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07-Dec-2012 : Took two trades as per my understanding.
I remained observer towards Opening, though my friends were Short with confident and succeeded. I could easily see from their ( and mine too ) view angle how its going down but due to turbulent bug from some previous fast open drive, i felt defensive myself. Rather i was waiting for proper pullback-resume to enter Long. Long didn't worked , i exited and it just gone the way up from next bar. I felt cheated but was not disappointed. It gave me impression that bug is still playing havoc with me. But all i was trying to replicate the action which i have been taken in such MIRZ Long trade and failure situations. Short trade gone the way fast as always happened in such failures.
There might be some questions regarding this as,
1) Why i exited Long when it was well within my risk span ? Neither it broke a major pivot or some thing real structural wise .
2) Why not Short entered if i perceived to exit from Long ?
3) Why not Long re-entered on next spurt ?
4) And above all , why Short entered delayed ?
I just read @PandaWarrior and @monpere conversation about stop placement here. Panda has been inspiration factor for me( and for many ). His posts lead me to "adopt" some methodology and plan. One common trait is that i too am momentum trader most of time. Answer to all above question, and about entry/exit/stop for me depends on momentum i perceive from current structure. Actually better to say its "Discretionary execution resonated by market momentum and structure real time within my methodological framework".
Some most recent MIRZ failure actions i remember are as,
11-Dec-2012 : I realized latter that failure to trade MIRZ failure was due to not believing in trend. risk reward was ok.
I think , explaining anything now, about why not participated in down move will not be honest and i fear it would be truly Outcome biased. Truth is i failed in believing that trend is changing and had changed and got out of my reach.
Day session is like Exam - it doesn't matter how well you understand before/after exam, only matter what you wrote during exam.
( I marked three points A, B and C, where it hinted that trend is changing....but.... )