While today's price action was making that upper wick, the candle looked green and happy, rising like a cake for Valentine's Day. Then somebody kicked the oven and the cake collapsed, and dripped over the pan onto the bottom of the oven. That's an ugly looking cake.
However, we did close above the 200 sma and never violated it. But we haven't been able to close meaningfully over the 8ema for several days either. It really looks like it could go either way, up or down.
Price is so close to the stop loss, it doesn't make sense to exit the trade manually. Well, it would be safer to avoid the three day weekend (Monday is President's Day in the USA). But, the original sentiment was bullish and it got derailed by the COVID 19 virus, in my opinion. So we held the position.
Frankly, I don't know if the decision was thoughtful and disciplined or whether I was just rationalizing to avoid the pain of loss and possible pain of seeing a gap up next week after getting out. At the moment I'm concerned about the three days of headline risk but I'm not sorry about the decision. Not yet.
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