Markets See Pullback

It was an interesting day as the markets came down nicely after a threat last night to move to the upside. The ES was trading at $1112.75 last night at 3:30am EST and touched as low as $1090.25 today. That is right at the bottom of the range that I said I would pick up a long position. I ended up getting a position with an average price of 1093.50. The markets attempted to make a move to the upside in late trading but hit resistance at $1097. Once we were up there, I moved my Stop to break even and sure enough, just at the end of trading I got stopped out. While it was a good move to set the stop at break even to ensure I didn't lose any money on the trade, I considered leaving my stop just below the lows of the day. In today's tricky end of the day market, that would have been the best move. I'm pretty annoyed that I got stopped out since the markets moved right back up to the $1097 resistance after trading. I am going to look into redefining a rule as to when I set a stop to break even. Today, I moved up my stop just to protect against a hard sell into the close. Well, we got the sell, but the market played me for a sucker on that one. But, you could go either way on that play, I am not going to get stopped out every time in this type of case... but I did today... The key to remember when setting price targets and stops, always stick to your rules and your trading plan. Learn from market behavior to modify rules over time, but once you set your rules, abide by them.