I totally %$#@# this trade up by not taking the time to check the right stop(should have been 82.85) The trade was a setup I like alot...extended daily chart ,gap up, rally most of the day. 13:35 setups up a 5 min higher low that fails. 13:50 has a wide range bar down, followed by just a small move back up(13:55-14:00) 14:05 starts what I call a "continuation move" lower of the 13:50 wide range bar down. Even though I screwed the pooch on the correct stop/tgt, I got lucky that I got my target. But this is still a setup I look for.
I had a similar trade on SKF. Got stopped out right before it tanked. These things move like nut job, hard to figure out the right amount of stop to put in.
I actually made money on this trade, but it's the fact that I was at work and didn't take the time to make sure entry/stop/tgt , were correct...that's what bothers me. Not taking the extra 3 seconds to insure everything is entered correctly. Thedifference between a novice and a pro.......learn from my mistakes everyone!!!...... Headed out to meet the "suits" for happy hour, will post my total win% later.....have a good weekend all.
02/23/09: Monday a.m. looking to take a long scalp on the first pullback, if we hold the gap.Overall, for the day i have a long(scalp) bias, but if we start to get some wide range bars down I am always open for a scalp short...... Also, looking for a stock or 2 that are not gapping up, and don't rally with the market , to short at the 1st reversal time. good trading all!