Friday, February 27, 2009

Equal Moves And Q4 Preliminary GDP announcement.

Nice 3.75 point scalp out of the 08:30ET momo reversal in the NQ which coincided with the Q4 prel. GDP announcement....proof that news is built into price action...

While I'm happy with the my consistent approach and the frequency I'm able to take relatively small but meaningful profits out of the beginning of a trend move, it's time to review the last X amount of trades and see how I might have managed an extra contract...granted you don't always get subsequent moves of this magnitude (100mins after the trigger and the NQ is up 25 points!)but it definitely merits looking into!

Seems obvious that the trade off between what's lost on losing trades/trades that don't get further than the initial profit taking point would be worth the opportunity to take more of the gains which I'm currently leaving on the table...we'll see...

Slightly unusual trade in that there was no Pivot Support but two forms of measured or Equal Move Support, which is illustrated on the 30min chart. Caught it 4 ticks off lows with an 1108.25 entry- out at 1112.00

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