Pete's Place

short at 25.5

tgt 1 20
tgt 2 14

 

I stopped it at 27

result: -1.5

 

that was a pretty nice reversal at support,
i'll look for a long entry down there (20's)

 

long at 30.0 tgts 36-38

 

tape is dead
if i was doing discretionary exit in the initial phase, i'd be so out here

 

lower highs...

lower lows...

a/d tanking...

all great reasons to get out of a long

 

I stopped it at 26.5

result: -3.5

 

I *am* doing discretionary entries, and it's so dead i'll stay out excepting a catastrophic failure at 32 or 22.

I will also try and put one of these s/r levels in play around FOMC. I will be 1/2 size due to increased volatility, so I can be wider with my stop.

 

Sometime in the next few weeks I will be mature enough to use my brain in the initial phase. From the two entries today here were the legitimate reasons to exit before hitting the stop:

(1) failure to break thru support-- long shadow at the 9:02/2 min bar-- legitimate to close at 1523.5

(2) absolutely dead after entry-- pullbacks usually spring up (especially longs) right away-- legitimate exit 1529


Another option will be to get smaller when things like this happen, depending on the severity of the thing

 

also to reasons in #2 add "tanking a/d, lower lows, lower highs"