DislikedOk I was doing fine on the long trade from 5016 - waited patently and watched as price got up to 5040 - I had moved my stop to 5028 and was thinking price would retest the high giving me a #1 exit or a runner. I closed out at 5035. A breach of the of the support at 5036 and a touch of my fear based trading.
I see many of you took the trade from 5025 down - I did not see the FCR at 5028 because I was focused on the long trade I was in. My question is how did you let go of the long so easily and reverse the trade on what I consider at best a weak...Ignored
the problem i see from you in this particular case goes deeper than just not seening the fcr..
this fcr 2 is as clear it can get.. they normally come off the long bullish/bearish rides.. it is a quick reversal without a double bottom/top or any 123 swing setup.. and the shorter they are the better.. the reason i have it in the game plan, is to not miss rides when the damn thing runs without a hiccup.. its a straight shoot down/up for min 50+..
so the two problems that i see and it goes beyond the technicall aspect..
1) it seems to me that u fall inlove with ur trades a little toomuch, and getting cut up with your expectaions of the the trade.. which it leads to not letting go of the trade and do the quick stop reversal..
one cure for this problem: treat your trades like dirt.. no feelings what so ever.. be cold and dump her when its time.
2) you put scale on the setups... you say "weak fcr 2"... whats that all about.. since when we started to put value on the setups.. they all are at best a 50/50 shot.. this was a solid fcr 2 that was worth a test.. thats it.. no more no less.. I would have easily dumped this one too with G+ just like the previous 5 trades of mine..
one cure for this problem: each trade should be treated as ur only trade... another word, ur long trade has nothing to do with this one.. you could be still on your long trade and set a short order to secure not missing a possible ride.
you say you did not even see or recongnize the fcr 2... and that is fine .. with some more screen time under your belt you will see them all.. but i am getting u prepared for one step higher and that is when u actually do see it.. and when u do see it.. take action without hesitation, and put all other stuff aside and treat each trade on its own..
know ur setup and fakeout defensive play pre hand.. then recongize the position dealt.. and fit the defensive/offensive play.
I hope it helps..