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This was a very nice trade. But there could have been more in it. A lot more!
CNQ gapped up and formed a nice base. Just before 11.00 pace changed. The first wave down was the steepest. The second wave was a lot slower and the third wave stayed even more in the upper end . As price was approaching the rising sma 20(5min, light grey line) I entered a long position. I took all of at 2R, instead of partials. Don’t ask me why!
This would have been a great stock to stay in all day. I deviated from my rules and it cost me! Well better this then deviating from the rules and making more money, becuase it reinforced bad habits.
The POT trade was not a really nice trade. I don’t know why but when I entered I had a feeling that the consolidation was not enough. But then I thought, ‘but what if it will go anyway and I’ll miss the move?’. Usually if I think that before entering a trade its going to turn out bad. This case was no exception. My best trades often are those that I really don’t want to enter but I can’t think of a valid reason not to… In this case I ignored this knowledge, traded it and traded it badly.
I gave this trade more leeway then I usually do and had to take a full loss.
