A lot of volatility in the markets because of Greece right now. Due to this, I am very cautious with positions, trying to be invested, time wise, as little as possible because of the swings / uncertainty. I had one long position in the Euro for 20 pips and 1 position long in the Nasdaq. Ended with $107.50 profit on the day. I want to discuss a few things about my system during this NQ trade:
One of my trade setups is buying upon the break of the current days high or selling at a low as long as there are now levels of support or resistance above / below the trade entry. I consider institutional levels, numbers on the NQ such as 2300, 2350, 2400 etc as levels of fierce battle between buyers and sellers, therefore there is a lot of uncertainty upon what will happen around those prices.
As you see from the chart, I entered long on the break of the high, I had a 10 point target, but upon getting filled I noticed the institutional level of 2350 (blue line), so I moved my target to 2349.75. I like to be systematic with this, never leaving anything up to chance. Always assume the worst, always look for reasons not to enter a trade, and always look for reason your trade won't work out. It's easy to make yourself believe your trade is great, because you took it; but don't be like that, try to be a professional, protect yourself and don't be left at the mercy of the markets.
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