My next play was a 15 minute short in STI which had triggered at 12:30 but I did not enter the play until 1:30 because I was waiting for the moving averages to catch up on the 5 minute chart. I had a nice M top formation, but I still waited until I was under the 20 ma on the 5 minute chart. If the market had rolled over sooner, I would have entered sooner. I was really looking for a pull back to the declining 20 ma but it just wasn’t going to happen so I took a GBI entry (green bar ignored). Price action slowly ground downward but never got going lower even thou the market started to sell off. Price action finally shook me out at a break even stop, disappointing because I had a nice 50 cent target below with a good reward to risk ratio. Oh well, a profitable day with my other trade in TGT and that’s it for me today another green day 🙂
STI 01032013