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Allright!!...2 ticks from the top. great trade!

Well, CRAP ! Now, I remember why I don't trade against the trend!...hehe

I'm gonna fade this one...hehe

Well crap!! See, what I'm saying. If you can get 50% of these damn things...you're good!

See how 1 tick below the low acts as support. That's what I'm talking about.

Allright!...you're still alive..

I don't trade against the trend, period. But, I thought I'd see if I could catch one for fun.

Stopped out...:mad:

Long at 1006.00...hehe

just one more tick...hehe

Okay, that's fine if your initial risk was 4 ticks. Because then you just got a 2-1 reward/risk trade. Which is okay, but 3-1 would be better. But, if your initial risk was 8 ticks for a 1-1 reward/risk trade. Then, that wasn't a good trade. I know it sounds crazy to say making a hundred...

hehe...pass the bacon, egg and cheese biscuits!

Okay...since you went long at 1009, and you had 4 ticks at risk(1008), now that the market has reached 1011(twice your initial risk) raise your stop to BE and set a profit objective at 1012 for a 3-1 reward/risk trade.

You're not listening...lol

Is youe stop 1008 or 1007?

Yea, I would have had a short, but I'm not watching this chart. I'm trading pullbacks on a different chart. That's why I haven't been posting setups. I don't trade div/con setups anymore. I prefer a trend following strategy like pullbacks.

That makes a lot of sense...I always wondered why someone could have the discipline to make a million dollars trading, but couldn't lose that 50 lbs of fat around his waste. I guess dieting doesn't fit their personality. Great post!

Yea, this time your stop was only 2 ticks higher. I guess the point I'm trying to make is...if the price breaks thru that upper resistance, the buyers are still in control and it's probably best to just get out with a small loss and look for another entry.

Try this for a stop loss...1 tick above the previous high. Nice trade BTW...:cool:

Yea, that reminds me of something I read about Mark Cook. Seems he sold a bunch of calls, then the stock halted trading for awhile. When it started to trade again he was down $500,000...ouch!