The ascending line is a perfect upward trend support since Feb 3rd this year. Its signalling for me to go long at 16730 so I shall be watching like a hawk today on the 5 min candles for support if we drop on the open.
Friday, 27 June 2014
Dow 4 hourly
The ascending line is a perfect upward trend support since Feb 3rd this year. Its signalling for me to go long at 16730 so I shall be watching like a hawk today on the 5 min candles for support if we drop on the open.
Thursday, 26 June 2014
Thursday update
Playing the markets can be a devil, a deliciously tantalising, teasing bastard of a demonic fucker.
You can make the right call but be wrong short term and margin out (been there) or you can miss out on a trade and feel desperately frustrated at missing the profit from being right.
The latter is how I'm feeling right now. I wanted the DOW to break 17000 (my previous post called for some heat to come out of the market at that point) and I would have been short to 16750. Earlier today within half an hour of the market opening we slumped to 16742. Currently we're on a rise and at 16840.
I'm not going long from here. My call earlier in the week was for a short from around 17070 and today's drop meant my target would have been hit. A lovely trade of 300 points gone begging.
HOWEVER......
I'm not going long from here. If we creep up and break 17000 I'm still of a mind to action the trade I called although perhaps I'll wait for a little higher before taking a short due to this weeks action. I'm watching carefully to see where tomorrow leads before making a trade. If we test todays low (unlikely as buying was so strong) I'll let it play out and make a decision. As previously stated if we slip towards 16500 or even remotely threaten it I'll be all over it like Luis Suarez on human flesh.
Successful trading and I'll catch up with you again soon.
You can make the right call but be wrong short term and margin out (been there) or you can miss out on a trade and feel desperately frustrated at missing the profit from being right.
The latter is how I'm feeling right now. I wanted the DOW to break 17000 (my previous post called for some heat to come out of the market at that point) and I would have been short to 16750. Earlier today within half an hour of the market opening we slumped to 16742. Currently we're on a rise and at 16840.
I'm not going long from here. My call earlier in the week was for a short from around 17070 and today's drop meant my target would have been hit. A lovely trade of 300 points gone begging.
HOWEVER......
I'm not going long from here. If we creep up and break 17000 I'm still of a mind to action the trade I called although perhaps I'll wait for a little higher before taking a short due to this weeks action. I'm watching carefully to see where tomorrow leads before making a trade. If we test todays low (unlikely as buying was so strong) I'll let it play out and make a decision. As previously stated if we slip towards 16500 or even remotely threaten it I'll be all over it like Luis Suarez on human flesh.
Successful trading and I'll catch up with you again soon.
Monday, 23 June 2014
Thoughts for this week on DOW
Morning,
When I make my trades again I shall mainly be working on longer timeframes, a couple of days or so rather than minutes. I shall still be scalping occasionally but closing immediately if it goes against me for the loss of just a handful of points. Most scalps go in my favour
We're very close to 17000, been knocking on the door this month without breaking through. From past observations when it does break we'll shoot through for 30 to 40 points within half an hour. I'll be watching closely and will go long when we do for just a very short term scalp, maybe minutes.
My next trade will be to go short for a slightly longer term pullback. I'll be watching for 17070 and I believe 16750 is the best we can retrace to as the market naturally takes a breather and short term speculators take a profit. I'd be tempted to take at 16950 initially.
Slightly longer term we can comfortably retrace to 16500 on a bit of a panic, maybe Iraq or some other sell off trigger and at that point I'd be long for 500 points.
Certainly for the time being I remain bullish as long as the index shows new highs.
FTSE has been range bound for quite some time, I'm not interested in playing.
When I make my trades again I shall mainly be working on longer timeframes, a couple of days or so rather than minutes. I shall still be scalping occasionally but closing immediately if it goes against me for the loss of just a handful of points. Most scalps go in my favour
We're very close to 17000, been knocking on the door this month without breaking through. From past observations when it does break we'll shoot through for 30 to 40 points within half an hour. I'll be watching closely and will go long when we do for just a very short term scalp, maybe minutes.
My next trade will be to go short for a slightly longer term pullback. I'll be watching for 17070 and I believe 16750 is the best we can retrace to as the market naturally takes a breather and short term speculators take a profit. I'd be tempted to take at 16950 initially.
Slightly longer term we can comfortably retrace to 16500 on a bit of a panic, maybe Iraq or some other sell off trigger and at that point I'd be long for 500 points.
Certainly for the time being I remain bullish as long as the index shows new highs.
FTSE has been range bound for quite some time, I'm not interested in playing.
Friday, 20 June 2014
Good Afternoon, I'm back!
I just couldn't ignore my itch any longer.
The break has given me so much time and distance to evaluate my trading and my life. To give up on something when I've invested so much time and money in an effort to understanding it would be stupid and a complete waste.
I'm not altogether sure the format these posts will take or even if I will blog every day, for now it's enough to know that I'm as determined as ever and wiser, infinitely more experienced.
Enjoy your weekend and I'll update on the other side.
The break has given me so much time and distance to evaluate my trading and my life. To give up on something when I've invested so much time and money in an effort to understanding it would be stupid and a complete waste.
I'm not altogether sure the format these posts will take or even if I will blog every day, for now it's enough to know that I'm as determined as ever and wiser, infinitely more experienced.
Enjoy your weekend and I'll update on the other side.
Subscribe to:
Posts (Atom)