Well what have I learned, Weekly charts = spinning top (last...

Well what have I learned,

Weekly charts = spinning top (last week) and the week before DOJI. Please read about these if you don't know what they represent.
Both indicate uncertainty, I back checked their history and both turned the trend on occasions but on other occasions they didn't.
Back testing is imperative.

Last night I combined Friday and Monday to = another Doji. When a pattern doesn't make sense -combine them, and it will become clearer. Well that is what I have read.
We have had so many of these doji days. So a lot of uncertainty, which was really apparent but the lack of price movement.
The pressure was building and that I said many a time.

Wednesday Thursday and Friday last week = morning star three candle pattern - or a Harami cross Hmmm reversed it into a now confirmed Descending triangle so had no where to go.
Well down or up. Did the text book and went down.
There was chance it could have gone up - with the bull energy that was present before. I have studied a chart that did this so that is why I didn't exit before.

Should I have seen this coming?
Think the sign where there if you go back over the various posts, but I didn't want to exit as there was a good chance that it would stay in a sideways trend and continue up. But the perfect storm (as described before) happened.
The rest of the market and the uncertainty out there I'm sure didn't help and we stood up to most of the volatility in the past, so the panic finally caught up.


Stop losses or in my case - cover all costs Stop was in place so the decision was taken out of my hands.
The stop was placed after I entered then moved up.
Could I set them better - YES I felt that I had given it plenty of room at 9.4 when 10 was the support. BUT?? Triggered and back to the same place of entry, so a waste really.
Should I have set it below the 8.7 support - not sure will ponder this one. But Yes.

Would I change the way I enter a trade based on what I have learned today.
No - a perfect storm hit today and I exited and then got back in without any capital damage. I'm pleased that my trading plan worked. Work on the stop loss and NEVER get too sure of ones self.

Can't get angry about what happened and blame the big end of town, as that is not going to help in any way. Charts do help and give us the phycology of the day or week, but we have to read them and act accordingly.
This is a great opportunity to learn and I am, have and will keep on learning. I will keep posting charts, but not today.

Well we have a new batch of bull, the buying after it turned was like the past - fast and furious - hard to jump in, so they probably are all ready for a run. Here we go again!

IMO
Cheers all