danfreek's Blog

[danfreek]

another spinning top

Another spinning top yesturday (almost a doji) indicating further indecision. Not what I wanted to see, but that's irrelevant. Again, we're just waiting for a decisive move by the market. I really dont want to see another spinning top or doji.

As the chart stands as I'm writing this, any close above the current price (6561) would be a good outcome as far as I'm concerned. I won't actually gain too much confidence though unless the close is at least above 6579.

 

[danfreek]

hanging around

The FTSE seems to be hangin around just below my entry price for the trade. Very frustrating watching, but I can't do anything until it either hits my stop or my limit. I don't like the look of the market when it's refusing to move, it gets very unpredictable, low volatility usually preceeds high volatility, so I'm just waiting for the market to spring into action, I just hope the bulls get to the trading desks before the bears know whats going on (not that it works like that, but hey).

 

[danfreek]

Monday

Clearly I enjoyed Friday, but it's not over yet. The open today is down, but that doesn't really tell us anything. I'll have to wait until the close today to comment.

 

[danfreek]

Tuesday

Yesturdays candle isn't very optimistic, but we'll have to wait and see how the price action plays out, nothing is being very conclusive at the moment. I've moved my stop to break even.

 

[danfreek]

Wednesday

Yesturdays candle cancelled most of Friday's move. Today's action is regaining that ground though. So although yesturday looked like a warning sign, it may not be the case. I don't like the speed at which this trade is moving, the quicker a move happens, the more decisive and predictable it appears to be, so a slow meanering northwards isn't my favoured route, but as ever, I've got no choice but to ride this one out.

 

[danfreek]

Out at BE

This morning the market dove to hit my BE stop. Shame, but never mind. It's actually set up a new signal to buy, so as of the close I'll get my order in based on todays high and low etc.

 

[danfreek]

Thursday

Ok, so I'm still in the trade that was triggered after the last one, even after yesturdays spike, fortunately not taking out the low from a few days ago. The setup for this trade was amazing, all of my indicators etc were giving a green light for this one. So I'm expecting some kind of decent move one way or another. I just hope it's up.

 

[danfreek]

Monday

The market is finally moving. Today needs to be an up day really to get the momentum up. We're nearing my target of 3 times the stop loss. At that point I'll start protecting the trade by moving my stop up as the price advances using support levels and volatility measurements (mainly bollinger bands).