i decided to exit my CHU(test trade), BXP, CBD, CLF, CNQ and CVC trades. they were a mixed bag but sluggish overall and its because i used a 10/25 EMA breakout but those emas suck basically. even for EMAs instead of SMAs i should still use 20/50. I also added 200. Now im doing a triple hitter breakout. After thinking about bouncing from ema to ema as i talked about yesterday i realized it would change everything i do and i dont like that. All i had to do was add the 200 to the breakout to get even more resistance out of the way. I am considering the old resistance new support so im going long now. The cancelled trades wont be included in my raitos, really no point since they break even overall and i didnt follow them through.
added TWC and NAV long entries. they follow my new requirement, the triple hitter, while using the next intermediate TL as reward. Still holding DBC and CS since they basically follow my triple hitter rule.
Triple-hitter: 20, 50 and 200 EMA's need to be broken through, preferably all by one large bar.
My triple hitter method seems to net 1:1 risk to reward but over time i will see if i should adjust that and place the stop a little closer to entry (somewhere inside entry bar). Im thinking i should wait to enter once the market makes a solid daily bar from a S/R line. Just blindly jumping it at the level to "get in early" seems kinda pointless for me.
Ended the trading day by watching "muscle" corner the intra-day market on S&P500 futures.
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