Diary of a swing spread better

hungvir · Jun 16, 2006

It's coming to probe my stop level. Will come back in again at the bottom if I am stopped out.

hungvir · Jun 16, 2006

Stopped out again. Took it on the chin. Will come back in again later.

hungvir · Jun 16, 2006

Could have shorted it with stop loss just inside the triangle. Won't go long again until it comes down to around 10980.

hungvir · Jun 16, 2006

Went long with stop at 10984.

hungvir · Jun 16, 2006

Gutted as the price came to just 10984.3 but Fins took me out any way. And then it's heading up. Could have used mental stop but I was afraid that I would not be strong enough to pull the trigger when the price got there

That's enough for today.

Good trading to everyone!

H

hungvir · Jun 16, 2006

Down 34 points on the day. Tomorrow is another day. It's Saturday

Vaco · Jun 16, 2006

I work off the weekly points and here they are, however they do not run mon - fri they run thurs-wed so the ones below are active till next wed night.

R2 11137
R1 10983

S1 10665
S2 10501

So yesterday i went short at r1 and got stopped out now i've gone long at r1 as my system turns resistance into support if i am stoped out, however today the market seems to be struggling with a further move upwards although r1 is holding as support for the moment.

If the dow fails to move up soon i will close and reverse to short.

Chart below.

chindl · Jun 16, 2006

Done only two trades today, lost 23 pts early doors and then pulled back 8 about 6pm, then my ADVFN feed went for a burton and have been trying to restore it. looks like a neg day to close the week.

Vaco · Jun 16, 2006

moved my stop to breakeven 10983 and will go short here if it is triggered.

chindl · Jun 16, 2006

Scalped another five back, but that's all that's available in this range,li'l scalps. The ADX on the 30 min chart is rounding off to the bottom ready for another push, the question is, which will prevail, the positive or negative DI.?

hungvir · Jun 16, 2006

Elefteros said:
I work off the weekly points and here they are, however they do not run mon - fri they run thurs-wed so the ones below are active till next wed night.

R2 11137
R1 10983

S1 10665
S2 10501

So yesterday i went short at r1 and got stopped out now i've gone long at r1 as my system turns resistance into support if i am stoped out, however today the market seems to be struggling with a further move upwards although r1 is holding as support for the moment.

If the dow fails to move up soon i will close and reverse to short.

Chart below.

Thanks a lot, Elefteros. I wonder why you use weekly instead of daily H, L and C if you place trades the next day?!

I am at work now and don't bother to look at ADVFN. It's dead slow when I am at work and I can't give the market full attention anyway.

Have a fab weekend!

H

hungvir · Jun 16, 2006

chindl said:
Scalped another five back, but that's all that's available in this range,li'l scalps. The ADX on the 30 min chart is rounding off to the bottom ready for another push, the question is, which will prevail, the positive or negative DI.?

Keep scalping it, Chris but what's the risk/return ratio you have for that 5 point win

Good luck mate!

Hung

hungvir · Jun 16, 2006

I kicked myself on being too keen to trade and did not watch the Argentina- S&M game. Heard about it on radio later on and it sounded like it was on of the best so far.

Vaco · Jun 16, 2006

Hung,

I'll trade off those points untill they change next week, the market tends to bounce off of them one way or another, as for 2day my upwards move seems to have finally arrived.

Splitlink · Jun 16, 2006

I'm in profit but not by much, after that last minute fall. It's a question of waiting for Monday but I don't like the pattern much and it will have to rise right on the opening

Split

Vaco · Jun 16, 2006

I'm still in long but i'm not very optimistic, feels like the bulls have gone too far too fast and have now run out of steam this looks like being a minor pullback before the dow continuessouth.

chindl · Jun 16, 2006

Elefteros said:
I'm still in long but i'm not very optimistic, feels like the bulls have gone too far too fast and have now run out of steam this looks like being a minor pullback before the dow continuessouth.

And a Doji on the daily charts!!! You may be right El.

chindl · Jun 18, 2006

This is a great thread. Worth a look chaps.

http://www.trade2win.com/boards/showpost.php?p=260319&postcount=48

hungvir · Jun 19, 2006

That was a cracking post! Cheers, Chris! The link there was for just one post though. Here's the thread's last page at the moment.

hungvir · Jun 19, 2006

An here're some interesting facts about the spread betting world from the Financial Times' special report on SB.

Market share

IGindex (SB 'inventor') - 22%
CMC - 20
Cityindex - 16
Cantor - 11
Finspreads - 12
Other - 19

Quotes

''At present, many firms modify their internal trading and hedging decisions in response to successful clients. This could become an issue for regulators.''

'''Spread betting remains a niche product, with an estimated 125,000 people active in financial spread betting, which includes CFD and binary betting.

''This is out of a total of 425,000 with financial betting acounts, according to a survey by Celent, a research and consulting firms.''

I take this to mean that there're 300,000 in active account still held by people who have lost their shirts.

Diary of a swing spread better

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