Drat! This was a BS move following the quadruple witching day on Friday.
I don't usually use stops, but instead watch the price action. I am not closing this trade until the close of the day, if near the close of the day we are above the stop I'm letting it stay in.
Heh, saw it the same was as you did... I was tempted to remove my stop loss... but, if I did it here, I'd do it everywhere.
Looks like investors are weary of some energy sector headwinds that are still in play with the virus' adaption, etc..
Will keep an eye here for a healthy re-entry. Thank you! Agreed with and appreciated the setup. Can't win them all. :-)
asenski
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@ShadyWillow, stop losses do get hunted, they let you sleep at night, but a gap down like that, I couldn't close at the open. Market overreacted.
But yes, it's good to stick to your rules and stay disciplined, I prefer to make closing decisions near the end of the trading day. I.e. for me it's more like a mental stop loss and only trigger if it looks like it will close for the day beyond my stop. Filters out the BS, potentially loses more on some rare occasions, but it all balances itself out if you size your orders correctly.
ShadyWillow
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Placed a smallish bet here.
asenski
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@ShadyWillow, I'd like to see it slow down and turn around before EOD, but... we can't control what the market does.
Ideally might want to wait for some additional confirmation, even if it is chasing a bit later on.
asenski
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@ShadyWillow, Could also sell puts and collect premium
Looks like investors are weary of some energy sector headwinds that are still in play with the virus' adaption, etc..
Will keep an eye here for a healthy re-entry. Thank you! Agreed with and appreciated the setup. Can't win them all. :-)