Looking at last night's action (after I had gone to bed), it just reminds & reinforces in me the importance of STOPS. If I had chosen to ignore my STOP, and not place it there...Boy ! Would have been very painful indeed...PRICE has yet to fail (meaning it is still heading up) but the TREND Chart is giving me some warning here...Will see what PRICE will do first, during pre-market movements, before taking my next course of action.
09.53pm PRIME PPF at 1270.75. Taking a SHORT at 1270.25. STOP at 1271.00. Trade going in my favour. PRICE heading down to test supports at 1268.50, then 1268.25.
10.02pm STOP now moved to 1270.50. Half tick above lower high at 1270.25
10.10pm Took profit at 1268.25. + 2pts
11.22pm PPF. SHORT at 1269.25. STOP 1270.50 - Half tick above lower high at 1270.25 at 11.16pm. PRICE is going to challenge PRIME Support at 1268.00. Expectation here is a Breach of support.
Went out to get some supper...came back to see that my STOP was hit...sigh. - 1.25pts. Trading on Fridays can be very frustrating...!
Enough for the night...
Friday, October 13, 2006
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