Powell speaks - part deux - Closed

 So after the last trade, I looked at it, thought about what I did right or wrong, and then as it was a good trade that just didn't work, put another order in to get short. 16-tick reversal this time but from LOD, as obviously the 8 wasn't enough. Entered order and was filled at 110'315. Was this right? Or should I have put in from a higher low? Will find out. 


At 1020hrs, low as 110'260, so 16-ticks would have been up to 111'020, which was hit. Maybe would have been better there? Or a 50% fib? I will think about this...

So, after price beathing on my stop for a long time, was stopped out at 1220hrs at 111'045. Loss of 1R.


Overall, good trade, but I am not sure about the entry. Think I should have gotten in at a different level. If I had gotten in with Fibs at 111'025 (111'020 + 1 tick), I would have gotten stopped out as well. To the tick.

Lesson for today - After a large price move, try an 8-tick reversal. If that doesn't work, then go for a Fib retracement (50% + 1 tick). This gives a higher percentage of holding on and profiting from a large pullback. But it is still trading.


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