Tuesday, March 29, 2011

Rough Start




Preparation:
Weak bias on the start, already broke 103.30 (my demand zone).

Plan:
Short until bullish confirmation appear

Discipline:
Another discretion with rough start. Down -$347 at max. My short stopped out with 2 ticks slippage, twice! I disciplined with my Stop Losses and extended Stop Losses were nice

Hard Work:
I used another ladder stop losses. This things better than trailing stop IMO. Looked at the chart. I was stopped out at my short. After news came, price up and down and up. I was prepared to go long since my 103.30 already pierced up again. I placed my Stopped limit at 103.64, price rocketed thorugh my order. Planned to entered at the pullback, nothing. I decided to long every pullback. First pullback stopped out with another 2 ticks slippage. I re-entry at better price, it went up. Price chopped up there. I kept re-adjusting my SL based on chart, it worked! CM Road Map #1 was at 104.33, price moved to $103,29 then fell quite deep. Thanks to my SL, I was saved. Price stalled at CM Road Map #1. I wanted to extend the price around +10ticks more. At first I wanted to move the PT at CM Road Map #2, but I already got out. Last SL was at breakeven of the day. I decided to pick the extension not CM Road Map #2 since there's no surge volume AGAIN. Five consequtive low volume.

Communication:
...


Evaluation:

The first entries was bad. Too many discretion. I was helped by my SL discipline. I was confused with the market. First start, it definitely a downtrend, then suddenly price soared up. I was short and short. It happened to be a pullback. Clear Long signal from CM Pattern at 103.63 skipped to 103.68...If I was filled there, I'd took overall at least $400. I should grateful cause it's another bonus trade. No volume again and again. I'll stop trading for the day unless there's volume coming.

CM Road Map can be a nice S/R at the weak volume like today. Today, CM Road Map #2 at 104.74 might become high of the day or at least there's pullback 40 ticks.

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