20070418 - ASML - 15mins - Gain*Paper

Symbol: ASML
Type: Long
Entry: The beginning of the 6th bar
Exit: The 2nd bar from the end of day
Result: Gained +0.62%

First off my Entry wasn't the best. I was so worried that I might missed the entry, I didn't want to wait as soon as the 5th bar cleared the Opening Range High and closed at its high. As soon as I entered, the prices dropped. My Protective Stop was set at the Opening Range high, and my target was 138% Fib.

The Upper Shadows of the 8th through the 11th bar concerned me, and during lunch hour, I asked myself if I should have exited when I saw those Upper Shadows. (This thought came up partly because of the lowering in prices from the 12th through the 15th bar.) Yes, I doubted myself!

Then from the 15th through the 19th bar, the candles sort of developing a Support level. That's when I decided to adjust my Stop tighter to just underneath the lows of these bars.

Fortunately, the prices went back up slightly and reached the 119% level. I thought about exiting at that point, but I decided to waited. A decision that I don't know if it would be the same had I been trading with real money.

I exited at the 2nd-from-last bar when the prices started to retrace from the Day's high.