DislikedI know there was a lot of traffic to the left of this BEOB, but my order still got triggered when price barely broke the bottom of it on the next daily bar. I closed it off for a small loss a few days later...wish I had let my trade breathe with the SL set above the BEOB but I didn't see price going anywhere so tried to cut my losses.
Anyone stay in this one? If you didn't, what kept you out?
http://i48.tinypic.com/311pgdj.gifIgnored
Also, I think the short on this trade was a few bars back (BEOB right off 150 after that move up). That was at a minor swing high, and hence it was a higher probability play than the BEOB that you are talking about. Again, this is just my opinion and how I trade. Like Chris said, when your stops are in place, and there is no PA that says "get out", why take a loss. Your stop loss marks a point where you say "if this trade moves to this point, then my hyphothesis about where price was going IS/WAS wrong" But before that point, you should STILL believe your hyphothesis was right, or else why did you get in the trade. I've come to learn this over my young trading years. The samething happened to me about a few months ago (actually I think it was a GBP.JPY trade), price had triggered my entry, adn then basically stopped on it's tracks for a few H4 periods and I was in a small drawdown. I wrote on my journal that "if price doesn't move in the next 4 hour period, I will bite the bullet and take the small loss." I forgot about it, adn went to sleep. Next morning my target was hit for a +4% gain.
Just thought I would share my story.
Cheers, Kulu
