MES/ES Weekly plan Nov 6-10 Continue with bullish trend
Today is Tuesday and currently as I see it in the charts, price is in a bullish trend. I will not fight the trend and think what SHOULD happen, but will just trade what the chart says. I see higher prices in the future and so will take buys as I see them.
One of my main problems is a trader is escaping the NOW and projecting what I THINK will happen instead of just trading WHAT IS. I see prices move up, I think "Too expensive, I must short" What is "Too Expensive?"
Tuesday I will just wait for buy setups. I will use a 1.75 risk to reward target plus 1 tick for commissions. I will raise my stops by 1 tick as well to pay for commissions on my losers.
1-3 ticks saved on each loser equals roughly 2R over 20 trades
One of my main problems is a trader is escaping the NOW and projecting what I THINK will happen instead of just trading WHAT IS. I see prices move up, I think "Too expensive, I must short" What is "Too Expensive?"
Tuesday I will just wait for buy setups. I will use a 1.75 risk to reward target plus 1 tick for commissions. I will raise my stops by 1 tick as well to pay for commissions on my losers.
1-3 ticks saved on each loser equals roughly 2R over 20 trades
