This is the business we have chosen ~ The GodFather, the movie
I am pretty selective on dummy setup. I do not want to get whipsawed during this pre holiday trading week. (Excuse to take a day off).
Ok, Maybe I was being a coward. I exited the trade early. There were few reasons that prompted me to cover short position of mini-sized Dow early.
- It failed to reach my 1-R break even point gain, and the worst , it was just 2 ticks away. Market was slow and reluctant to sell further.
- After the initial break down, it gave me a doji immediately at the next candle. That disgusted me further.
- The position was opened for around 1.5 hours and going nowhere. FOMC meeting was scheduled at NY time 2pm. People were waiting..
- “Bro, it is pre holiday trading week. In fact ,you are not supposed to trade!”
Well, am I writing something to cover myself from breaking the rules? Maybe I am.(Anyway, this decision was right for this particular trade, market rallied back in the later session).
These are not rules of trade, but some judgement calls under certain conditions.