Lack of trade setups has seemed to be a precursor to a change in the market for me. Usually I've been too stupid to recognize it, push things, and then see it in hindsight after a few bad trades. I admire your system and your discipline. Good luck in your trading.
Thanks. But my only open position SIE, is indicated 19.00-21.50 from NYSE. That's not good. I'll place a protective stop after the opening, below the short-term opening range.
SIE just traded at 20.50. That's only .62 cents below my average price. If it trades at 20.00, I'm out. I'm giving it one chance and I'll work with that one chance. Other than that I'm out.
I closed the position at $20.00. I was down $1,130.00 I bought 200 more at 18.50. That give me an average price of $21.12 on 400 shares I worked the situation. As soon as it showed one sign against me, I got out. I'm stopped out at $20.00 Total loss is 1.12 per share. Which is a loss $450.00. That is respectable. I just did some disciplined creative trading. As soon as it showed weakness, I was out, no matter where that was, even if it was 1 second after it opened. That's one way that I deal with disaster situations.
Worked out of that one really nice, gotta. You're a better day trader than me, so you can likely work your way out most of the time. Be careful, though. I've had more than a couple of stocks gap down hard on the open, print $.10 up, then roll over and drop hard for another $1 or two. I usually just let my stop take me out. Sometimes it's the extreme price for the day, sometimes it's not. That's the one huge downside for swing trading - opening gaps. I know it should statistically even out, but it seems the gaps against are always larger, thus more vivid, than the ones in your favor.
Yes, that was the first time that I was effected by an opening gap against me. It ain't fun, but I do feel that I made the most of the situation. That really is one of the true dangers with swingtrading. Thanks for the support.