Friday, May 8, 2009

NQ 07:20ET, AUD USD- 09:05ET

1.75 point loss (0.25 point slippage) on the NQ. No mistakes there.

10 pip gain with a 10 pip stop. Couldn't take the first entry in the sequence of 3 entries that were available to me due to the economic announcement. I've noticed that they usually follow through well as it did today but, when they fail, they do so brutally and I don't fancy losing several times my risk fighting to get out.

The retracement (2nd entry) I watched closely as it hung above the upper trendline resistance. I reasoned with myself that that was perfectly normal as the announcement caused a burst of emotional activity which allowed it to push the boundaries of the pattern. Put my order on the books but didn't get filled, hesitated a second to0 long....

3rd entry was the one I took as it formed the pattern around the blip of the EA.

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