What happened ??
Had taken a position in Santos at about $13.68 looking for a bullish 5th wave. with a stop at $13.50. Prices was strong thru midday but collapse at the end. Disappointed and disouraged at the weakness. Next morning seems to continue on with the weakness. Exited at B.E.P.
What could have happened and should happen ?
1. Could have sold out at $13.90s on the day itself and abit of next day. Dipped down, rebounded before crashing. Of course I would never have known that would happen. So better safe than sorry. B.E.P is better than a loss.
2. Could have a lower stop although that would mean change the position sizing and the risk/reward ratio. But it would not have been stopped out if the trade carried on.
3. Prices rebounded from support at about stop loss level....urgggh....
4. If I had a lower stop loss, stop would not have been triggered and position is intact for the upside.
5. Ideally thought what could have happen is , Exit at $13.90s and but back at $13.40s, that would have been wicked.
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