Thursday, 24 June 2010

Trades 24/June/2010

LOW (gap down)

Move down then retrace to ema. The 5th is OR breakout off ema and closing weak. This is our short trigger. Moved in favour for a while, but didn't have enough to reach 1R. Stopped for a loss.


The Average Jay said...

Just a question. Why would you not wait for a break of the prior low to short. From the 5th candle there is only a small bit of profit to gain if she retraces from the prior low?

TraderAm said...

Yes. But I don't really take into account the prior low in my retrace trades. Maybe I should, don't really know to be honest.

I suspect in lot of cases I wouldn't be entering a position because then the FIb Ext would be too close to make the r/r worthwhile.

The Average Jay said...

I went back thur your post and looked at the trades both long and short that you were stopped out of for a loss. It occured to me that the one thing that was a common factor. You were not waiting to see if she broke the high/low of the prior candles from the open before you entered your trade. The charts that you were making profits you did. Just a thought. I enjoy your reading your blog and please don't think I am trying to be a know it all or being rude with my comments.

TraderAm said...

No offence taken. Thanks for your comments. I'll check it out.