Today I made a bad trade on TNA. Even though I am bearish on the market, I think the dip in the open is a tradable bounce. Because I see the MACD histogram in the 60 minute chart is about to turn positive. When I saw the dip of TNA from 40 to 38.7, I thought there is a good dip to buy. I anticipated a trending day today, but obviously it is not as good as 09/06/2011. Such a sloppy market trading on the news.
My entry 38.7 is not a good one. I was 50 dollars off a few minutes I bought it. I need to be really patient for this kind of bounce. If I could enter at 38, I would set up my stop at today's low (37.68). Unluckly I was stopped out at 37.48, when I saw the falling triangle broken down.
For this kind of trade and this kind of market, I would better not to trade, right? I think so. I am not an experienced trader, this kind of quick market is not suitable for me. And I do not have guts to set wide stops. That is a dilemma: Sometimes you set a wide stop, the price just keeps dropping down to hit the stop. The other time is that , you set a tight stop, but get the stop out before making money.
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