Trades 16/June/2009

I read somewhere once that once you enter a trade, you never know how it is going to turn out so don't get too hung up about where it is going and let your stops and limits do what is necessary. This applies today to the one trade I did make.

IVZ (Fall thru prev day low)

After weak first we get a retrace but then a rejection of the previous day's low on the next two candles. The 4th is a NR7 OR breakout which is off the ema and closes weak. This is my short trigger. I haven't traded OR breakouts much recently due to lack of consistency, so perhaps a bit of a forced trade since not much else was going on. The 4th candle didn't look good and then we get a retrace back to the OR. As it moved up I was pretty much resigned for it to be stopped out so just left it. When I logged on later, was pleasantly surprised to see a 2R profit. It came within 1c of stop out and then came back down to close near Fib Ext and also at 3R. I have to admit this was lucky...so any anon posters to this effect....I fully agree.

Anyway, not much else to trade that I could see. Hope you had a good day.

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