isa's short term trading journal

[isatrader]

US SP 500 Long Entry – Mar 11 Spread

Trade

US SP 500 Mar 11 Spread
Direction: Long

Entry Price: 1288.2
Spread: 0.6 (0.8 overnight)

Stop: 1271.8
Target: 1324.5

Account Risk: 0.23%
Potential Account Profit: 0.50%
Risk Ratio: 2.21

Entry Reason
I got a buy signal on all my 4 hour indicators at 8pm. I wasn’t watching the markets then so my entry price is 2.3 points (inc 0.8 spread) worse than it could have been. I considered placing a limit order, but think the market may continue higher during the Asian session. The other reason for taking the trade was that the price recovered back above the 2% support zone on my 200 day support resistance chart which I consider a bullish sign as it held below that for the last few days.

 

[top trader]

MKS is looking good at 359.5p

 

[isatrader]

MKS is looking good at 359.5p

Intraday or swing trade?

As the ATR is 9.09 points which it's moved already today to downside.

 

[JRJ]

Intraday or swing trade?

As the ATR is 9.09 points which it's moved already today to downside.

Were you thinking MKS might now rise, or breakthrough at 360 and go much lower? (Looks an interesting thread, but i am very new at this.) I would be looking for a longer term sell I think..(with MKS)

 

[isatrader]

MKS is looking good at 359.5p

I'll give you my view on it. The weekly uptrend line has been broken and had a failed attempt to recapture it. Price is currently at a strong support level around 360, but looks like it will break down through this and continue the downtrend. However, I wouldn’t go short unless it made a close near the 350 level. If it closed at the current level today and then closed up tomorrow without making a new low, then I might consider a short term long trade.

 

[isatrader]

Were you thinking MKS might now rise, or breakthrough at 360 and go much lower? (Looks an interesting thread, but i am very new at this.) I would be looking for a longer term sell I think..(with MKS)

I'm with you JRJ, possible bounce, but more likely to continue much lower IMO.

 

[JRJ]

Thank you, I'm afraid i am not very technical, rather looking for breakthroughs - probability. But am willing to learn, if not overwhelmed!!
I look forward to reading more. Let me know the link to the thread you are starting and i will participate if I feel I have anything worth saying!!

 

[isatrader]

Thank you, I'm afraid i am not very technical, rather looking for breakthroughs - probability. But am willing to learn, if not overwhelmed!!
I look forward to reading more. Let me know the link to the thread you are starting and i will participate if I feel I have anything worth saying!!

Thanks JRJ. You should definitely participate in the new group. I think it will be a great way for us all to learn. I will sort the thread out later in the week and post the link.

 

[isatrader]

MKS is looking good at 359.5p

Did you trade MKS then top trader?

 

[isatrader]

Just noticed my spread betting firm doing something dodgy. The market is selling down quickly and they've put everything to "phone only". So no electronic trading. First time I've seen that.

 

[top trader]

isatrader,
I did go long . Most of my trades are for intraday or for few days and index movement related . MKS should go up (and Tesco) in long term but DOW is trading at high level and refusing to come down. It did go down today but after wards it picked up. Now wait and see whether it bounces back 5-8p tomorrow.
I trade currencies and indexes therefore I need to reshuffle very quickly.

DGE is rather good and solid.

 

[top trader]

MKS now at 366p
BG.--- FLYING HIGH, long term target 2000p

 

[isatrader]

MKS now at 366p
BG.--- FLYING HIGH, long term target 2000p

BG. does look interesting. It’s close to it's 2008 high of 1415p. I'll be looking for a breakout above that to get long as there is a risk of a pullback at the 2008 high. Thanks for identifying it though. I do think it has good potential and the liquidity ratios are not too bad, but they could be better.

Current Ratio 1.01
Quick Ratio (Acid Test) 0.92

 

[top trader]

Most are expecting a small correction.
Wait and see how FT behaves for next few weeks.

Bought ABG at 513p today.

 

[isatrader]

Stop loss moved to break even on US SP 500 Mar 11 Spread.

Buy stop placed on Scottish Mortgage Investment Trust Jun 11 Spread (SMT) at 730p

 

[top trader]

ABG Closed at 528p.

 

[isatrader]

US SP 500 Long Entry – Mar 11 Spread Update

Trade update – Attached is the chart.

 

[isatrader]

I've been working on my idea for the trading group thread in-between doing some actual work. I think for entering and exiting trades I will use the T2W post time as the time the trade was executed. So if someone wants to enter or exit a trade at the market price during the trading day, then I will use the closing price of the minute that the trade is posted on T2W; and I'm going to use ADVFN for the actual prices at that time.

 

[top trader]

visit fx thread on ad v fn

 

[isatrader]

visit fx thread on ad v fn

Care to elaborate?