Short position of SIMSCI has been closed at 287.2. Given Nikkei, HangSeng and SIMSCI are all pausing and reluctant to sell off further. In fact, Nikkei futures is trying to make a higher low. There might be another chance in the afternoon session, I chose to bail out before lunch.
Watch out for next opportunity. One trade closed with +0.3 gain.
I negated the chance of going Long on SIMSCI futures. Instead, I saw a chance of intrady Nikkei to be toppish before lunch break and HangSeng futures continues losing more than -100 points. Short position of SIMSCI has been established at 287.5. Intraday support is likely at 286.4 area. I am watching stop loss closely.
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The result of guarding the quality of my trading, no trade was made today. It was a choppy day with low volume, I would say. Day volume is just more than 3000 contracts. There were selling at the end of morning session , however, sellers strength were weak. In the afternoon session, though SIMSCI futures started rebounding, a possible entry was at 289.1.
I saw few levels of resistance. None of my setup was completed. No trade was done.
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After reading the chart retrospectively, mistakes were found. Mistakes were found in the second trade. While for first trade, false breakout is expected portion of breakout trading.
In the second trade, stop loss calculation was wrong, instead of 289.5, correct stop loss level should be at 289.7, if short entry was at 288.9. This is merely a chart reading mistake.
Another mistake was found at entry level. Since day low/high serves as support/resistance level most of time, short position should be place below day low which was 288.7, instead of 288.9. I was too eager to establish short position.
