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Today was a good start to the week for me. I had a very good read this morning and exercised patience in executing a long trade.
The action was not doing exactly what I wanted it to as is almost always the case but I found a way to execute my premise.
My trading is at a point where I am no longer trying to figure out where the market is going or whether to be long or short. I have been getting this right consistently for months.
The tough part for me is executing my projections in a manner that is repeatable and suits my style and feel.
This is where 100% of my effort is going. Today is a good example of not getting the entry that I wanted and being able to find an acceptable way to get in.
Being profitable intra-day comes down to management at the point of entry. Where do you cut your losses and what do you do after an excursions when your entry point is retested?
I took a very high probability target with a limit order which is rare for me but was exactly what I wanted to do.
The area that needed improvement today was getting back in on my premise after I executed the first win.
Subsequent entries today where much more difficult and more risky than the first entry. I do not think that should mean I need to stand aside.
This is where my great debate lies. Do I just take the high probability premium entry and leave the rest on the table or do I continue to engage?
I am not going to try to settle it tonight.
Good job today, nothing wrong with 3 points. I got 2.75 premarket yesterday, and like you, stood aside and did not re-enter. I am not sure if this is the way to go about things, but I am starting to believe that if I can focus on getting the constant profits of a few points, then I can start to add leverage.
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