Friday, January 19, 2007

Day Trade: Short ICE 30-min chart

Entry @ $126.83 / 700
Covered @ 125.11 *** update 1:28pm***

Entry : $126.83

Size : 700

Exit : $125.11

Stop Loss : $128.00

Risk : 1.17

P/L : $1,204.00

R : 1.47

I saw a breakdown from 3 day support in this 30-min chart which usually leads to violent move on the direction of the price contraction breakout. My entry is on the 1st cstick after the breakdown from the congestion at $126.83. I was trying to get in around $127.25 but the spread was just too much.I covered the trade later after the price action printed a HIGHER LOW with nice NARROW RANGE HAMMER. Exit was at the 8th cstick when price cleared the top of the mini-hammer 7th cstick.

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