Shared by
GingerSquid_BOWS
My s/l was one cent off. This really set the tone for my week. I need to work on keeping my emotions out of my trades.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-12 10:05:27 | FTK | sell | $24.430 | short |
| 2014-02-12 10:05:27 | FTK | sell | $24.430 | short |
| 2014-02-12 10:05:27 | FTK | sell | $24.440 | short |
| 2014-02-12 10:05:32 | FTK | sell | $24.422 | short |
| 2014-02-12 10:18:55 | FTK | buy | $24.600 | short |
| 2014-02-12 10:18:55 | FTK | buy | $24.590 | short |
| 2014-02-12 10:18:55 | FTK | buy | $24.580 | 0 |
Comments
charlesk_BOWS
yeah i use round numbers for the distance, but also make sure that those are not round numbers either.. so for example if you shorted at 24.40, and thought stop should be .6, I would make it .61 or something. just because of the weirdness of whole numbers on the charts.
regarding this trade, it looks like you shorted on support and bought at resistance.
EL_BOWS
Two thoughts: 1) the previous point of price resistance (in the wick, 2nd candle of the day) was at 24.62. Your STP should've been above this. (2) You can get back in! As it broke below 24.40, it's broken the previous levels of resistance.
jj_BOWS
I was thinking the same thing as El_BOWS points out in #2 - time to get short again after you saw it fail to hold $24.40. Sometimes a trade take time to develop and it's ok to be wrong about when that time is, so long as you're always keeping your risk, reward in check.
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Good idea. I would have placed a stop directly above all the ema's since they were pretty close together. I also like to use whole numbers for my stops (i.e. 10 cents away, 20 cents away, etc) so with your buy my stop would have been 20 cents away at $24.63 which is directly above all the ema's. All in hindsight of course but hopefully this helps nail this trade next time because you almost nailed it.