Jul 052012
 

Today I got  OSOK (one shot one kill).  This is very rare for me.  This trade just screamed out to me and I had to take it.  It might look like I took it as a breakout but I actually was entering on a pullback.  It went farther than I thought so I was being very cautious and when it started to drop then I entered.  Price had been straggling my resistance zone there around 63.50 but for that zone to be broken price would have to hold above it, which it didn’t do.  But it wasn’t holding below it either.  So I figured the 2:1 R:R made it worth a shot.

I think if I had the discipline and patience to only take these “screamers” I’d do well.  But it’s hard to watch for 6-8 hours and take only one or two trades.

My levels were made before the European morning session.  I think my levels have been very useful and the market seems to be playing off these levels.  I’m using pretty thin levels and sometimes the market goes a point beyond but for the level to be broken the market has to hold above/below.

Also note that the only long signals of the day were at the Low of Day.

  2 Responses to “Review of Thursday 07/05/2012 OSOK”

  1. Great trade. I agree with you – ‘less is more’.

  2. Very nice exit..

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