061407 - ADSK - 15mins - Gain*Paper

Symbol: ADSK
Type: Short
Entry: The 7th bar
Exit: #1 @ the 10th Bar
#2 @ the 14th Bar
Result: Gained +1.99%

• The 5th bar painted a Hammer
• Don't know why, but I didn't feel comfortable entering Short during the 6th (I think I have lost some confident)
• I entered Short at the beginning of the 7th
• My Protective Stop is set to just above the 5th bar high
• As prices fell beyond the Opening Low, I adjusted the Stop to the Opening Low
• I drew the Blue Line to remind myself of a potential support from Mid-January's high

• I exited half of my position at the Blue Line
  
• As prices fell right past my Blue Line, and I re-adjusted my Stop to the Blue Line
• I later re-adjusted my Stop to the 138% Fibonacci Level as the prices fell past it
• I exited the remaining half during the 14th bar when I felt that the prices were heading for a reversal. (see 10 minute chart below)