not a bad day of trading considering I was down $200 off my first trade. Looking back on it this was a TERRIBLE stop placement. Why did I get out before the prior low even was taken? This makes zero sense. It should be on the low of 5195 but instead I thought I knew the future and neglected my system and stopped out of the trade. This day had potential to be a multiple thousand dollar day if I played it right. Lets go over what I should have seen.
Internals were slightly bullish at open with VOLD ADD but both mag7 and indices were down a significant chunk before the open. Once my trading time hit we held both 10 and 1030 OP while vold add broke out to new highs around 1130. TICK also 65% above 0. This could have been a much bigger trade had I gotten in early, looking to add on false breakdowns, then added once we broke OP and added again into the breakout to PDC. That could have been about a 20MES 10-15pt trade which is considerably huge for me. That can be about $2k all said and done. Trading it like that wouldve been very difficult but it wouldve been much better of a day had I not stopped out and rather added. FOMC is a different type of catalyst where the real chop happens tomorrow, not today. The day before FOMC is known to be quite good for bullish price action and I knew that going into today. I need to be more aware next time that it can easily be a very tricky but very profitable grend day where we end at HOD.
Mistakes:
1. 4/4 yet I sold very early
2. FOMC tomorrow means today can usually be very bullish
3. Stopped out on a great position because I thought I knew what would happen instead of looking at my strat
4. Let other people influence my decisions into thinking today will be choppy. I did think today would be choppy myself but hearing other say it made me even more weary to the group think
Solutions:
1. If we are 4/4 always hold a position idc how small
2. Remember day before FOMC Is great
3. Dont ever stop from an impulse. Yeah if you lose today thats $200 but if you win on that trade thats over $1k easily. Still great R
4. Dont listen to a single soul while trading. This is you and you alone. What works for others wont work for you and what works for you wont work for others. Let it be.