Another losing Trade, this time on the DOW – so close to being a winner!

When you suffer a loss trading, your confidence takes a beating and this can cause you to make a mistake and lose. However, in hindsight, the below trade I placed on the DOW was a great entry but my stop was way too tight and I felt that this was probably because of the previous loss on USDCAD which made me more nervous than usual and I put the stop way too close to the previous resistance level at 10915. My stop was at 10920 and ideally at least should be at least 20 points away from the previous high… the price action went to 11924 and kicked me out of my trade as you can see below.

You can see a nice double top pattern which is where I had entered my trade. I had a target of 11820 which, as I write, has been shit which would have yielded enough profit to have undone the previous USDCAD trade and some more.

Still, trading is trading and these things happen… no point crying over spilt milk as they say and I have to move on and keep my eyes open for the next trade… still annoying when this happens though.. ugh!

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Category: Trading