Sunday, February 26, 2012

DATE: 2/26/2012

Previous day Objectives which were not fulfilled?
The Gap not filled.

Primary objectives on Daily and Weekly: name the objectives if any.
a). was balance objective fulfilled? YES
b). was Gap objective fulfilled? NO The price gap last week is at 3153 Current price at close is 3458. A 300 pip gap needs to be fulfilled.

Primary objectives on the 2 hour chart: name the objectives if any.
a). was the balance objective fulfilled? NO Friday 2/24 is no longer in balance with the close of PA at 3458 and the LR at 3475.
b). was consolidation objective fulfilled? NO It is still in a uptrend the the last 4 2HR candles show a
consolidation forming.

ROMAR support/resistance on the Daily at what Price Level and a line added on a trading chart: 3150
ROMAR support/resistance on the Weekly at what Price Level and a line added on a trading chart: 3523

Previous day High and low:
High: 3487
Low: 3359

Problem areas from previous day trading:
First trade of the day:
Wed 2/22 positioned at 3157. At PL 3167 I set my BE and 20 minutes later was stopped out. The reason for entry was it was coming out of consolidation with the Gold crossing Purple. I believe my stop loss was premature and should have waited for a 15 pip gap before I put in my BE. The next candle went to a high of 3433. An easy 40 pips. However, there was no loss incurred.

Reason for no gain: Premature BE

Second trade of the day:
I did not position any more trades because I misunderstood the rules during a consolidation period. There were a myriad of opportunities. I am now looking forward to consolidation opportunities.


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