Had a good read on the uptrend today. I have developed the ability to anticipate these grinding up trends based on structure from the previous few days. I created a premise for a long bias if 915 did not hold this morning in my prep.
I took a long entry at 917.50 in anticipation of a grind up. The exit today was not scaled out. There is a good reason for this. My exit protocol would have had me take 1/2 the position off at 921.50 with exit structure confirmation. If I did this, I would have exited the other 1/2 at resistance (926.50).
Exiting the full position at 917.50 is the profit in points as exiting 1/2 @ 917.50 ans 1/2 @ 926.50 area with confirmation. The difference is that the full exit locks in the profit. This is a situation where exiting earlier makes more sense mathematically. I am not a fan of early exits accept for situations like this.
I legged into a short position at my resistance zone. This was jumping in front of a train with no confirmation. When I lose, it is usually in situations like this. There was nothing wrong with the trade though. The ratios were massively in my favor. I will take this trade over and over again.
I was slightly better than break even for the day. This has been a grinding week for profits. For those who are newer to trading, contrary to what you see elsewhere online, this is normal.
I still believe in my short but do not hold futures overnight. I will be looking for a gap down overnight.
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