Today we had a 2pt Gap down and traded in a solid range for the whole morning past the 3rd time interval, then we tested the lows of 1353 prior to the 9zone where we got a 4pt rally to let me out of a long
Recap Notes:
Trade Selection - Ok, but i missed some solid opportunities to take profit and had to sit thru major retracement. But i was able to manage risk with size at reasonable distances and was able to book goal +1.
INTANGIBLE OBSERVATIONS:
Take your time with the open try to Identify the Day Early- today we traded sideways all morning even after news release and i still was hoping for a trend day??? Mistake that kept me in a long position for 4+ hours. I should have taken profits early had i recognized the day type.
Managing Risk with size - This is an extreme defensive decision and not preferred. However this prevents large draws IF each additional entry is properly spaced from the original. (ie. 2+pt away from 1st entry and signaling reversal or turning)