Wednesday, March 4, 2009

NQ scalp



First trade after my own personal Black Monday...would have liked to get more out of it but I'll be happy with the 2.25R/point scalp...

I did get as much as 6R/points up in the trade but, as seems to be the case more frequently recently, there was no logical way to lock in profits other than to exit the trade. This, of course, would have been a knee-jerk, emotional exit.

I was originally expecting a retest of highs, however, as the pace of the move into the 1116.75 highs was strong, increasing the probability that a corrective move would form to allow for any potentially stronger follow through...what threw me was the breakout and pullback to the pattern followed by long red candles. This kept me from looking for support to exit at.

Not reading this market like I have been in recent weeks...giving back too much paper profits too often.

1 comment:

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