ES Trading – 13 September 2010

14 September, 2010

Total -2.46R before commissions

OK so today I missed a reversal trade and didn’t take the fourth trade. My psychology is definitely a little worn from last week. Weekly pivots can be strong resistance and I will watch for how price moves at these points. I let a profitable trade go right against me after it had bounced off of Weekly R1. I didn’t break my rules here so pat on back just trying to work out if there is a way of mitigating the risk. My maximum adverse excursion data tells me that 2nd position trades do not go against the trade, on average, by more than .4R so the first contract risk could be brought to break even without much impact to the win rate and expectancy. This is a tweak mid month and is pretty much against my rules… I’m gonna meet the stats in the middle and move my initial position stop to the 2nd position 2 pt stop placement. This may be break-even it may be up to 4 ticks risk. I believe this will help my psychology, less risk on the table at any given moment, and my psychology is very important as tomorrow will show…

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