In perhaps a cruel act from the gods of randomness, my first trade of my new beta set up worked beautifully. I went long on the first 10 minutes and when I saw that the trade has made 1x my risk after a few bars, I decided to take my profit. I'm gonna do that for now. It seems like every up move is being sold down in this market except for some stocks. I don't think I will be lucky enough to pick those stocks.
I'm gonna follow the same setup for today and see if I will be lucky for another round.
One of the things I am thinking of is a time cut off for the setup. It has to happen before the first 30 minutes, otherwise I'm out of the trade. I initially was exploring the idea of NOT using the volume filter as per my previous post but last night, I was seeing names that had 5% spreads on the bid/offer and 1,000 shares volume. That's a little too risky for me and I don't want to be a part of that.
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