Exited Contract, What Now?

I exited the contract. I mentioned in yesterday's blog that I would exit if $SQM started going under $83 as I would exit at $82. I did this since the previous day, $SQM had broken the defined support of $82 by going down to $81.23. So, today on January 29, I exited the contract.

I lost more than I intended as the order fulfilled at $1.04 and not $1.80. I don't love this, but as predicted, the stock kept going down during the day and it even closed at $81.83 with a high selling volume, see screenshot of today's chart below:

I almost want to monitor this stock for analysis purposes as I will assume that $82 will be the new resistance for a while, but we'll see.

I think this trade made me feel better, even if it wasn't a successful trade. I say this because I felt informed, so I lost with knowledge and exited instead of waiting for a hail Mary.

What helped me?

I think understanding the channel breakout was useful this time around for sure. Though I think I need to consider other factors for my next trade.

What's next?

There are a couple of things I will do this weekend. I want to test something new, I will find another tool or method, even if I pair it with channel breakout and I will test it. I'll find this by Sunday so that I can begin to look for my next prospect trade. How am I gonna get there? I'm learning from my last failed trades. Two which I've tracked, $NKE and $SQM, and another revenge trade I took last year for $DAL.

I'll look at this three charts specifically because I have seen them boom, and I have seem them fail. I will try to find what caused them to have a positive breakout, and later on, I'll find what caused them to fail. My goal through this analysis will be finding a pattern, this way I can utilize this both retroactively and proactively. If I can find a pattern, I can maybe hit the nail on the head for the next one.

Now of course, I know that there are sometimes factors that come into play that may abruptly change the course of a stock's pattern. However, at the most basic level, there has to be a hidden gem

I'm excited to find this. I'm excited to apply these losses and use them to my advantage.