SQM Observations Through Exit Plan

No new technical stuff today, other than talking about my exit strategy based on my observation today.

The bad, at some point early in the morning $SQM reached a ~$81.23 but bounced back and closed at $83.58. If we look at my original exit strategy I said that I'd exit the contract if the following happened:

• $SQM went below $82 as this would put my contract at $1.80 ($180).
• $SQM only crawls up to $85 by February 6th

Based on the above, and the chart below, we can see that I should've exited my contract early in the day today. If you take a look and as I mentioned, $SQM recovered slightly by closing time.

I should've exited around 10-11 because the support was broken, though it was a "fake-out" since it didn't close within that channel. So, while my loss can be minimized by exiting later on after seeing that it recovered from $81 to $83, rules are rules and my contract already lost a good portion of the original investment. I didn't exit because I don't have this automated and 10-11, I was working.

The Game Plan for Tomorrow: I am at a crossroads. Experiencing the market with these new concepts is both exciting and high-pressure. Here is how I’m handling the opening bell:

1. The Bounce: If $SQM shoots up toward $85 or $86, I will hold and move my stop-loss up to break even.
2. The Drop: If I see the price failing to hold $83 or heading back toward $82, I am exiting immediately.

I’m pocketing the lesson: Discipline is easy to talk about when the market is closed, but it’s much harder when your own money is on the line. Tomorrow, I choose discipline over "wishing."