ES and TF moved from open range zones into CoiledMarkets RoadMap objectives above, as usual more often than not. It was a news-driven, somewhat jagged path to follow for those who choose to trade the news.
There was pretty much one directional swing, and all-day noise on either side. Very typical of these two-day, dual news released FOMC events. I personally prefer not to trade the emini gyrations myself, although currency symbols moved quite well from overnight thru this day.
Regardless of what you trade or when, HOW you manage those trades means everything. Generally speaking, your profit exits must be greater than your loss exits. Period, end of story. Win/loss ratios mean nothing. They mean nothing because no one on earth can sustain 80% or 90+% wins over time to permit smaller profit => larger loss ratios to succeed.
Whatever you use as an initial stoploss, your profit exit must be much bigger than that. If your win/loss ratio is low, you must hold winning trades for bigger profits still. That’s a concept which conflicts with basic human nature… which is exactly why most traders fail. Basic human nature is the antithesis of human trader success.
You cannot eat like a bird and void like an elephant. Sooner than later, your cash account will die of anorexia. It is that plain, that simple and that resolute a universal law of trading. Dismiss it if you will. Eschew it if you will. Deny it if you will. Doesn’t matter… the truth remains resolute, and the market’s long-term will will be painfully imposed on anyone who hopes to pretend otherwise.
For more daily updates from Austin, visit his blog at Coiled Markets.