steidlmayer said to me, "just put the trade on and manage it", I kick myself if I overthink and miss a trade.

You can see one of my yesterday's entry trades in the bar chart below (first entry was a 50% size and I added to 150%). There was nowhere before the close that the chart said to exit the trade. The LURenkos took out all the noise and we were left seeing the clear order flow. Higher highs and higher lows. It ended up being a trend day with a close within the top 10% which means that there is a very high probability that I couls exit at a higher price after the close in the next 24 hours. As at the time of writing this post, there was an additional 3 handles profit available between the close and the high after the close.

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