Summary for this entry so far;

1 contract stopped out at -36 ticks

2 contracts at +28 = +56 = + 20 for the day

Remaining contract at +40 currently, to be monitored, hoping to get to a breakeven stop, including the 20 ticks in the bank.

GaryD 

Summary for this entry so far; 1 contract stopped out at -36 ticks 2 contracts at +28 = +56 = + 20 for the day Remaining contract at +40 currently, to be monitored, hoping to get to a breakeven stop, including the 20 ticks in the bank.

Plans to stop early for the day, given the holiday?

I hope you get to have the opportunity to spend quality time with your family and friends this holiday weekend.

Mike

[img]https://nexusfi.com/v/7bm9fk.jpg[/img]

Big Mike 

Plans to stop early for the day, given the holiday? I hope you get to have the opportunity to spend quality time with your family and friends this holiday weekend. Mike

I know I was not going to trade, but after thinking about it for a day, the low volume could have shorts trapped hard right now. I am going to hold this for awhile. I am out of the danger zone.

[img]https://nexusfi.com/v/yym3wj.jpg[/img]

The chart above shows a thick horizontal red line where my initial 1 contract entry got stopped out. had I increased my stop distance, I could be in this trade with a single entry and no losses. That is something I am working hard on; allowing greater stop loss limits for longer targets.

The way I traded this actually increased my risk somewhat, because I took a heavier position after I believed I witnessed a washout move. But, in defense of the move, at that point I believed I had much better confirmation.

Low volume creates whippy action, I had talked to myself about that since last week, and so the stop out was alomst expected. I am not sure how to conquer that within myself yet, but am working on it. Slowly.

I just bought "The Inner Voice of Trading" by Michael Martin which I plan to finish before Monday. I am a work in progress, but making progress.

[img]https://nexusfi.com/v/vcvgrt.jpg[/img]

closed 3rd at +90

[IMG]https://nexusfi.com/v/tawzyj.jpg[/IMG]




Edit 12:10pm EST


I may have exitted too early, but that upward spike looked way to panicky. But, sitting here, flat, that was a beautiful wave. Solid white, straight lined, gorgeous. Even with the initial stop out, I am very happy with my original entry decision. It took my money, but that happens. I still love the trade. Watched for days, executed with patience. Good job GaryD.

I still like 1697 as a swing trigger.

[img]https://nexusfi.com/v/xge7cc.jpg[/img]

[IMG]https://nexusfi.com/v/h4amfv.jpg[/IMG]




[img]https://nexusfi.com/v/bb585q.jpg[/img]

There went the stops at 1697

[img]https://nexusfi.com/v/56xbhc.jpg[/img]


Swing entry area anywhere from where we are now to into this zone. If this breaks, we will have another shot at a potential double bottom, but I like this better right now.