The chart pretty much says it all. I placed my stop at somewhere around 10cents under my entry, as I mentioned...I have a 20cent loss allowance on SDS, 15 gets used the most often and I end up moving it too soon sometimes as well.
Nice entry, the right price, read the support bang on and called the trend day. I failed the alternate entries due to the price not consolidating as long as I expected it to...in both cases I should have pulled the trigger once the price was within my stop allowance given where the stop needed to be placed. There were four entry opportunities and I saw three of them setup, so all is not lost as I learned a valuable lesson in chart readig and trade judgement.
There was an easy $1 per share trade here and, if I used both stop plans and entered twice $1.20 per share.
I am planning on setting my stops on the charts from now on and setting my entry price accordingly. If the TICK sets up and the price is right then the trade is made...I need to set some sort of SMA band once I determine that an SMA is the rough stop setting as today was...less 5 - 10 cents.
Jeff.
No comments:
Post a Comment