Tuesday, March 17, 2009

March 17, 2009 Tuesday Trade 6 Long 2 Contracts

Saw descending wedge which had a fakeout to the downside of a 10 minute channel break but really the channel was expanded and held. Anyone shorting the trendline break to the downside on that 10 minute chart was trapped shorting low 3 minute stochastics. I saw a very well-formed W bottom on the 233 tick chart which triggered me to get long. The trade got +3.25 +3 points. I am proud of myself in that I didn't get scared, just took the good setup when I saw it despite having a 1k drawdown from before :D
Chart analysis follows:
Trade 6 Screenshot
There is a type-o on my screen grab, the 3 minute chart says Trade 6 short 2 contracts should be Trade 6 long 2 contracts.

ShareThis