Here is how my GROW trade turned out:
As pointed out by SimplyOptions, I bought GROW before the break of the OR high, which I admit was higher risk (because it could and often does, just reverse at the level of the OR high). The reason that I did that was because I noticed that the volume started to pick up, and the bid was starting to move up as well. Compare this with a lower risk entry (copied from the Dec 04/06 edition of the HighChartPattern newsletter, with their permission of course):
My purchase was one of those candlesticks before the break above the yellow line (@51.31). Yes, it would have been lower risk to wait for the break above 51.5, and yes, it would have been better to be just a little bit more patient, but I'm not going to beat myself up over that.
I will say, though that I clearly did not have an exit strategy with GROW, and I'd much rather beat myself up over this instead - LOL!
I sold today @57.53 but again, I had the bad habit of watching just the ticker instead of trading the chart. Had I been watching the chart instead , and pasting up a moving avg line (2 clicks of the mouse on the IB TWS), I could have easily and realistically extracted another $1.40 from this trade (the MA would indicate a sell just below $59). An extra $1.40 of profit was left on the table - that sucks !!
Trade the Chart and not the Ticker !!
DailyReview (123)
futures (108)
futuresTrading_Plan (73)
MarketReview (66)
trades (56)
uranium (47)
swing (46)
victories (42)
Ideas (40)
bigger Picture (40)
screwUps (35)
OffTopic (34)
options (34)
chartReview (30)
LearningCurve (22)
Pattern Catalog (14)
sectors (13)
rules (9)
TechTrends (8)
Euro (7)
daytrades (7)
trendDays (7)
MonthlyReview (6)
ProductReview (5)
Trading System (4)
Followers
Tuesday, December 05, 2006
Deconstructing my GROW trade
Posted by Phileo at 11:32 AM PermaLink This!
Labels: trades
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment