Hi,
I hope I am not boring you with these posts but this one goes hand in hand with the last. Last post I explained why I did not take a trade - here is the reason I put more into this one.
Price had stalled at the pivot which was also close to a psych level at the round number of 237.00. Once that broke and closed below I figured I was good for at least 20 pips. It ended up being much better but I was looking for 20 - I always want 20.
I exited 2 lots at +20 and moved my stop to break even. I exited another 2 at the psych level of 236.50 and also because price bobbled there for a bit. I also moved my stop up at that point but it is hard to show it on the chart lol.
Price then continued down and broke 236.00 but you can see the S1 pivot near there which it bounced off of. I exited the rest of my position there on the bounce - reason being it usually reverses at this point if it bounces.
Obviously price continued going down (so I was wrong) and I don't know where it will end up but I had to make the call in real time so I got out at that point.
Sorry this was long winded but I thought it might be of help to anyone trading manually.
Have a great weekend all!
NOFX
I hope I am not boring you with these posts but this one goes hand in hand with the last. Last post I explained why I did not take a trade - here is the reason I put more into this one.
Price had stalled at the pivot which was also close to a psych level at the round number of 237.00. Once that broke and closed below I figured I was good for at least 20 pips. It ended up being much better but I was looking for 20 - I always want 20.
I exited 2 lots at +20 and moved my stop to break even. I exited another 2 at the psych level of 236.50 and also because price bobbled there for a bit. I also moved my stop up at that point but it is hard to show it on the chart lol.
Price then continued down and broke 236.00 but you can see the S1 pivot near there which it bounced off of. I exited the rest of my position there on the bounce - reason being it usually reverses at this point if it bounces.
Obviously price continued going down (so I was wrong) and I don't know where it will end up but I had to make the call in real time so I got out at that point.
Sorry this was long winded but I thought it might be of help to anyone trading manually.
Have a great weekend all!
NOFX