{"id":8288,"date":"2010-11-09T23:34:37","date_gmt":"2010-11-10T04:34:37","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=8288"},"modified":"2013-02-06T14:36:35","modified_gmt":"2013-02-06T19:36:35","slug":"at-least-i-did-one-thing-right-today","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/at-least-i-did-one-thing-right-today","title":{"rendered":"At Least I Did ONE Thing Right Today"},"content":{"rendered":"<p>I could write one of two blog posts today: a very, very long one on the things I did wrong or a much shorter one focusing on what I did right! In short, I had a horrible morning and was 80% of the way to my daily stopout. I realized that I had pretty much two choices: I could keep going and probably hit right through my stopout on the next trade (based on the way I was trading) or I could do something else. I opted try something else. I took a walk, had a nice long coffee break with my new mentees, and came back to the desk in a much better frame of mind.<\/p>\n<p>Fortunately, the market presented me with the opportunity to undo the damage I had done in the morning. (We aren&#8217;t always so lucky.) I had assumed the earlier part of the day was a range day, but the market broke down and made a pullback into 2:30. I took the trade marked A) on the chart, but said to the new traders sitting near me that &#8220;this one probably won&#8217;t work because it will probably be a complex pullback.&#8221; What I meant was that I had to take that short entry because it was possible the market would have melted down from that point, as this was <em>at least<\/em> the third bear flag on the day, depending on how you were counting. The third (or fourth) pullback usually tends to be a complex pullback, meaning that it has an ABC shape itself. For traders trading these pullbacks, we usually have a small losing trade, but then are obligated to take the next one because <em>that<\/em> is the good one.<\/p>\n<p>My first attempt to short (see the first red arrow) was a small loser, as expected, but then the market extended through the moving average. Some of the sectors that had been weak started to turn back down, and I saw a clear entry (the second arrow). This, and the later entry at the third arrow, got me back to\u00a0break-even\u00a0on the day and I ended the day up, rather than down. A lot of work to make enough money to buy a pizza, but it sure is better than the nice rip I was looking at mid-day. The real lesson here is not so much the market pattern, but that sometimes taking a break is the best thing you can do. That cup of coffee I bought actually turned out to be worth several hundred dollars.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/11-9-2010-11-17-58-PM.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8289\" title=\"11-9-2010 11-17-58 PM\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/11-9-2010-11-17-58-PM.jpg\" alt=\"\" width=\"542\" height=\"340\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/11-9-2010-11-17-58-PM.jpg 904w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/11-9-2010-11-17-58-PM-300x188.jpg 300w\" sizes=\"auto, (max-width: 542px) 100vw, 542px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sometimes you gotta walk away.<\/p>\n","protected":false},"author":388,"featured_media":8289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[943,1,3,455],"tags":[1477,1478,1453],"class_list":["post-8288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adam-grimess-blogs","category-general-comments-2","category-technical_plays","category-trading_psychology","tag-break","tag-focus","tag-psychology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>At Least I Did ONE Thing Right Today | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/at-least-i-did-one-thing-right-today\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"At Least I Did ONE Thing Right Today | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Sometimes you gotta walk away.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/at-least-i-did-one-thing-right-today\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-11-10T04:34:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2013-02-06T19:36:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/11\/11-9-2010-11-17-58-PM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"904\" \/>\n\t<meta property=\"og:image:height\" content=\"567\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta 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