I am tracking GS very closely. I was expecting a reversal following a jump in the early morning trading which happened. I did not trade because my fingers are not that agile. Was tracking to go to 96.0 at 9:42am given the strong resistance (bollinger, fibonannci and previous day) but I MISSED THAT AGAIN.
The stock rallied strongly (I think on the back of OK Michigan number) and given the rapid up moved, it looked like lot of short covering after 98.2. I saw some stability around 99.0-99.5. At that point there it was over-bought on both 1M and 5M charts. Shorted at 99.02 becuase 1M candles were showing down-trend (had limit 99 but got executed because only a hanle-of-a-hammer triggered it) but had to cover at 99.69. This was risk reward trade because the chance of down was lot bigger than up.
Tried again. This went LONG. Bought at 98 but again got covered at 97.14.
More late...
The classic mistake was not looking at the 5M chart.
.JPG)
No comments:
Post a Comment