I seem to have phrased the question badly. What I was wondering was why you chose 82 as the R level to focus on to begin with rather than 76.
I see what you are asking. The resistance at 76 was a very good one that offered a lot of potential but I figured that level would be taken out by the Europeans during the night because it was so close to the close of the day yesterday. I also factored in the news that was coming out early today and expected it to raise the market. With those two things together the next really nice level would be 1283.
Jimmy, Thanks for posting your chart with explaination. I hope it will help other to what and why you take your trades when you do. Have fun at the Dentist, may you have no cavaties. 4re
Well I guess I am out of the market for the day, no trades. all in all it was a good week with winning trades every day except today. No trades in a day is not a bad thing so don't feel like you missed out on anything. I will be checking to the journal through the weekend so if you have any questions go ahead and post them and I'll answer to the best of my ability. I am also going to be doing some back testing this weekend using a simple breakout strategy that if everything works out on it will be a great way for the beginners to start and feel safe with. I'll keep you posted on it. Have a good weekend, 4re
So the price was not sufficiently below 76/77 for you to feel comfortable taking the trade? Don't mean to press. Just trying to understand your process.
Oh it looked good and juicy to me but to be honest with you I had my trade set to trigger at my numbers with an alarm. I wasn't watching the charts after that because there wasn't much going on and I knew the alarms would get my attention if they went off. So I didn't even see it when it dropped down. That is the main reason though.