bcrafty,
That particular trade was entered using a daily chart and was intended
as a swing trade, albeit of short duration - the duration to be determined
by the price movement up to or near resistance, or a sell (for a loss)
below 1139ish (what appeared to be support).
I was just watching the channel and looking for a bounce off the bottom.
The only setup that I waited for was a day with a higher low and at least a
temporary hold above the previous day's high (I think it was the previous
day - maybe it was two days prior... hmmm can't recall right now).
IOW, just some confirmation that it was indeed bouncing off the bottom
of the channel.
It simply appeared to me that it might take 2 or more days to near resistance.
Therefore, I was prepared to simply set some alarms and not
micro manage the trade.
As it turned out, I was able to watch it. At the time when it dipped, I
was working on something else and decided to take about half the position
off the table for a 3 pt loss.
When the price again bounced, I added to the position (back to my original size).
Then when it ran up, I took about a 9 pt profit to offset my previous loss.
The next morning, I watched (anticipated the "rug pull" (compliments
of shoreco) and sold. I'd have to check my journal for the details but that
sounds about right... I seldom remember the details of any particular trade...
that's why I keep the journal.
At the moment I'm short... but just looking for a scalp... a pt, maybe 2. |
