Very proud of today. Had charted yesterday at some point a gap-ish zone on /ES where price had previously had an excessively steep drop off a few weeks or months ago and had yet to retrace the zone. Noted this, then on arriving at the office today, pulled up screen and saw that /ES were bullish & approaching this zone. Pulled up /ES chart & TICK chart, on testing of the 383 level which was near the beginning of the zone & near the previous high of day, I entered on seeing the tick begin rising, touching 600. I remembered the wisdom of Druckenmiller—realizing I was in a sound play and exercising resolve to milk it for as much as I could (though milking for me is on a sub atomic level compared to him)—& was lucky enough to be in a play backed by significant enough demand that it did not spend much time hovering near my entry, and did not cause anxiety or significant test of my resolve to hold. I did not set a price target, but followed the trade up with a stop loss trailing anywhere from 2-3 points behind it. On the approach of the next 10 dollar level (3890) some resistance looked to be present so I raised the stop even more tightly, but considering we were still in the gap zone did not want to immediately take profit. The price deliberated, then came down to hit my stop. Thoroughly proud of this trade, of my analysis, of my rational, of my resolve, & most importantly of my execution, & this trade marks my biggest futures win to date & puts my well over my profit goal for the month, though the rules of how I was supposed to achieve this goal were not applied—I was supposed to be trading 20 shares of names, but this was decided before I watched the Druckenmiller interview & expanded my awareness of what the right way to trade it. I must now remain steadfast in protecting these profits—it would behoove me not to trade at all until the start of next month, or if I do decide to trade, to only take the cleanest, most obvious setups. There’s no point in taking any significant shred of risk when I’m in the green & on track to meet my goals. Remain steadfast in your resolve.
I sat, I watched, I waited, then when the time seemed reasonable enough & the rationale behind the trade sound enough, I entered. This is the way to trade.