Yesterday I was long from $9,300 with a stop loss set at $8,924. We had strong support off the 50 day SMA, we also had confirmed with a higher high and higher low. The hammer dojis at support also gave me confidence that we would bounce.
I set my orders, and went for my daily hot springs meditation session. The price dipped and triggered my stop loss before I returned home. That is certainly frustrating, but such is the life of a trader.
I went over the position in my blog yesterday and have to say that I am feeling good about it. When reviewing a trade the only thing that matters is the process. There will be wins and there will be losses. If the process is sound then the results will follow. I had a plan, waited for confirmation and then I stuck to my guns.
The market has been very choppy over the past few weeks. From reading social media it sounds like a lot of traders have been losing money or are still waiting on the sidelines. I am happy to report that I am up 25% for the month of April, even after this loss. Sometimes zooming out on the price chart as well as the trading results can help!
After getting stopped out of a trade it is time to go back to the drawing board. I do still get the feeling that we will bounce from here and create a higher high. However, I am not recommending entering at this point. I was on the wrong side of the market with my last trade and that always leaves me feeling slightly befuddled. Time to regroup and come up with the next game plan!
I will continue to sit on the sidelines until it becomes more clear which direction we are heading.
Happy trading and go bulls!
I set my orders, and went for my daily hot springs meditation session. The price dipped and triggered my stop loss before I returned home. That is certainly frustrating, but such is the life of a trader.
I went over the position in my blog yesterday and have to say that I am feeling good about it. When reviewing a trade the only thing that matters is the process. There will be wins and there will be losses. If the process is sound then the results will follow. I had a plan, waited for confirmation and then I stuck to my guns.
The market has been very choppy over the past few weeks. From reading social media it sounds like a lot of traders have been losing money or are still waiting on the sidelines. I am happy to report that I am up 25% for the month of April, even after this loss. Sometimes zooming out on the price chart as well as the trading results can help!
After getting stopped out of a trade it is time to go back to the drawing board. I do still get the feeling that we will bounce from here and create a higher high. However, I am not recommending entering at this point. I was on the wrong side of the market with my last trade and that always leaves me feeling slightly befuddled. Time to regroup and come up with the next game plan!
I will continue to sit on the sidelines until it becomes more clear which direction we are heading.
Happy trading and go bulls!
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