Sunday, May 8, 2011

SLV - CONTINUATION DOWN TRENDING MOVES

10min - MAY 5, 6

5MIN - MAY 5, 6

1MIN MAY 5
Mistakes:
  1. Should have kept 1/2 a position on the initial momentum down move. Shouldn't have exited the whole position when leaving the desk. Exit half and set a stop loss so that it's now a breakeven trade and whatever works out in your favour is added bonus.
  2. Need to increase position size by scaling in on failures at top range of wedge consolidation.
  3. Still need to learn to hold for longer / bigger moves by leaving in a core position. 
What I did right:
  1. Always thought of controlling risk. Minimize size when giving a bigger stop (when scaling into the wedge) But still need to learn to add size once risk is under control as price moves in your favour and risks/stop losses are lowered.

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