[DbPhoenix]

Originally Posted by Gringo »

Stop was bypassed as the stock gapped up at open above 27. This gapping business also needs some attention now.

What do you mean "bypassed"? What type of stop order did you place?

[Gringo]

By 'bypassed' I mean the fill wasn't good as the stock opened above the price I had set for stop where the stop order became market order. As the stock opened 27+ I got a fill very early but not exactly at my stop price but higher. I didn't use limit price as getting out was the main idea.

As you mentioned in a earlier post I am going to probably attempt to use limit orders for initiating a position.

[DbPhoenix]

Originally Posted by Gringo »

By 'bypassed' I mean the fill wasn't good as the stock opened above the price I had set for stop where the stop order became market order. As the stock opened 27+ I got a fill very early but not exactly at my stop price but higher. I didn't use limit price as getting out was the main idea.

As you mentioned in a earlier post I am going to probably attempt to use limit orders for initiating a position.

Correct. Do NOT use any kind of limit price on a protective stop.

So what now? You're looking at R at 27 and 28. Get back on the horse, even if it's only sim.

[Gringo]

Again attmpt it?

I thought the plan failed.

What I don't understand is why I am feeling upset.

I think I'll start looking again.

[DbPhoenix]

Originally Posted by Gringo »

Again attmpt it?

I thought the plan failed.

What I don't understand is why I am feeling upset.

I think I'll start looking again.

It's okay to be disappointed. But those are the breaks. As long as your ego wasn't on the line, you ought to be able to re-examine the situation.

As you noted with your boxes, there's further R ahead, at 27 and 28. Currently, it's finding R at 27.5. And that's quite a gap to be filled. If it gets filled. And gaps that occur under these circumstances tend to be.

But if this is unfamiliar territory to you, come up with as many scenarios as you can, then sim the trade. You aren't going to learn much by just walking away from it, especially if you consider yourself to be a loser.

[Gringo]

Beam me up Scotty! I am back...

[DbPhoenix]

Try creating your scenarios with If...Then statements.

For example, if price does this, then I short here and place my protective stop there.

Or if I want to short and price does this, then the trade is invalidated and I stand aside.

Or if I short and the trade goes in my direction, then I will move my stop closer to the price in the following manner: (1) (2) (3)

[Gringo]

JPM:
27.18 is short. Stop loss 28
Take 1/3 profit 25.5

I am looking towards 20 as the possible ultimate target.

I thought 27.5 area was resonable R.

Anyway, the gods seem to like down tomorrow. My agent checked with Zeus.