Monday, August 3, 2009

Tale of a Frustrating Day - Trade37 + 38

So I entered ASX200 short 3 contracts at 4267.5

1/ Falling Tick
2/ large red bearish candle
3/ falling MACD
4/ stop loss 4280, target 4254
5/ not all sectors were participating in the market strength

The asx200 then formed a bearish pattern of the head shoulders, so I shorted 3 more contracts at 4270.5 with the same stop loss.

The market then proceeded to whip my as5 and I panic sold at 4280.7 - the very next 5 minutes the ASX200 started falling and hits my target price - refer to below.

Painful day.