15 July 2006
Mini Dow Futures US$5 Per Point - First Contract
Longed at 10788 at around 10:00 in the chart, reason: 5 wave down, expect a technical rebound though realising that m50 100 200 bearish arangement, continue to drop to 10751 before a rebound
Cut at 10787, 5th wave dropped to 10751 which is deeper than expected before rebounding. reason: rebounded and close to m50, m50100200 on 1 min chart still displayed a bearish arrangement.
Reflection: Not a good trade decision. 1 min chart m50100200 bearish arrangement, and are still trending down, a bottom formation has not formed, decision was based on E wave only, a gut feeling, which is not objective, the odds are not on my side. However, loss cut was executed well. Looks like I have to pay more learning fees before a profitable trading.
Longed at 10788 at around 10:00 in the chart, reason: 5 wave down, expect a technical rebound though realising that m50 100 200 bearish arangement, continue to drop to 10751 before a rebound
Cut at 10787, 5th wave dropped to 10751 which is deeper than expected before rebounding. reason: rebounded and close to m50, m50100200 on 1 min chart still displayed a bearish arrangement.
Reflection: Not a good trade decision. 1 min chart m50100200 bearish arrangement, and are still trending down, a bottom formation has not formed, decision was based on E wave only, a gut feeling, which is not objective, the odds are not on my side. However, loss cut was executed well. Looks like I have to pay more learning fees before a profitable trading.
Labels: Futures Trading
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Missed a perfect opportunity at dt correction formation between 9:18 to 9:56 on the chart which complies with my ideal setup on every aspect. Short position at around nl of this dt was not filled.
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