We'll look at it again next week..
Actually, we wanted to have a prime example of this to teach from so we purposely got stopped out on this one..
Okay, maybe not ;-)
Anyway, we were looking for NSPH to initially get/hold above the $2.74 area on a rebound after the "smart money" realized that the release this AM was indeed a positive one. That being said, this is proof positive that you can't fight the tape.
Note the 2 instances marked "Failure to get above" in the chart above. This should have been more of an important factor in our "staying or praying" trade assessment as there's no place for praying in these markets.
Additionally, you can see the $2.57 level is an "important line" with multiple touch points..and probably will remain so.
Therefore, a natural place for our stop was a few ticks south of that #.
Anyway, getting stopped out is never a fun thing but it happens to everyone..We will be covering the emotional/ego side of trading in our educational series.
Hope this helps..