Wednesday, June 6, 2012

6.6.2012 Fiber Trade

My June trading plan is blown out of water the day after I write the post.

Long on fiber at 2450.

Known level of S&R drawn off HTF charts.  Price traded down to 80 level and I didn't think it would make it to 50.  This has been my problem in the past couple of weeks.  I'm making assumptions I should not make.  Price rapidly trades down to 50 level where I would have gotten stopped out.  All the confirmations, especially SMT still in place.

First take profit, took half off at 2480.  Took 1/6 at 2500.  Stop loss now at 2480.  We'll see where price goes now until 1500GMT.  I was hoping to take out the daily high at 2526 or weekly high at 2541 but we may just move in to consolidation.




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