TTEK saves the day
Went long TYC and TRN and was stopped out of both. Why??? Who the hell really knows. But I suspect it was because I entered at or near the fib. ext. based on the :15 OR. My trade earlier this week in KFT was the same thing. I will not enter any B&B trades at or too close to the fib. ext. What's too close? I figure around 2R is far enough away (a little under 2R will do as well).
Also went short AKAM on a break of the 12:09 bar low but it didn't work out. However, I didn't get hit that bad.
My saving grace today was TTEK. Entered long on a break of the 1:21 bar high which had taken out the 27.86 pivot high on good volume. Now, I probably should've been stopped out on this as well but I didn't place my stop before price moved against me. My new exit strategy calls for me to set my stop once price closes below the last pivot high (for longs). In this case, the 1:36 bar close below the pivot high of 27.86 and I should've placed my stop .02 below that bar which did not get hit. Price rallied after that drop and I decided to exit my position just below the fib. ext. Had I not made those stupid trades in TRN and TYC I might have had the cojones to let this trade ride a bit... possible beyond the fib. ext. I most certainly would've made about .30 more sticking to my exit strategy. Whatever... I was happy to make back my losses.
6 comments:
i put a stop loss and taken out. Turns out it was almost the low of the period.
Are MMs watching & manipulating?
i am pissed
Can you please explain your new stop-loss method?
You stated you should probably have been stopped out but you didn't have your stop in place. What would have been your initial stop... right under the bullish 13:18 bar?
Thanks.
pdt: my initial stop was/shoulda been .02 below the opposite end of my entry bar. I'm looking to exit now once a new pivot area is identified and a bar closes below/above it. I then want to place my stop .02 below/above that bar. The idea is that the pivot area is the new support/resistance area and if it's broken then the trade may start going against me.
FWIW akam 4/15" 2/30"
bl... you must not use the 5ema for entries.
NR7,
Sometimes patterns, AKAM 4/15: descending triangle, doji 2/30: ib
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