[nicknextmove]

Paul,

I entered long in a down trending market with the expectation that the DOW would rebound - as was the case during the last few days when the DOW would close in +ve territory.

I entered over the support area as expected but ....

PS: This is a pattern that I used to see previously - sell off 11:00 - 11:30 PST and then move up into the end. Looks like it did not work today.

[ezduzzit]

Well, nothing works all the time folks. The only constant is change. RhodyTrader and Mr. Paul nailed the answers to stops already and there is really nothing useful I can add other than to reinforce and agree with what they had to say. Trading is a business of probabilities, nothing more. However, lest you think otherwise, your job is to place a trade you feel comfortable in taking, and then immediately begin watch for signs that what got you into that trade may be faltering or failing. There are no gold stars given for holding on til that trade eats its way all the way back to your stop.... so you should not be letting it happen very often. Also, don't be shy. If you got out quckly for breakeven or a very small loss and it turns to go back in your original direction, it only costs a commission to jump right back in and ride it. Just realize that a good portion of the time you are going to be wrong... and this business is about controlling your losses and playing by the rules of your method or strategy.

Good luck and Happy Trading