Previously I had talked about a long trade on the Dow I was running – nothing new there and the rationale and management of the trade was hardly revolutionary.
However, I did something profoundly f#%^en stupid – I transposed a digit on my stop and got pinged out by a spike because my stop was in the wrong place. I have to admit I have not made an error on an order in over 20 years…..but its still a dim thing to do.
So what now?
Obviously I would prefer not to be out of the damned trade but it is what it is so I have to opt for Plan B which is to wait for another signal. This sounds simple in practice but defining a new signal is somewhat more difficult. The most obvious thing to do is to wait for a breach of the last high at the 13,365 mark.