Yesterday, CounterTrend Max called a nice short entry for that reversal move in the E-mini S&P. There is no doubt that using a countertrend entry is the best way to approach day trading this market. Yesterday, the biggest problem was a small profit target.
Profit targets can be tricky. You put your profit target in and the market trades near your profit target but then reverses and goes back to your entry point and you believe that maybe your profit target was too big and needs to be adjusted. Then the market moves in your direction again and slices through your profit target and doubles or triples your anticipated move and you begin to believe your profit target should have been bigger.
There is no way to get it perfect. When you day trade, you have to have an exit point but it seems that over time, when day trading, end of day exits give you the most time for the trade to go in your direction and the best opportunity to capture big winners.
This is the case for CounterTrend Max. In the video, we go over how much better this strategy looks with no profit target in the E-mini S&P, E-mini Nasdaq, and E-mini Dow.
What does the data tell us?