After reading the chart retrospectively, mistakes were found. Mistakes were found in the second trade. While for first trade, false breakout is expected portion of breakout trading.
In the second trade, stop loss calculation was wrong, instead of 289.5, correct stop loss level should be at 289.7, if short entry was at 288.9. This is merely a chart reading mistake.
Another mistake was found at entry level. Since day low/high serves as support/resistance level most of time, short position should be place below day low which was 288.7, instead of 288.9. I was too eager to establish short position.
Tuesday, July 11, 2006
SIMSCI Trade recap 11-JUL-2006
After reading the chart retrospectively, mistakes were found. Mistakes were found in the second trade. While for first trade, false breakout is expected portion of breakout trading.
In the second trade, stop loss calculation was wrong, instead of 289.5, correct stop loss level should be at 289.7, if short entry was at 288.9. This is merely a chart reading mistake.
Another mistake was found at entry level. Since day low/high serves as support/resistance level most of time, short position should be place below day low which was 288.7, instead of 288.9. I was too eager to establish short position.
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