Sorry about this "late" post. I got busy doing regular everyday stuff and forgot I hadn't posted this - until now.
After a week of no trades, I got up early to make this trade this morning. As you can see, I should have stayed in bed. I am really trying to put into play my new rules of setting a stop limit (2.0 points) and leaving it there. When the trade went against me, I couldn't bear to just let it go all the way to the 2.0 points, so I moved it down, only to get stopped out before it would have turned in my favor.
But, losing today was not nearly as emotional as the one I lost last week. I literally have only lost four trades since the first of the year, but last Friday's loss was a doozie (is that how doozie is spelled?). I'm really looking forward to tomorrow's trades and hopefully I can regain some losses from my last two trades.
Today's trade looked to me to be a good sniper opportunity. Because of the slight push up for a few minutes before the announcement, I set only a short sniper. Just before the announcement, price wicked up and then jumped to the news. Had I set a straddle, I would have won the trade easily, I think.
It seems that whenever I think I should do a sniper move, and don't (because I'm uncomfortable with it) it would have been the best thing ever. When I do place a sniper based on market movement, it goes against me. So far, straddling, for me, has proven to be the most effective entry strategy - bar none. Remember though, that's just me and my style. It doesn't always work for everyone. Heck! It doesn't always work for me either. But my wins are higher with straddling thus far.
Feel free to contact me if you have any questions. If I don't know you personally, be sure to let me know who you are and a little bit about you. I have really enjoyed this blog, and I hope you do to.
Until tomorrow...
Oh - remember tonight's introductory webinar hosted by Sean and Jason (MMT founders). It's a good time (and educational/entertaining too).
https://www2.gotomeeting.com/register/535205802
Kevin
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