Monday, July 6, 2009

Trade 22: Finding some rhythm with ASX200 short

I plan to ride the maximum out of the falling markets, and today was no exception.

I made a short entry into ASX200 based on falling MACD, MA crossings and lower trending TICK.

The entry wasn't at a price resistance point - and this was the factor making me only purchase 3 qty.

This order is also my first OCO (one cancels other) price play in which I setup two automatic orders, and whichever hits first - will determine my p&l. I obviously set these bands within my risk/reward profile.

In hindsight, it would've been better to be patient and setup where the 100MA and the intraday price resistence was - saving me at least 6 points.