I was feeling pretty good about my position with the early price action figuring I had the pattern and wind at my back based on the above chart. Unfortunately it decided to hold and bounced. I had to cover with a big loss.
From there though, I took a look at the chart and noticed that trend had definitely changed and spotted a low risk entry. So I decided to flip my position and went long at 16.62.
I am not ashamed that I was short early on and took the loss. Losses happen, its part of the game. But I was still mentally in it that I was able to recognize what was going on and take a better trade with the wind at my back. I was able to recover all my losses and more to finish the day green.
Happy Memorial Day and enjoy your long weekend.
I did the same exact thing!
ReplyDeleteDid you then short the spike? It might be a great afternoon fader..
ReplyDeleteGood reversal and glad you finished the day green but based on that daily chart i'm not quite sure why you were so aggressive for the short.
ReplyDeleteI have been watching DUST along with you this morning. It showed more excitement than anything else that I was watching. I saw your POST earlier this morning. It alerted me and I dialed in. Thanks for the informative and valuable report.
ReplyDeleteHey Jake, thanks for sharing this. My question is how did you know to wait until that green candle? Because it was just in a range before?
ReplyDelete