Saturday, April 18, 2009

YM- Afternoon Reversal

Didn't allow enough room with my stop on this one, probably because I don't trade many 30min patterns. Paid for it with a 20 tick loss. stopped by 3 ticks before the reversal I was looking for...

Several strong resistances: pivot resistance on the daily with slowing of pace into the test of the trendline (DIA chart), equal move setup on the hourly, with 3 waves of buying on the second move.

Needed to be taking some risk off at 8100 but couldn't. That'll hopefully be sorted soon when I move away from trading Forex/Minis with contracts.

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