Thursday, February 25, 2010

Trade 229 - Daytrade short asx200

ENTRY short 5 asx200 @ 4678.5

- hourly chart, and the daily were sitting at the 50MA
- dojis forming @ the hourly and 15 minutes
- gap open, had already closed gap

- 5 minute had formed double top and bars were bearish on both selloffs
- the minute chart showed a perfect entry @ the 50MA
- TICK had just turned negative

Basically, this is about as sweet a spot as I've ever seen this month - and just made an instant sell order; without having to think too long.

After the move downwards I had reached a point of reasonable exit point the daily pivot level coinciding with the 15min 50MA - although in highsight I should've played a trailing stop - as the market fell another 35 points. I managed to scrape $70 from this trade. A little more discipline and I'll be pumping a lot more points out of this market in no time.