Peaks and Valleys

Earlier this morning Rob did a trade in the Euro. It was just and I mean just above a peak on the 5 min chart. I held off because that peak made me nervous thinking that the Euro would have been held down by it. Well a long story short...Rob made out very well on the trade. Later in the morning I traded the 5 year note. Prices came up and tested a peak and that bar turned into a keybar down but the 1 hour chart was a little keybar up. I went in 1 tick above the keybar down and thats all it moved because that stupid peak held it down. I ended up losing 10 ticks on the deal so not bad at all but I broke one of my rules and paid for it. Never, Never, NEVER trade into a peak or valley on the 5 min chart no matter how good it looks, period.

The stock market had another down day after the Existing Home Sales came in under expectations so I did nothing there. We will be up and running with AIQ by next week I would guess, or so I have been told. It will be nice not to sift through chart after chart looking for fibwits and keybars anymore as the program will do that for us.