Missed Trade: Cable Retracements

Published on Monday July 12th, 2010 at 08:52AM by keicadelina

Okay so I missed the boat a couple of times on this one. Even though I had a bit of time to watch the charts more intensely today, I wasn't able to jump in on a cable short and take advantage of those nice price drops. I figured the pair would retrace after the breakdown from the previous day low during the Asian session. I set my entry at the 61.8% Fib, which lines up with the previous day low. As you can notice from the chart below, the price didn't climb that high. Next, I set another entry order at the 1.5000 handle, which lines up with the 61.8% Fib and the bottom daily ATR. Again, the price only retraced until the 38.2% level.

Oh well. Even though I missed a couple of good trades, I'm pretty happy that I did spend more than my usual amount of "screen time" today. This should help me with getting back in the groove with the market, right?

Leave A Comment

Please sign in to comment.

  1. Login
  2. Sign Up

Our Sponsors