Monday, 5 March 2012

Opportunity for a short at 15:09, went short, filled at 2640.75. Market sold off following positive Jan factory orders and postive ISM non manufacturing for February. A classic sell the news scenario.

I had divergence on my currency divergence chart and also a divergence sell signal on my custom indicator;

I closed it after a 4 point gain. This ladies and gentlemen is a classic example of how not to trade. It was a very well executed entry married to an incredibly badly executed exit.

I didn't get a particularly great night's rest last night so I suppose I shouldn't kick myself too hard. I wasn't really in the mood for trading today and I wanted to just get some points and switch the screens off, the correct decision was of course just to move the stop much closer to the price and let the market decide whether the position continues or not.

It's a beautiful sunny day outside, I'm off out for a nice walk and some fresh air.

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