foredog
Experienced member
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Be careful moving stops...
If the trade's going your way then by all means move the stop to Break even or trail it on the price.
but
Don't move a stop if the trade's going against you, just take the hit rather than keep moving it and the loss getting bigger.
Don't fall in love with a position
I'm sure you said you're paper trading but it's easy to break bad habits carefully.
Hope this helps, if not sorry for sticking my snout in........
There was a spikey low on Friday, just like today's. Market still went lower, though. I'm going to keep selling tomorrow but I have a feeling that my luck could change.
Today, I did not get all of the morning fall as the index fell from the start and I was waiting for a rally to short.
Today, I did not get all of the morning fall as the index fell from the start and I was waiting for a rally to short.
Snownation
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A newday, and we get hit with UK unemployment rates on the rise, plus the weakening sterling. The FTSE100 has closed down 3 days in a row, and the Dow has broke through 11000 from last day.
Not the best of times for the markets, but then again, who can predict it?
Some significant resistance there on the downtrend, and since spotting a possible H&S formation, I look for it to rebound at the BBand, or the 5100 level, though MACD isn't helping, so we should expect a little test at 5100.
Good trading everyone.
Update; Seems like the psychological 5100 was broken and hourly closed under it, momentum is slow now, seems like stopped positions are balanced with the selling power. Let's see what the Americans can do for us now.
Not the best of times for the markets, but then again, who can predict it?
Some significant resistance there on the downtrend, and since spotting a possible H&S formation, I look for it to rebound at the BBand, or the 5100 level, though MACD isn't helping, so we should expect a little test at 5100.
Good trading everyone.
Update; Seems like the psychological 5100 was broken and hourly closed under it, momentum is slow now, seems like stopped positions are balanced with the selling power. Let's see what the Americans can do for us now.
barjon
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Split,
After the DOW today ftse likely to open about 70+ points higher assuming no dramas overnight so I guess you'll be in again!!
FWIW the last 2 days ftse volume has been the highest since March (at the start of the March - May near 1000 point rally) so there's been plenty of buying down at the below 5200 level. I guess your trend line sits around 5400 atm so it's probably safe for tomorrow at least.
good trading
jon
After the DOW today ftse likely to open about 70+ points higher assuming no dramas overnight so I guess you'll be in again!!
FWIW the last 2 days ftse volume has been the highest since March (at the start of the March - May near 1000 point rally) so there's been plenty of buying down at the below 5200 level. I guess your trend line sits around 5400 atm so it's probably safe for tomorrow at least.
good trading
jon
Thank you for your advice, i need all of that as i really just getting a feel for all of this.
Yes, i am paper trading, but still try to make it as real as possible. So much to learn and practice, isnt it?
Luckily i opened this short pos at 5360 with a stop at 5400
It went in my direction well and i moved the stop to 5200. Today i didnt have time to monitor it and this morning rally knocked it out at this level. It is still profitable but lost around 60 point because this stop move. Now i have to wait for an other short rally
I think that prudence is called for, today, as far as shorting is concerned, as the daily chart looks very oversold, to me.
I concede that it probably will be a buyers day.
I might punt something small, but I'm looking for the top end of the bar.
I'd like to add that I will get caught in the end!
Split
Put the blame on Mame
Mame kissed a buyer from out of town
That kiss burned Chicago down
So you can put the blame on Mame, boys
Put the blame on Mame
Caution was the better part of valour. I'm out.
so for today you're betting against the trend?
can you hear the whispers in the darkness? they're saying, let the trend be your friend.........aaaaaawooooooooooooooo..............
Snownation
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Looking at the Daily chart, seems like the rebound from yesterday starts the formation of a continuation bear H&S. I would speculate 5500's, before travelling down to the 4000's, to form the right shoudler. Though we need confirmation.
Don't let them get to you, atrim.
I stuck a toe in, too The EOD trend is still down but, maybe, there could be some more buying again tomorrow.
You have to try it, there's no other way! I try from the high points because that is where the stops can be located closest.
There was a useful fall in the afternoon that I couldn't trade.
I don't say that the downtrend is not over, but today's upsurge is not proof of it.
