Shared by:
ToqueX
Grade=D
The setup: short the pop (on a downtrend)
The result: stopped out. I got hit by a spike on the very next candle that barely took me out. A slightly looser stop would have kept me in for a nice run down.
The lesson: I should try to set better stops. I'm still using hard stops and will for at least the next while until I learn the values of and how to use mental stops effectively. For this one, I could have noticed the spike about 25m earlier and decided to wait a little longer for my entry or set my stop a bit higher to allow for such a spike. If I were to have a little more confidence in this play, my stop could have been set in just the right stop without too much fuss.
Execution detail:
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