Wednesday, April 1, 2009

the trade that snapped my 2week winning streak - long java

Java

bought: 8.01
sold: 7.96

reason for buying:
  • someone on twitter pointed out java's interesting and huge volume
  • i thought it was gonna get a get go, since the volume was huge
reason for selling:
  • realized that I had a bad entry with too much size and that I didn't check for resistences before entering.
  • some huge wicks past 8.05 gave me the chills
  • started pulling back and shaked me out
lesson learned:
  • no matter how tempting the setup/volume, etc. always wait for pull backs to enter!!
  • settle your nerves before entering any position...never enter based on "shoot don't run without me" kinda mentality
  • i was getting complacent from a good day yesterday

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