060507 - RACK - 15mins - Loss*Paper

Symbol: RACK
Type: Long
Entry: Almost towards the end of the 6th bar
Exit: Stopped out at the beginning of the 11th bar
Result: Lost -1.00%

Just when I thought that the 6th bar is closing strong above the Opening Range High, I entered the trade. The 7th and the 8th bar painted a Hammer that reinforce my belief. Then the 10th bar started heading south. The 11th bar executed my Protection Stop.

Not too sure what didn't click. Although when I entered the trade, I questioned that the 6th bar was not really a bar that completely cleared from the Opening High. But it would only mean that I would enter during the 9th bar. And the end result would have been the same. Therefore, I'm not really sure what went wrong with this trade.

Please feel free to leave a comment on this set-up to enlighten me.