declare your positions- 20th Nov

[wallstreet1928]

OK people, new day & new opportunities..............

I bought long again(yes taking advantage of oversold condition as RSI & bollinger bands & support level were screaming a buy at 3870) ........

I have made 80 points profit this morning, almost reaching my £200 target for the day and its only 9.30 am....

anybody else done anything similar?

I'm tempted to take long position in barclays at present but just researching further?

speculate to accumulate..............!!!

 

[Trading2k]

I'm contemplating a long position but the way things are we could test the lows on the FTSE before bouncing. That means another 200 points or so. I will be very tempted to go long if we go below 3900 today. The NASDAQ is 51% off its highs and I could see value hunters stepping in today. For the moment I'm just watching.

 

[tomorton]

I went short at the close last night based on yesterday being a Key Reversal, and took the profit on target in the evening. I went short this am based on 60-min Opening Range Contra but this only just in the black and not looking strong prospect for the pm. Only considering a long after the close and only if we close strong, above today's open and preferably above yesterday's low too, but I'd rather be short, with the trend.

 

[rnicoll]

In actual terms of trading, flat. As a hobbyist, I've gone over the amount I can afford to lose until about February next year, need to patch up my account before I get back into live trading.

If I was trading, I'd be short though. I still think the market hasn't fallen enough; eying 3,000-3,500 as a final resting place for the FTSE100.

 

[Fortune500]

I must admit I'm finding it hard to understand what's happening here. This is a huge huge sell off. Many people selling now must be taking big losses from their entry point in the markets over the last 10 years. Where else are they going to invest their money? Is the world coming to an end?

 

[tomorton]

Short target hit, closed. Flat right now. Unlikely to see a long opportunity this pm or tonight. But tomorrow's another day....

 

[rnicoll]

I must admit I'm finding it hard to understand what's happening here. This is a huge huge sell off. Many people selling now must be taking big losses from their entry point in the markets over the last 10 years. Where else are they going to invest their money? Is the world coming to an end?

I think people are unwinding leveraged positions because they have to, and just getting out of the markets because they can't face any more of a loss. If they have anything left, I imagine they're holding it in cash while trying to figure out what on earth to do next.

Personally I'm feeling incredibly smug for having closed out all my investment positions in April, and having put a lot of my money into an inflation backed investment from NS&I last September.

 

[Fortune500]

I've decided to close my Long position when the FTSE reaches zero.

 

[rnicoll]

I've decided to close my Long position when the FTSE reaches zero.

Good to see a trader with real confidence in their decisions!

 

[wallstreet1928]

long again at 3840 .......nice jump up so far!!

I have a 100 point stop loss on this one!!

I intend to keep for a few days as i seriously think this is a strong temporary bottom before we go further...........I aim make 100 points profit on this one!!

 

[wallstreet1928]

If the market goes topsy turvey i will just open short position on Dax to hedge myself but i think it will hold?

 

[wallstreet1928]

haha................I like it Fortune500!!

about time we get a happy trader, a lot of traders on here sound depressed........I think its due to a lack of confidence in there trading ability!!

I don't know..............

 

[wallstreet1928]

oooh...............nice bounce reaching 3890?!!

50 point point profit...what do you think people should I take profits with current situation or stay brave for 100 point profit!!

i know what i will adjust stop loss at 30 points profit at 3860?

good idea or bad? come on experienced traders tell me ??

 

[wallstreet1928]

ok adjusted stop loss again to 3890??

 

[wallstreet1928]

stop loss hit for 50 points!!

now im neutral again!!

 

[tomorton]

wallstreet1928 - Pity you were stopped out, this has potential to rise and to generate profitable entry points (can be two different things sometimes). Although we're still in a downtrend, today is a putative swing low, and it is higher, encouragingly, than the previous, 27/10. We also have an unfilled gap above today's high. Today's candlestick is a hammer, though its not at all perfect, suggesting a local bottom may have been reached.

With regards stops these days of excessive volatility and high ATR, I am setting a profit target on entry and keeping it absolutely fixed. The stop though is trailed as the position moves my way. But 50pts profit is fine from a single short-term position if its a regular pattern, and its always better than 0pts.

 

[jdphil]

Similar just happened to me on Dow Jones short at 7979 around 13.15 (GMT) let the trade run but didnt take a profit, hit my stop loss to break even at 16.02GMT. My decision making was slightly skewed by the online account not working and being too lazy to make a telephone request.

What strategies do people use to decide when to take a profit? Should I have used a trailing stop loss?

This is the second 200 point profit that I have turned to zero in a week. Very annoying.

 

[wallstreet1928]

I have been told to take 75% and leave 25% run.................which is a good idea!!

what i do now on FTSE is adjust my stop loss according to volatility & market sentiment!!

take my previous trade for example....FTSE is @ 3860 now? If i hadnt adjusted my stop loss to 3890 I would have missed out on 30 point profit!!

I make sure that i always come out of the trade with a profit, at least 30 points!!!

 

[Fortune500]

Unfortunately I went long at 4083 yesterday

 

[wallstreet1928]

what you should do Fortune500 is..............

If the market is going against you, you should open up a short position on the DAX to hedge yourself for any falls.........

for e.g. you go long @ 3830 on FTSE
market starts to move against you(and you know your stop loss is going to get hit as tide has turned)

then you should start shorting Dax(german index) and you will see that more often than not you will be compensated for 50% of your loss on FTSE if not more!!!