Well, it took just over 1 hr of waiting for this trade to happen. Was waiting for a buy at the pivot, didn,t come. Waited for the buy at the weekly R1, missed it by 3pips. Once I saw the big up candle, had a feeling that 3100 would be acheived sometime today. Was just hoping that it would be when I would be awake. Didn't take the first push past 3100, since it was the first push past it for some time. Wanted to see the reaction. Once the second push came and it failed, I entered short on the lower high, exited for my pre-determined pip amt. In hindsight, could have stayed in the move, but with 3100 being touched after so much ranging, I was expecting a pretty heavy push past it.
Thursday, July 29, 2010
Sometimes, patience is worth it
Well, it took just over 1 hr of waiting for this trade to happen. Was waiting for a buy at the pivot, didn,t come. Waited for the buy at the weekly R1, missed it by 3pips. Once I saw the big up candle, had a feeling that 3100 would be acheived sometime today. Was just hoping that it would be when I would be awake. Didn't take the first push past 3100, since it was the first push past it for some time. Wanted to see the reaction. Once the second push came and it failed, I entered short on the lower high, exited for my pre-determined pip amt. In hindsight, could have stayed in the move, but with 3100 being touched after so much ranging, I was expecting a pretty heavy push past it.
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i love this trade because the recent high gives you a solid SL if the entry reverses on you. Nice trading...
ReplyDeleteHi James,
ReplyDeleteYes, and this is the main reason I have switched to this type of trading. In continuation trading, I never had an idea where I placed my sl, and quite often, I would exit, and it would eventually go my way after a few mins. Obv there are others who do very very well at continuation trading, but for me, I just could not make it work. Like they say, "thousand ways to skin a cat"
Regards.