Friday, November 05, 2010

Breakout...Divergence Negated.

The divergence I mentioned in yesterday's post was clearly negated when both the YM & ES did a chart breakout last night. Although LONGs were the trade setup for the night, I missed going LONG by 0.25pt and I decided to wait for the next opportunity.

However, when the next one came along, I was given a fright (though with STOPs in place) when right after getting in, they sold it down pretty heavily, and PRICE threatened to break the intermediate PRICE low. That proved to be my undoing as when PRICE action started getting volatile, I decided to get out with only +0.25pt gain , for fear that I could be left "carrying the baby", when the surge in PRICE ended. In the end, it proved to be an unwise move as that LONG, would have ended with a +4.50pt gain. Aaaaargh!! I decided to call it an early night after that.

For the record, I ended up with a net loss of -0.50pts, for all my troubles...

No comments: