Dislikedpicollo,
1. You booked a 20point loss.
2. You did not choose to attempt a rescue procedure, if you went a few lots more long at 900, so you re-averaged your position instead and could prly have conducted a clean rescue.
From my point of view, when you went long at 950, you were already wrong about the market direction when it went to 930, instead of rescuing you decided to drop out at 930, essentially, you are merely booking a loss and now awaiting for 900 to go long, if price reaches 920 after you went long again, you merely broke even. Its two different trades alltogether.
regards
jestIgnored
1. I would kill the scout and revert: I mean close @ 940-935 and enter in the opposite direction...why? because this is not a 5M mis-timing...(only rescue are allowed on 5M mis-timing) so I do not rescue but if I see that scout is crazy and going the wrong way..."the war is north and his going south"...he is a deserter and deserve to die...
2. For me a trade is a complete campaign. It is divided in 3 parts that I call waves..scout is 1st wave, then 2nd, and 3rd...very rarely I have a 4th...maybe when I have more experience...so killing the scout is not killing the trade but bleeding my book.
3. When I kill the scout and do not revert is only because the general is totally confused...he does not know what to do...He must wait until he recover his mindset...I believe that is what fti says.
so I would kill the man, reenter against the dead scout with the 2nd and 3rd waves and collect my profit at 900 and if I have time reenter in the opposite direction with a new scout...Collect booty in both directions. Overall it would be 35 pips one way and 35 pips the other wait. That is better than waiting, right?
This is my 2 cent...have fun
Empty as water and soft as a facing wind mountain