My views on future trades, past trades, the market and lessons learnt

Tuesday, May 26, 2009

Precission Trade Update

Short from Power Level 1.3998, closed 50% @ 1.3980, the remaing 50% of this position hit TP @ 1.3910. (+6.54% or $760)

Went long from Power Level at 1.3908, entry was 1.3903, I was going for +30pips on this one, price got to +20 before reversing (technically if your trading your levels you should take profit here or atleast turn the position into a risk free one, I was riskign excess profits for big gains though)....

Trade closed after price broke 2 spinning bottom candles, these generally mean reversal, but price broke down, so closed trade for a -3.63% or -$452 (note: this was a larger position to my normal position, but I was willing to risk it, as I am usign aggressive MM technique here)

That is ok though, I am up 2.6% for the day today, and was risking profits.

Taking break from the screen, I will not trade short from 1.3908 Power for next 5 hours now, as for me it will be 'revenge' trading.

Good Luck Guys, hope your doing good :)

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