Omni, I think I have my plan regarding GMDP backwards here after reflecting on your strategies.
Using the 50% rule and the 5 and 10dMAs as indicators for support and placement of stop losses:
I bought in on the 11th at .029 and .031. If I use the move on the 11th as my basis for my decisions, a give back of 50% of the move would be right at .03, which also happens to be the 5dMA. I had planned on adding to my position at .025 to .028, right in between the 5dMA and 10dMA. Is this a good plan or should I be more cautious and see if it holds the 10dMA before jumping in? Also, I think it would be wise that I have a stop loss in just below the 10dMA(.20) at .19, correct?
Am I correct in using the 11th as my candle for basing my 50% rule decision on? Or, should I have paid attention to the move on the 12th more closely and when GMDP opened up below 50% of that move, should I have dumped it right then and there.
I could learn alot from hearing what you would do (or would have done) regarding this situation. TIA
