Thursday May 24, 2018 blackFLAG© Futures Trading System

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Screaming Alerts for GOLD and S & P.  Closed too early on Gold and Shorted too late on  S & P.  As a result I am neutral for the day.  I was planing on going Long OIL using a channel bounce instead of waiting for the alerts.... Stupid mistake.  Even though I had great entries on two (gold and s/p and neutral for the day).  

Poor stop management on S & P. Otherwise, I would be positive for the day. 

  • This an example of how a news event can affect the markets and trading scenarios.  This is where the alerts come to the rescue.  
  • I must improve and reaction time and forget about entering trades using channels.  That is a no no.  Wait for the Alerts.  Simple. 
  • Consider scaling out of the positions vs. closing all of it at once.  This is a matter of preference (looking back, it would have been nice).  But, I prefer to cash in usually 2/3 of the position and ride the balance.  Today, I just closed it all at once (gold).
11:00 AM

Poor entry Long on Oil ate up all profits on ES and GOLD

Basic Assumptions:

Account Size: $100,000 USD
Maximum Risk at Trade Entry: $2,000 (2.00%)
Maximum Risk 2 Min After Entry $600 (0.60%)
Adjust To Break Even ASAP
Average Size: 4 Contracts
Maximum Loss Limit / Day $500 (0.50%)
No New Trades.  WALK AWAY!

All Charts Include The Levels Below!

Great Trading Opportunities Today. Gold and S & P. Poor Entry on Oil. Neutralized the day!