Ruthless I say!
200 tick move up just the day prior only to have it sink today plus some. The opening bell appeared like a drive to at least close the open/daily gap as the 5EMa had crossed the 34. Not today. Price turned around quickly.
Did anyone think to check the market internals. ALL RED!!
Nothing to trade here anyway. Was going to wait on the 25m open range. With internals in the red, short was the option here with an entry only on Heikin Ashi and 5m bar closing under CAM L4 (985.1) and monthly R2 at 985.6. 1 hour open range low now set at 985.5. Just a matter of hitting the entry button. Entry was at 985 short, 2 contracts. first target at post 1 hour open range S1 (983.7), 1st contract off. Stop to B/E. Second target at Daily S2 or 1 hour open range S2: 980.9. All out at the target. 2 contracts. $530.
Sure, greed could have set in. Keep riding it down. I follow my trading plan for entries and hopefully assist you in yours. After the entry, it is all personal trade management. There is no place I can tell you to place your stop. Hey, maybe your account can handle a reversal of 200 ticks on 4 contracts. Not sure why you would risk so much, but maybe you prefer it that way. Others will keep it so tight that they don’t give it enough room. When market internals and all indicators that you follow are screaming a trend, then go with it. I’m not guaranteeing that it will not go in reverse on you, but the probability of the direction is most probably in your favor. What can I say…this is trading.