Friday, January 9, 2009

Indecision leads to meager gains (better than a loss though!)

Reaaally screwed this one up! From the top down...daily, downsloping (not sure if that's a word...) trendline....hourly resistance points from mid December. Picked off a fairly nice entry on the 1min highs, shown with the yellow dash at 1.53350. Stop 1.53600. Was anticipating that it could still flush alittle higher as the first wave of the pattern was so steep, which is what we got. Problem was that I based my stops and targets on my entry and not on the chart....I noticed the two wave sell off coming into whole number support (highlighted with the white lines...) with the addition of equal move support to give me a very good reason to expect a decent pullback. I either needed to take off my position right there or hold and trust the larger picture. I didn't really decide and used a half-baked, channel-based stop. Stopped for 3 tick gain....Target was a pivot high, shown with the yellow support, from the day before (1.52720 area) for 63 ticks.

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