Thursday, October 22, 2009

SHORT Swing Position exited by the Bull Reversal

Gave the market until 12:25 to see if yesterday's Low would be taken and continue down. At 12:30 the price action reversed and rallied up to my profit exit. Not a bad trade for +13 pts profit but honestly I was shooting for a bigger move down swing.

Lessons to be learned:

1. Trade what you see, not what your bias tells you.

2. Never get married to a position, always have a good exit plan in case something goes wrong or does not go according to the original plan.

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