Another day wasted - Day Trading: Feb 17, Intraday

Mechanical Trading System, so I get to blame it on the mechanical rules that I created.... I am kinda happy with the change to a more liberal entry rule. That gave me more opportunities today, and most of the entries were good.

The Mechanical Stop Loss... utter failure today. I have kept the Initial Stop Loss wider, but that did not seem to be of much use today. But the Trailing Stop Loss is what gets me - how can I lock in more profit? I do not want to implement a Target Exit, or even a Partial Exit just yet. An alternative is to get back to the tighter Stop Loss rules that I used with the Momentum Lagging Trading System.... though I like the current relaxed Stop Loss rules better.

Today's trades

1. Short, MFE +15 points, Result -14 points, Trade Drawdown -29 points
2. Long, MFE +60 points, Result +34 points, Trade Drawdown -26 points
3. Short, MFE +39 points, Result -15 points, Trade Drawdown -53 points
4. Long, MFE 0 points, Result -5 points, Trade Drawdown -10 points

The drawdown of 53 points has been the biggest intra-trade drawdown this year. The only other 50+ point intra-Trade Drawdown was on January 13, but at least that trade had locked in some profit.

At the end of it all, I am still undecided on the Stop Loss rules to be used tomorrow...