Just three weeks ago we discussed The Mindset Required for Re-Entry.
And the fact that a trade should NOT be considered over when your exit order is filled.
You need to reassess the situation. Because sometimes you can see more clearly as you sit on the sidelines with no risk exposure. And sometimes… the move is not actually done.
The trade is only finished when the trade idea is confirmed to show NO signs of potential edge through re-entry.
In that prior article I also made the comment that, “I can promise you I don’t always get it right! And I don’t always catch a re-entry opportunity.“
Well, this is one of those times…
A good trade. Out at the pre-planned target level.
But there was SO MUCH MORE available. And I just sat and watched.
Let’s start pre-session with a look at the Higher Timeframe charts.
And the session begins.
So let’s move now to the Trading Timeframe.
As per the prior prior article, “I can promise you I don’t always get it right! And I don’t always catch a re-entry opportunity.“
But that is ZERO excuse.
An exit does not mean “trade overâ€, until I’ve taken the time to reassess the situation and check that the trade idea is no longer valid.
And sometimes, as in this trade, that means maintaining focus and watching the reaction for the next couple of candles.
More work is required to reinforce my procedures, creating a post-exit routine that does not relax until the trade idea is PROVEN to no longer show any potential for edge.
The never-ending-work-in-progress, continues.
Happy trading,
Lance Beggs