20070419 - ISIL - 15mins - Gain*Paper

Symbol: ISIL
Type: Long
Entry: The beginning of the 8th bar
Exit: The low of the 12th bar
Result: Gained +0.4%

Well, this one didn't work out as planned because:
1) I was greedy, and
2) I didn't check the Historical Chart

For whatever reason, the prices just went crazy during the 7th bar. It gapped up, and above, the Opening Range high, and I entered shortly after. My target was the 138% Fib Ext., and it did reach that level! The problem is with me, who failed to exit the trade. I purposely left it there, hoping that it will continue its rise and hit the 138% Fib Level.

Well, it didn't! Instead it pulled back. I decided to exist during the 13th bar... to lock in the 'now-half-gone' profit.

Looking back, had I took a mere 30 seconds to glance through the daily chart, I would have noticed that the Resistance level was set a year ago at that same level (see second chart above.) Not that I would know exactly where to exist, but I would certainly know not to be greedy when the prices reached 119% Fib.