Up and down the Dow goes!
I came in after work today to find that the market had jumped over 100 points to 13140. I was thinking at this stage that the market had run out of steam.. the peak at 13140 showed negative divergence in both stochastics and MACD charts in the 5 minutes. I waited for a break below 13100 for a short.
Anyway, I got in at 13100 and rode it 20 points before closing out at 13080. The stochastics in the 1 min were oversold and I was thinking that they could go up anytime soon. However, 5 mins after I closed out, the market fell again hitting 13040… I had left 40 points on the table!! Arrgh! It really annoys me when this happens and it always seems to happen to me. I could have bagged a nice 60 points in the bag.
Anyway, here is the 1 minute chart showing my entry and exit! I know how to time entries ok but my exits are terrible. I can never get it right. I know in my heart that I must learn to ride the profits for as long as I can but after a pullback, I have a habit of grabbing profits and missing out on more once the pullback subsides.
Still, I have 20 points in my pocket!
