Just wanted to say thankyou to some of the board members ... especially FTSEBeater. I've managed to go from big massive stressful losses to small wins! And i wouldn't be doing that without you guys + girls.
Your initial stop appears to have been far too tight. 202 might have been a more sensible level at which to place it.
Forget the previous trade & re-evaluate your analysis of the stock before taking any further action. Personally, I might look to enter a long position due to the proximity of support, but that view has only been established following the briefest glance at the chart you attached.
Any reason for 202? I was at 205.5 which i thought would have been ok. I guess i should have been below 204 which was the low on the 15th. Ah well, you live and learn.
As for "re-evaluating", i've attached the charts i look at when i'm checking a trade. The long term chart shows a definate uptrend since feb, and everyone says "the trend if your friend" so i would probably be very unsure about going short. But the shorter term (and hourly) charts don't give me too much. I probably won't go long because it has broken the resistance and knowing my luck it'll now bounce off 209.5 so i guess i leave it to see what happens at 209.
By the way ... Is that a head&shoulders pattern?
All comments etc welcome. Should i look at alternative timescales, indiators etc
Nope, could have been 201, or even just below the 200 level. It's often worthwhile to leave a little more breathing space for a trade to develop if you are trading EOD positions (which I presume you are as the chart has 'delayed' written on the bottom left) or spreadbetting. Unfortunately risk often cannot be minimised to the level applicable to day trading when operating longer term positions.
Will try & expand further with regards to your other points later, if someone else does not respond more quickly.