This Is Why You Should Review Your Trades With An Experienced Trader
It is a good idea to
review your trading transactions sometimes with other experienced
traders. I know trading is not a team sport, but their insights and opinions can
be beneficial to your trading.
09:49:58 (From TradersWire)
|
Action |
Symbol |
Order Type |
Setup |
Stop |
 Target |
Current Price |
Posted By |
|
Buy |
PFE | buy stop at 26.64 | Long Gap Pullback |
26.49 | 26.80 | 26.59 |
TK |
As you can see on the 5-miniute chart below, PFE
tested the 8-period EMA and 38.2% Fib level (from yesterday’s low to today’s
high) successfully. I thought the issue was ready to move out of a pull back. I
placed a buy stop at 26.64. Unfortunately, this trade did not work out. It hit
our protective stop price of 26.49. What did I do wrong? I asked Vince, my
colleague. He said this was a good setup, but he did not like one thing. He
pointed out the 9:45 bar did not close above the mid-point of the range. That
could be the reason why this trade failed.
Besides keeping a trading diary, I recommend go over your trades with experienced
traders.
T. Kamada
If you have questions, feel free to
mail them to me.
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