SLB gaped up into the PP and I was hoping for the second bar to be an IB, but it broke above the PP with a bullish candle so I jumped in. I took a partial at the next PP level and was ready to wait for consolidation before the next leg, but I exited after a bearish long wick candle that touched the $56 number.
At the moment I exited I realized I exited too quickly and that was a mistake for the following reasons:
1. At the point of my exit SLB was still printing higher lows, which means that the trend was instact.
2. I did not give SLB time to rest/retrace/pause before the next leg up.
3. I was operating out of fear. And fear and greed are the main enemies of a trader.
So while this was not a great trade in terms of results, it has helped realize the type of rules I need to define in terms of trade management.
3 comments:
Somehow we gotta work thru that fear and let the profits run based on pattern recognition, fib, spt and rst levels. Of course that's based on experience and confidence and calmness. Noted alot of $5-10 big gainers: lcav cenx hma gci
foe.... 9>10%. It will all come together
You might want to add OIH next to those oils as a confirm so not to get stopped out
Thanks bl. Yes, I have SPY and OIH open at all times.
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