Ondrej Pohorsky asked 6 years ago Hi Patrick,
I have another newbie question. I am not sure where to put my stop-loss right after entering the trade. For example yesterday, I entered CIFS from the Key List at price $44.30. There was volume burst on hourly chart (please see attached image). One hour later price dropped under $44.30 again so I panicked and sold all shares at break-even. Is it right attitude or should my stop-losses right after entering trade should be bigger? Second thing is - what if CIFS will go through $44.30 with big volume again. Is it good still good setup anymore?
Link to chart Thanks kindly for your answers.
Have a nice day, Ondrej
Link to chart Thanks kindly for your answers.
Have a nice day, Ondrej1 Answers
Pat Walker Staff answered 6 years ago Good day Ondrej,
Great to hear from you! Happy New Year!
You asked a GREAT QUESTION. So let's analyze the chart. I have enclosed a daily and hourly chart. Your analysis is perfect. More importantly, your reaction to the price action is excellent. You entered properly and had the DISCIPLINE to get out; that's not panicking, that's good trade [and self] control. Most folks struggle in the area of "control." Well done.
Right now, given that bad price bar yesterday, we'll need to wait for a cleaner entry on the day chart.
Take care. Have a wonderful day. Thank you for being part of the "team!" CIFS daily and hourly charts enclosed. ~Pat
Please login or Register to submit your answer
