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July 7th, 2006 by eyal | Filed under Day Trading. |
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Took 3 trades today, shorted AMD but that’s stopped me out for -1R. I also shorted MMM, twice. The first time was below the 4th 15min candle but that proved too early and I was stopped out again for another -1R. I then saw MMM setting up again nicely on the 6th candle. I usually don’t re-enter trades but in this case I looked at it and what crossed my mind was: I’ve seen this happen so many times in this type of chart pattern, I get in too early, get stopped out just to see it moving my direction again. I shorted again below the 6th candle and this time it went downards for a +3.3R (after taking a partial). The net result is another small but positive P&L of +1.3R.
It isn’t easy psychologically to get back in a trade when it’s thrown you off. Way to go!
Thanks Babak. It’s a pleasure to read your blog btw, excellent content. Good thing you finally started it :)