Meetpips Contest - Worst of Week 3

Published on Sunday February 19th, 2012 at 12:50AM by RazorX

This week I didn't win any trades so there is no best trade, but the worst trade I made was trade 3. This was a buy off daily support, but also coincided with a 79% retrace from the previous down move, so unlike my two previous trades that were in line with the price direction but just got stopped out, this one was simply in the wrong direction which is why I believe it was the worst.

In hindsight had I pulled up a fib retracement tool I would have seen I was buying right on the 79% retracement, and thus would have known to either short, or wait for a break of 88% which usually signals a continuation.

More details about trade 3 here:

http://www.meetpips.com/members/RazorX/blog/56270-consistancy-week-4-13-19-feb-2012

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