CL Redux

Quote from JoshDance:

Stop is at .48, just barely survived this push low, I fear a deeper correction or sideways movement may be impending. The ideal stop would be under .34 but I can't do that big for the potential I see.
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Out at .47 for -22 .. that one hurts, because I saw the potential for this shakeout and tightened my stop to .60 initially only to move it way back. Now a good push back up looks quite possible as well. This same thing happened yesterday, and I knew that, and should have waited for a better price, I think.
 
Quote from EON Kid:

I also see the larger trend as down, however this PB could be quite high
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Which one you referring to, 15m or 60m (or neither)? Using "PB" lingo, were you a J16 guy?
 
Quote from JoshDance:

Out at .47 for -22 .. that one hurts, because I saw the potential for this shakeout and tightened my stop to .60 initially only to move it way back. Now a good push back up looks quite possible as well. This same thing happened yesterday, and I knew that, and should have waited for a better price, I think.
More...
Shoot. You just missed that bounce. Hate it when that happens. Shakeout. :(

One important thing to keep an eye on is DX. Pointer.

ADD: DC, I'm having problems loading ET pages too this AM. Taking forever. Must be a server issue as everything else is fine.
 
Quote from JoshDance:

Out at .47 for -22
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I was reading "Trading in the Zone" and really took to heart Douglas's advice on "accepting the risk," which he defines as basically, not only taking on the trade, but also having complete comfort with the possibility of a full loss; IOW, no emotional discomfort from being shaken out, missing out, losing a trade, or anything else.

I feel that I have done a good job on that with this particular trade, because it would otherwise "hurt" to be taken out after getting the direction right but the timing wrong. However, I don't feel I'm 100% accepting the risk, because that loss should have opened me up to the possibility of either reversing short (which I did not see as a good trade), or looking to re-enter. That opportunity was at 11:10 on the shakeout bar itself (the 1m chart), a very nice volume entry and reversal, and a good re-entry potential at .52 ... but I was still a bit connected to the loss to effectively take the re-entry. Something to work on for me.
 
Quote from BCE:

Shoot. You just missed that bounce. Hate it when that happens. Shakeout. :(

One important thing to keep an eye on is DX. Pointer.

ADD: DC, I'm having problems loading ET pages too this AM. Taking forever. Must be a server issue as everything else is fine.
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What is the DX?

Thanks...
 
Quote from JoshDance:

I was reading "Trading in the Zone" and really took to heart Douglas's advice on "accepting the risk," which he defines as basically, not only taking on the trade, but also having complete comfort with the possibility of a full loss; IOW, no emotional discomfort from being shaken out, missing out, losing a trade, or anything else.

I feel that I have done a good job on that with this particular trade, because it would otherwise "hurt" to be taken out after getting the direction right but the timing wrong. However, I don't feel I'm 100% accepting the risk, because that loss should have opened me up to the possibility of either reversing short (which I did not see as a good trade), or looking to re-enter. That opportunity was at 11:10 on the shakeout bar itself (the 1m chart), a very nice volume entry and reversal, and a good re-entry potential at .52 ... but I was still a bit connected to the loss to effectively take the re-entry. Something to work on for me.
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Good for you. Those are really good points. Like you say you need to be completely detached. Then you can reverse or reenter with ease. If you're carrying regret for a loss you miss what's going on NOW. That's a great book BTW.

Also again, keep an eye on DX.
 
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