Reflection on Genting trade

Before I start writing anything tonight, I feel it is very important that I reflect on my decision on Genting trade, this is mainly because I made a decision to drop Genting yesterday, a day before it broke out of its neckline and moved up.

Even though I have made no loss on the trade I need to make sure that my trading strategy is being scrutinized.

The decision to enter the trade was a good one base on a flag break out with monthly and weekly indicators at bottom. The support level of 0.91 was used as reference to stop loss which was placed at 0.90, this level was not activated throughout the trade.

The point of entry was 0.935, which was much lower than the original expected point of entry 0.960. It was base on the fact that Genting was supported at 0.920 and rebounce up with diminishing volume in seller.

The problem came when Genting is reaching its resistance which has shown increase in seller volume, double to that of the buyer. When Genting retraced back from 0.97 to 0.96, my judgement was that Genting might be fulfilling the second possibility of a rectangle, with bearish objective.

The part which I see myself making the wrong decision was that I was not willing to lose any money on this trade, this led to me making a rash decision to run when any sign of disturbance. In addition, I already have in mind a mindset of bearish market and that I am trading on counter trend. Further to that, I was insecure due to my database not up-dated and that I was not able to study Genting's move the day prior.

So did I do a good trade? No, I failed in the part of committing to my stop loss strategy which was placed at 0.90. I have exited the trade prematurely, which result in my failure to improve my gain over the trade.

So should I be entering this counter again. Base on my own understanding, I am not to chase after the counter. I have to let go of this counter for a while. As I can see it, with the breaking of 0.975, it is confirmed a double bottom with objective of 1.12. But I would be too emotional to have good judgement should I enter now, especially when it managed to reach 1.02, the higher it goes the further away from its base line and the higher the risk.