2010-03-14, Sun
20:47 EST Long EUR 1.3759 tgt 1.3785, Trade supposed to be on the double bottom. It fell through the bottom though as soon as I placed order. I placed a market order and as down 6 pips as soon as the order was placed. EUR seemd to have formed a bottom and was starting a new uptrend so i put a stop at about 40 pips away. Not a good risk/reward. Need to make sure the bull candle is formed properly first also. Daily Pivot Point is at 1.3741.
09:34 EST, Down 15 points from entry. Waiting to be right. :-)
Earlier I was tempted to play the Double Top but held off because I said it was a bull trend and I am going to start trading with the trend instead of counter. Seemed that the short trade would have been good . Target would have been 15 pips but it fell 28 pips.
09:50 EST broke below PP down -23 pips, still letting the trade play out.
Before I entered the trade I did not take into consideration what the ES, YM, etc was doing. They were trading down up until 22:00 EST where they found support.
I made the stop that low because entering the trade I was confident that there will be a reversal but still to the upside and wasn't worried about a stop but on second thought it doesn't seem like a good idea. When I had done my analysis I figured that there were many support points around the pivot and then below that was the area I lable Second support. I chose to put it slightly below the S1 pivot.
21:45 Considering whether I should double down if we get to the are that was the major support that I labeled second support.
23:45 EST Second support area at 1.3725 is being tested. Down 32 pips on the position. Next major support area would be at the WP 1.3658 which is 60 pips away. Not willing to risk that much pips. Below that we have 1.3688 which is also a S2 pivot.
20:47 EST Long EUR 1.3759 tgt 1.3785, Trade supposed to be on the double bottom. It fell through the bottom though as soon as I placed order. I placed a market order and as down 6 pips as soon as the order was placed. EUR seemd to have formed a bottom and was starting a new uptrend so i put a stop at about 40 pips away. Not a good risk/reward. Need to make sure the bull candle is formed properly first also. Daily Pivot Point is at 1.3741.
09:34 EST, Down 15 points from entry. Waiting to be right. :-)
Earlier I was tempted to play the Double Top but held off because I said it was a bull trend and I am going to start trading with the trend instead of counter. Seemed that the short trade would have been good . Target would have been 15 pips but it fell 28 pips.
09:50 EST broke below PP down -23 pips, still letting the trade play out.
Before I entered the trade I did not take into consideration what the ES, YM, etc was doing. They were trading down up until 22:00 EST where they found support.
I made the stop that low because entering the trade I was confident that there will be a reversal but still to the upside and wasn't worried about a stop but on second thought it doesn't seem like a good idea. When I had done my analysis I figured that there were many support points around the pivot and then below that was the area I lable Second support. I chose to put it slightly below the S1 pivot.
21:45 Considering whether I should double down if we get to the are that was the major support that I labeled second support.
23:45 EST Second support area at 1.3725 is being tested. Down 32 pips on the position. Next major support area would be at the WP 1.3658 which is 60 pips away. Not willing to risk that much pips. Below that we have 1.3688 which is also a S2 pivot.
1 comment:
01:16 Have to get up at 05:30 to go do some work. So I need to get some sleep. Will see how it works out in the morning
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