RE:SIMSCI 16-June-2006: Potential Long:Trade Closed

12-min SIMSCI Futures

I have closed Long position at 283.1. After watching price action at the area of day high (283.4), uptrend seemed to be getting weaker. This does not mean a reversal is kicking in, it just prompts me for profit taking. Notice about DI+, similar weakness was observed as well. To confirm this decision, I turned to 9-min chart.

9-min SIMSCI Futures

A failure swing RSI was forming. This is the ugliest scene to me when holding Long position. Similiar situation was found in directional indicator as well. These conditions gave me a strong support to close my profitable Long position.

I might be wrong which might miss out bigger profit in the afternoon session. However, day trading is all about discipline and timing, I do not act on expectation. In fact, at 1130pm, my position was already in-the-money. Not so bad for 2-hour trading, a positive Friday with +1.2 gain.

RE:SIMSCI 16-June-2006: Potential Long:Trade Closed

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