Tuesday as it happened (+£80)

Close of play trading position -£4220 read on for day's (non) events

Good morning Traders!

Firstly I want to say a BIG thank you to Andy for his positive comment yesterday. Andy, thank you for your support and advice (which is to take my own advice!), I agree, I'm a scalper. I'm glad you enjoy the blog and I really want you to know how much I appreciate you taking the time to post, thank you.

7.55am

I'm not trading until DOW open but I'm expecting a small dip today towards 16'050 and maybe 16'000. We've had such a stellar rise that a period of consolidation is inevitable. Of course as I shall not be swing trading and simply scalping it really doesn't make a difference to me but for the first time in a few days I shall not be scalping in simply one direction, I'll wait for the price action to dictate. More later.

2.45pm

I have a £30 short scalp in progress from 16087. I spurned a £100 scalp profit and the 5 minute candles look bloody suspiciously like a bull flag, my bearish sentiment holds today though so I'm letting the trade ride for a while, still hope to see 8-10 points profit from it.

My reasoning behind letting it ride is 10 of the 30 DOW companies are in red so far today and I'm also watching a descending wedge form and we're in the upper area now. More later.

3pm

Okay so I've closed my scalp for a £36 profit. I fancy it to drop but I'm not feeling that confident so best to come out of the arena until I have more conviction. Funnily enough I can see the drop is due to consumer confidence dropping, hey I'm a consumer!

3.06pm

Damn, wish I had more faith in my predictions, had I waited a couple of minutes more I'd have had my 15 points and £450 for the day. Now I'm watching it drop but without a position.

I do think there will be a buy the dip opportunity this afternoon, if it gets to 16050 that's the first strong one.

3.20pm

13 companies in negative territory today and no real conviction to the market in any direction. Quote a benign day which doesn't suit scalpers.

3.40pm

3 times it's tried to break the upper descending line on the wedge and other than poke it's nose across it's failed. I think today's a ranging day between 16070 and around 16100, very tight!

My trading Desk

 

My Laptop has my trading platform plus DOW 30 in real time

The left monitor has 5 minute candles, right 30 minute candles

I trade through the charts, single click execution for speed

5.20pm

DOW threatening to break the descending resistance line once again, I fancy it to go this time and if so we should see another 20 points or so higher to 16124

5.40pm

Okay that's enough for me today, finished +£80 as I took a couple of scalps at £5 point. Only a 34 point range today which is almost unheard of on DOW.

My mood

Despite my prolific posting today I've been running around for most of the day (I didn't get back in front of my laptop until 2.20pm). I felt patient today and was quite prepared not to trade if no opportunity due to little movement.

'till tomorrow