Wednesday, February 23, 2011

Day 18 part 2. -11.1 Doi doi doi!

Don't have time to post a chart but I traded Asian open and it was slooooow. I ended up taking one trade took a -11.1 hit. Ouch. Looking back it was a stupid trade to make. Price was reaching it's recent highest point and resistance so I chose not to buy the breakouts upwards unless it broke the resistance. As usual. However, there was a strong upward wedge of support that was forcing price slowly up. Price bounced of the high resistance and brokedown and I took the trade. But if I stay out of trades when they are nearing horizontal S/R lines I should have known not to take a trade getting close to a sloped support line. I don't use slopes that much so I suppose I didn't notice it as I would have easily done before. So I'll make a mental note and won't make that mistake again. Doi!!

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