Setup: we have a trend day, as identified by the ADX on the 10m SPX chart.
Plan:
part1: enter a 1-contract position on a pullback to the 20MA, with profit target at R1/S1, and stop at 4 points.
part2: trade an additional contract in the primary direction on pullbacks, and sell it at interim tops, using my BetterVolume / RSI / trendline signals for entry and exit calls.
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Tried this out for a couple trades today. Lesson; I need to be a bit better at detecting a trend day before I use this; I would up putting on 2 contracts around the FOMC decision; and things got a bit out of control. I managed to maintain, got out of one contract for a small loss, and then let the second ride for an 8 point profit. I'm thinking now that perhaps 2 contracts could be more useful as the initial lot, scaling out one contract at initial profit point.
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