Someone needs to ring a bell to start you guys posting...

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Originally posted by jimkane

903-4 is my next area, or maybe a bit less. It should be moving more, though, if it has any chance, so it needs to get going.

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903.25 hit in GLOBEX.

quote:

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Originally posted by jimkane

Well, my point is mostly that the stop should always be technically placed, no matter what management approach is taken, and here when I went with the moved stop I lost sight of the technical placement of the stop, I'm not sure why. This would be an example of a 'mistake'. Like I always say, there is no right or wrong on a trade, only trades that play out or don't, according to probability. But one is wrong when they don't follow their 'Trading Plan', and when I overlooked these lines (I had them right there), that was an outright error on my part in my opinion, according to my 'Trading Plan'. A lapse of concentration, whatever it was. No matter how it played out, even if it didn't respect the lines, it was an incorrect assessment on my part to not factor that in when searching for a technical stop placement. I'm just laying it all out here so everyone can try to learn from what I am saying. Plus, I think it is good to see me discuss things close to real time, and not always do this flawlessly, to show the dynamic aspect of trading, and how once the techniques are developed it's all about trader performance at that point.

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Yes, it's excellent. So then you did decide to go back in after the stopout which means you corrected your error, although now the risk has increased because you have to lay it down twice for essentially the same play.

Yes, exactly, and that 'cost' was the cost of the error. That cost is born no matter if it gives me another shot or not, and whether I take it or not, or if that second shot plays out or not. They don't truly 'offset' or 'make up' the mistake. The mistake stands on its own. So I looked at the validity of the second play from that point on its own merits and thought it was worthwhile. That's why sometimes, like in my ex post facto daily analysis I was doing, I might say something like 'second entry for add-on or if I wasn't still in off the first setup', for just such mistakes as today, since they do happen.

In the end it's about conviction and reading the price action.
If there was one more book I would want you to write than it would be one solely about price action (and of course there's the other one we talked about 'the book of....').
You're a goldmine, Jim....

Thanks.