2010-12-01

1: What’s the overall market condition? recovering for risk appiti, ES is up 16, and EUR/USD up to 1.3106 from 1.30 level. Market is speculating that EU will extend it’s rescue program.
1d d 3h d 1h f 15m u 5m u? 1.3150 is the 50% retracement of the down side move from nov28th, it’s more likely to act as a resist. there is an up trending ema62 on 5 minute chart, support is at 1.3095, that’s where my stop it, if I’m stopped out, I will wait for 5 minutes see if it’s a clean breakout or test and jump back in. current risk is about 10$
What’s the news behind the move? Is it trendy? up trend. Is there news at 7:00 or so? ISM

2: What will be the trade? long dip at 1.3100 level, because of the support of ema62 on 5 min chart. What’s the risk? 20$
What-if it worked? take 10$ first and run the rest.
What-if it didn’t work? take 5 minute break and reenter.
The trade worked pretty OK, I entered 2x and take 1x at 10, the other stopped out BE. then I entered 2x again, 1x filled, the other missed 1 pip. Then I took at 10. Overall +20 now. won’t have more trade as ISM is 10 minutes away, spread will kill me.

At 7:20 I entered some stupid trade which will drag down my account, I’m currently all in for it. stop at 1.3060… Stupid…