081507 - PAYX - 10mins - Gain*Paper

Symbol: PAYX
Type: Short
Result: Gained +0.87R

• PAYX came from Trader Jamie's Watch List as posted on his blog here
• The reason why this is on his Watch List is because (I think) there is a potential that PAYX can fall through a major Pivot Point at $44.00 (see yellow line)
• Prices reached the Pivot Point at 1000hrs and retraced
  
• I saw a mini-base forming at around 1000hrs, and I entered when the prices breached the base
• But once I have entered Short, I realized that my trade was (almost) pointless!
  
• Because if I already knew that a Pivot Point (a potential support!!) is at $0.19 cents away, it really makes my Rewards to Risk ratio of this trade looks poor! (My Protective Stop was at the Entry Bar's High)
  
• With this knowledge in mind, I became more cautious with my trade management, and prepared to exit my trade at any moment!
• Since I (or no one) knows if the prices will go through the Pivot Point, with force and authority, I long decided to exit half of my position when it reaches the Opening Low
• I watched closely after my first half exit, and re-adjusted my Stop
• I was Stop-out during the next bar
• Although the prices did managed to breach the Pivot Point, several times, it failed to dive further
• PAYX will be on top of my Watch List tomorrow!
• A 0.8R gain is still better than nothing!