Position Trader (Canada)

Out of oil at $25.50 on HOD corresponding to $46.80 WTI or thereabouts. This market is a lot faster than I'm used to, but the lesson learned here is to stick to my initial stops - there's a reason why I put it there in the first place.

In retrospect it was undisciplined and stubborn of me to keep with the trade when it obviously was not moving with regard to my reasoning or expectation. Oh well, you win some and you lose some. I know the key to staying in this game is to limit your losers and you should be fine. I think I need some time to look at why I didn't stick to my guns with regard to my risk management principles. I know this will make me a better trader.
 
It doesn't look like the broader market wants to overextend itself with inflation numbers and housing starts numbers coming out before open. Looking to exit my HSU and probably take a very small loss. I'm looking to hop on the bandwagon tomorrow wherever that takes us or maybe just wait it out until I see a better entry point based on a solid support/resistance level.
 
I didn't have an actual stop order in at 758 on the S&P 500 and was distracted doing other things so I exited the position at 754 and got filled on HSU at 4.88. Today was a discouraging day in that I didn't execute my risk management principles at all.

Looking at going short the market using HSD at today's close or tomorrow's open because of the action today.
 
3rdkick,
Did you figure out the cause of your failure in the first two attempts ? if so then you should make it this time...wishing you all the best.
 
Quote from karsat:

3rdkick,
Did you figure out the cause of your failure in the first two attempts ? if so then you should make it this time...wishing you all the best.
More...

Yes, it was lack of risk management principles and not taking profits before a price reversal. If I entered a trade and it went the wrong way sometimes I wouldn't exit right away and 'hoped' the position would move in my favor. The other problem was if the position did move the way I thought it would I waited for it to hit my price target, but sometimes it wouldn't get there before reversing - trailing stops should eliminate this problem. And thanks for the encouragement.
 
Quote from Boise:

Are you tading alot of the Horizon Beta Pro ETF's?
Anything else on the TSX
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Yes, because I follow the S&P 500 and sectors mostly, but I will trade stocks if I see a promising chart pattern - ex double bottom, triangles, flags, etc...
 
I'm not too sure where the broader market will go today based on mixed economic data in the US. Inflation was stronger than expected and housing starts was as well although it was strength in apartment buildings and not homes.

I have a theory that the market absorbs and reacts to news that is in favor of the direction it is already trending in or in the direction it wants to move for a reversal. For example, last Wednesday there was mixed economic data, but the market took hold of the slightly better than expected retail sales number to continue the dead cat bounce and extend the rally.

Today the S&P 500 is near the peak of the secondary uptrend based on the 'shooting star' of yesterday's action. This would lead me to believe that there should be some retracement of last week's gains. I'm going to watch the open and possibly use HSD (bear ETF) to enter on a tertiary counter uptrend if the market opens lower or if the market opens higher I'll wait to enter once it hits 758-760 - the next resistance based on a 2, 5, and 10 day candlestick chart.
 
The initial surge in the market only took the index to 757 so I haven't entered the trade yet. I will wait for the countertrend to this downward move although I'm unsure where that will be so I will watch the market closely.
 
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