Hi Everyone,
No trades to enter or exit over the last couple of days. This morning has been busy though - unfortunately closing out losses.
Closed HNS short @ 588.5 (opened @ 573.15(xd) on 23/8). Sharp jump overnight, so by 9am it was at my stop out level. Suspect that the jump may be over speculation that aggregates will be in demand following US hurricane - nothing on the newswires. Didn't want to risk a rise beyond my stop. Price has subsequently tanked
Closed IHG short @ 750.75 (opened @ 741.25 on 22/8). Broker upgrade this morning, suspect price will rise further in run up to interims next week. Daily stochastic suggests rise may have some way to go.
Closed DXNS short @ 151.75 (opened @ 149.3(xd) on 12/8). No clear downtrend established. Daily stochastic suggests rise may be imminent, so decided to exit with small-ish loss.
Was looking to go long in CBRY today but (sod's law) price leapt overnight & is now too high to enter comfortably. Will have to wait & see on this one.
Late July & August have been pretty lousy for me. On analysing trades, I seem to be making more mistakes in identifying trades/directions. Last time I did the analysis I'd invariably got this right but often exited trades too soon. Suspect these errors may be partly due to low summer volumes giving false signals. Also, after too many trades signalled recently, decided to tighten my "filter" criteria & only choose trades where weekly MACD signal is in direction of a long term price trend (i.e. > 6 months), or where there is no clear overall trend. I'm hoping this will improve my accuracy.
Current position:
Short BATS, EMG, JMAT, SGE; Long CPI (one bright spot today), SBRY & TATE
I'm expecting to close the BATS trade some time today.
BTW re stops. I concluded quite a while ago that it was best just to leave stops where I set them originally, until ready to exit a trade. By moving them up I found that I was often being stopped out before the REAL profits came. So far, I don't think this policy has caused me any problems.
Good trading,
Mark