Clean and simple base.
Broader market is weak.
Entered at 345 with previous day low as SL with risk of 1% on portfolio.
Stop hit the same day as breakout faded.
Portfolio down by 1%.
Decided to keep stop loss below days low with position size in terms of % of portfolio allocation rather than fixed amount per trade. This will allow to close positions with minimal loss and not a fixed amount i.e. 1% loss of portfolio as the day low would be few % below the entry point or when the move is faded end of day but limit not to exceed more than 5% from entry point. This will also allow to get back in cash immediately when breakouts are fading and falling back below the pivot. Will go with this style for couple of trades to find the best approach that would work for me.
This is not an investment/trading advise.
Broader market is weak.
Entered at 345 with previous day low as SL with risk of 1% on portfolio.
Stop hit the same day as breakout faded.
Portfolio down by 1%.
Decided to keep stop loss below days low with position size in terms of % of portfolio allocation rather than fixed amount per trade. This will allow to close positions with minimal loss and not a fixed amount i.e. 1% loss of portfolio as the day low would be few % below the entry point or when the move is faded end of day but limit not to exceed more than 5% from entry point. This will also allow to get back in cash immediately when breakouts are fading and falling back below the pivot. Will go with this style for couple of trades to find the best approach that would work for me.
This is not an investment/trading advise.