It looks bad. And it might be bad, but its not time to quit, even though we're down about $500 per contract. Today's price action created a Bullish Engulfing candle but we closed under the 8ema. We use the 8ema as a trend indicator. If we stay under the 8ema then we're still in a bearish trend. Its just a retest of the support we broke through yesterday.
Believe me, my brain is screaming get out before you lose more, but this is when discipline counts. So we left the position on. We can certainly continue up tomorrow, hit our Stop, and lose twice as much money as getting out today, but those aren't the rules and it would be an emotional decision.
No comments:
Post a Comment