Cash market open Tues in Australia - made a scalp only
by, 6th-October-2015 at 07:31 PM (633 Views)
Today I was looking for a reversal from a larger degree (60 minute)double top, and strong +188 double drive
target.....obvious selling at these top of range levels came in.....I under-estimated the full extent of selling
which was formed a bear channel most of afternoon, and capitulated down to low of day....not a good strategy to try pick the low, and the smaller degree ABC correction -43 Double drive did not find support....I averaged down with 3 buy orders and managed to gain only 6 points by the close of futures market at 4:30 pm Sydney ....
I am not happy with how I traded though as I should have got short, I expected after a strong bull trend the double top would cause a bear trap, but I was wrong. I wasn't really paying enough attention to the price action signals.
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