RE: SIMSCI 02-June-2006: Potential short: LongTrade Closed

This is 12-min chart of SIMSCI.
It is indeed a good day. After Short setup failed to form, I observed a Long opportunity. Long position was established at 284.6. Initial target was 287. To be frank, I thought the target was too far away. I was obviously wrong. Target was exceeded. Trade was closed at 288.1. As target was achieved, I turned to 9-min chart to follow the fast move. Failure swing was found in overbought zone. This gives a strong signal for me to take profit. Market might continue moving up, however, the objective here is to captured the intraday sentiment and profit from it. Gain +3.5

In the morning, I was caught in a prejudiced situation to insist of short opportunity. It did not take me long to decide twisting my mentality to accept the reversal of trend. Trade with the fact, instead of personal opinion is proven to be profitable in this case.