Due to the bailout uncertainty, I was confident that the market would collapse in the first few trading hours. So I was a bit biased, which is not necessarily a good thing. I did not even run an IB scan this morning and just decided to focus on my WL.
AAPL presented a nice opportunity when it printed a nice IB just at the close of the 15min bar. Although I traded this using the 3min chart I drew the fib extension from the previous day high to the ORL of the 15min bar.
Only now do I realize (after the market closed) that if I would have drawn the fib extension from the previous day high to the ORL of the 3min chart, my partial would have taken place at the 61%fib extension and I would had exited at the low of 10:33bar, which touched the 100% fib extension. That would have certainly maximized my profits.
Anyway, this is something to experiment with in the future.
2 comments:
wow, you did have to wait long for the 1.382 extension... good thinking on that trade.
yeahh... I guess we all like when price moves immediately in the direction of the trade :-)
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