Looked superb, RSI level, Price/Bollinger,low risk, high potential reward.
Entry was at 72.2 i.e. 1 below the level of Pt2, this gave a Price equivalent B/E of around 4474/3.
After it failed in two attempts to get beyond 10 pts, I grabbed 5 with half and left to rest to survive or die, it died.
The double doji in the candles after the one that triggers the trade is not good news at all - this is supposed to be a momentum trade. If in doubt, grab profit with some and keep the potential loss as small as possible, is my personal style.
Total return 0.5*(5-12)= -3.5 pts, I can live with that as a failure!
cheers theory
Hi Theory
ReplyDeleteIn this trade that did not make a lot the price on p3 was quite a bit higher than p1. Was this a factor do you think?
Thanks in advance and for the blog
Zac
Zac,
ReplyDeleteIgnore Price when entering, the ONLY thing that matters is the RSI pattern.
The slope of the M on RSI was down but not that much - maybe the reason, maybe not. It is someting I'll think about on holiday.
cheers theory