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Wednesday, February 2, 2011

NY 5min trades...

1-my first trade was the bounce of the 50sma +4
2-same exact trade +3 thought i was going higher
3-took the bounce off the fib as earlier it held support +4
*-I actually bought off the 50sma though it did not mark the chart +8
4-i waited until i felt the push was over and price had stretched, shorted +5
5-then i bought into what i clearly saw as the upmove, went against me, added at the fib, still went against me, i added at the 50sma.  Each one of these add ins at the bounce produced pips but not enought to get me out. when it finally broke against a recent low i exited -16.  OUCH  it happens.  when i bought initally 1.3821 it went like 6 against me then came back to BE i should have exited and waited.  then i could have bought off the bounce of the fib for 2-3, and the 50sma for 2-3 and then off the bottom pivot for 2-3 more.  instead i did not manage the trade properly.

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