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I know I was not going to trade, but after thinking about it for a day, the low volume could have shorts trapped hard right now. I am going to hold this for awhile. I am out of the danger zone.
The chart above shows a thick horizontal red line where my initial 1 contract entry got stopped out. had I increased my stop distance, I could be in this trade with a single entry and no losses. That is something I am working hard on; allowing greater stop loss limits for longer targets.
The way I traded this actually increased my risk somewhat, because I took a heavier position after I believed I witnessed a washout move. But, in defense of the move, at that point I believed I had much better confirmation.
Low volume creates whippy action, I had talked to myself about that since last week, and so the stop out was alomst expected. I am not sure how to conquer that within myself yet, but am working on it. Slowly.
I just bought "The Inner Voice of Trading" by Michael Martin which I plan to finish before Monday. I am a work in progress, but making progress.
I may have exitted too early, but that upward spike looked way to panicky. But, sitting here, flat, that was a beautiful wave. Solid white, straight lined, gorgeous. Even with the initial stop out, I am very happy with my original entry decision. It took my money, but that happens. I still love the trade. Watched for days, executed with patience. Good job GaryD.
Swing entry area anywhere from where we are now to into this zone. If this breaks, we will have another shot at a potential double bottom, but I like this better right now.