Missed opportunity

Despite the market making the worst drop on inauguration-day in history, there were tons of opportunities on the short side. I took one opportunity in a banking stock and I got spooked out of it before it made its move. Patience, patience, patience.

I entered (selling short) the trade after price pulled back to the 20EMA (blue circle). It went well for an hour and then turned against me breaking the 20 and heading for the 50EMA. I had placed my stop above the 50 but moved it closer when I saw things reversing.

Had I held on without moving my stop I could have made a tidy 5R. Instead I broke even.

I'm learning the importance of placing my stops further away (and keeping them there) and shooting for smaller targets (through Corey Rosenbloom's mentoring). I wish I would have stuck to my guns on this one.