I'm in my friend's chat room today and was earlier talking about the symm triangle breakout, I was long from .30, closed @ .50 even though the b/o level was just 10 ticks away. I even said to them I was holding for higher target, then took the 20 ticks when it "appeared" the range was holding. I'm an idiot
No, much worse, I was long from 86.30 and when price broke .50, I thought to target a test of the high, but when it broke by a few ticks I took my .20 and then never got back in! A real trader would've held the initial position and ADDED @ .60!
It's silly to think you're stupid (hmmm... wait, you may have a point )just because you took a profit that could have become bigger. What if you had held with a 30 tick profit only to see it go back to breakeven... twice... ??? But feel free to whine to us while you call your trades to your #1 tier buddies
I think because it came twice within a tick of stopping me out b/e made me edgy about the range continuing to hold, so I grabbed the profit :eek:
After seeing how crazy it was at 10:30 with the EIA report I was thinking of a type of trade that could be very profitable... I was long at around 86.41 and had a sell order for 86.53, what if I had a sell order for 2x my position at 86.53, then a buy order for 2x my position at 86.10, and waited for the announcement to close out my position; would a similar trade be able to work every week? It's just like closing the position and going short, then closing the short and going long, and then closing the long position,