Friday, December 18, 2009

Terrible Trade

Even though this trade worked out and ran into profits, it was a poorly executed and managed trade on my part. Fear and greed.

The shooting star candle noted on the image below was the correct entry when price was rejected from closing above 1098.00. I entered quite late after a 1-2-3 pattern had formed and at a possible support level of 1096.25. Not a good idea. Poor management after enduring almost two points of heat was a prime reason for covering. Psychological break down. Price was moving nicely, plenty of momentum. Grrr...

(click to enlarge)

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