So yes, I did end up taking some nice profitable trades, so I should feel a touch positive for the accomplishment of partially cleaning up my big mess. But in the future, days with big messes caused by undisciplined trades will be a non-occurrence.
* * * * *
ITMN - 5min - vlb setup. Sold short around 11:15 due to the vwap line bounce [vlb] which also corresponded with resistance from the Retracement Zone (RZ). Held on through a choppy ride down, missed exiting at the FE target ($0.25 opportunity cost), and got out on the first pullback after the downward trendline broke.
There was also a "vlco pinch" setup later in the day, which is when the rising (or falling) 5ema pushes up (or down) against the vwap line, and pinches it to breakout. With the pivot point level also acting in conjunction as resistance, I was hoping that this was the start of a big reversal. But the price action stalled right at the RZ and I got out at breakeven.
|ITMN - 5min - 09/13/2011|
|AUDUSD - 15 min - 09/13/2011|