Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2014-03-31 11:16:35 | MY | sell | $2.850 | short |
2014-03-31 11:16:35 | MY | sell | $2.850 | short |
2014-03-31 11:16:35 | MY | sell | $2.850 | short |
2014-03-31 11:28:32 | MY | buy | $2.860 | 0 |
Two things I see here (and you probably know both): 1) 14 consecutive red candles before your entry: way too extended. These are hard to pass buy in real time because "it's just tanking so hard, it'll have to keep tanking!" but I always try and ask myself "is there really a setup here? what is it?" If I can't answer, I don't take the trade. 2) I understand the lack of confidence here, but is that a reason to sell? (I'm not trying to be mean in any way, just highlighting the need for rules/systems) It didn't make a higher high, it didn't break the MAs, it didn't break previous resistance (those are three of my big ones).
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After that drop from 4 to 2.75ish in a matter of a month, gotta expect a bounce at support.