For the first trade, I knew that it had less of a chance of hitting but also a very nice payoff if it did. So instead of waiting for the breakout I went for the bounce off the resistance. However, I knew that if I let this go past even 3pips negative I would be in a world of trouble. Because at that point it would have broken past the high it kept bouncing off. And should it break that high I felt it would be a runaway train and give me horrible slippage on my exit producing a possible 10+pip loss. So I entered and the price bounced back just slightly. To be safe I exited. A few minutes later though, the price shot down. So I got shook out and missed that payoff I wanted. I was a little frustrated but then reminded myself it was the correct play because if it would have gone the other way and not exited so early I would have been fucked.
Second trade fell in line with a previous observation. After price moved down and ranged it moved as if it wanted to go down some more so I put in a pending. Then it ran up and I canceled my pending. At that moment I thought to myself, "Is this gonna be like the other day where it runs up a bit then shoots down?" Sure enough it did. Trade hit and stalled and range around 55. Normally I would exit but price was still acting like it wanted to move down so I held. I wondered if I'd regret it, should it bounce back up to produce a loser. But I felt it was more likely to go down so continued holding. Then boom, went down, stalled a bit and seemed like it was a bit far from the mean so I exited with a little over 10pip win. Nice.
And now my weekend begins. Gonna take my mountain bike out tomorrow morning, then going fishing on Sunday morning with a couple buddies. Then having a bbq. Gonna be a great weekend! See everyone Monday!
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