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I made 1.4R on two continuation pattern trades today: lost .35R on NTAP and made 1.75R on PAY. Although I'm pleased with the result, I would like to figure out how to set my stops so that I capture profits and keep them, rather than have them and lose them like I did with NTAP. At one point, it was actually almost .30R positive for me, but then it went the other way. Perhaps I am just being too greedy and have to recognize that these small losses are the price of success. If that's the case, I can handle it.

So lemme see, the ATR on this guy was 1.12. It had already made a move of .58 cents when I got into it, so that was more than 1/2 ATR before I got in. That flag pattern was strong: I had a strong move down followed by a 3-bar consolidation. I got in on the fourth bar after the pole and got my stops taken out in a very short upswing. The price then marched steadily downward the rest of the day, so I was on the right side at the wrong time.

If anyone has any insight, I'd like to hear it. I think I did everything right and was just wrong, but if I did something wrong, I want to know so I can correct it.