Tuesday, September 13, 2011

Recap: $ITMN and $AUDUSD

In a day where I got chopped silly by a thousand paper cuts and had to reference my Dr. Brett books and website for comfort and assistance to rebuild my psyche and sanity, at least there were some trades that worked.  I was able to take what I consider a "very ugly" loss and cut it in half to just an "ugly loss."

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 - Update: Still short, although I had little scare earlier this evening when the price approached the 9/13 highs of the day.  My stop has been lowered to slightly above the highs of 9/13, so the price got about 15 pips from getting triggered.  In hindsight, that spot was a great place to add on for a low risk/reward trade.  I've locked in some profits, and now it's time to sleep.  We'll see how this turns out tomorrow morning.  Good night!
AUDUSD - 15 min - 09/13/2011

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