Diary of a swing spread better

[hungvir]

And I am going to be here for quite a while because of my kids Glad you like the thread, Cabrito. I am also looking to long AZN but it has not reached my price target yet. I think I am a buy high sell higher type.

Chorlton,

Regarding EMG, my reasoning is that £30 is an important mark for the share. I would expect a pull back around that level. After that I don't know how high it can go. Anyway, it dropped another 20 points this morning.

Best,

Hung

 

[Chorlton]

And I am going to be here for quite a while because of my kids Glad you like the thread, Cabrito. I am also looking to long AZN but it has not reached my price target yet. I think I am a buy high sell higher type.

Chorlton,

Regarding EMG, my reasoning is that £30 is an important mark for the share. I would expect a pull back around that level. After that I don't know how high it can go. Anyway, it dropped another 20 points this morning.

Best,

Hung

Morning Hung,

Yes, been watching EMG this morning. Couple of large buys just appeared....

Still hoping for a retracement back to the support line before I commit myself

Good Luck to all,

Chorlton

 

[hungvir]

Hi Chorlton,

I did not have time to look at the market until now. But nothing really changed since the last time I looked at EMG. I'll still buy it tomorrow if it shows some strength.

Hope you've had a good day.

Best,

Hung

 

[hungvir]

Lovely MKS

MKS has been making me money since I bought it before it gapped up. Its daily rise averages 8-10 points but has been very steady.

With the price piercing the top band of the Bollinger Band for some days now, I woud expect a pull back soon. Hopefully not by much. RSI is reaching overbought status as well.

 

[hungvir]

Not so lovely today. It dropped 20 points.

I thought of closing MKS trade yesterday but decided not to. I did not think that the dip would be big enough to offset the spreads and the cost of getting into the position again. But price always falls faster than it rises.

 

[Vaco]

The dow landslide has begun,

shame the ftse had to go the same way i was long on tht.

 

[hungvir]

I just went long the DOW and lost 20 points in matters of minutes. It made higher high but there was no follow thru.

I am not surprised if today's sell-off sets off a correction. But I still favour going long until there're strong signals that say otherwise.

 

[JillyB]

I just went long the DOW and lost 20 points in matters of minutes. It made higher high but there was no follow thru.

I am not surprised if today's sell-off sets off a correction. But I still favour going long until there're strong signals that say otherwise.

Yes, I was expecting it to bounce up as well - though didn't trade it, I have to admit. The amount that the Dow has dropped today made me nervous about there being any retracement before the close.

The Trading Plan gave the initial trade as a SELL and then to look for a reversal between 6-7pm for a bounce back up. However by 6pm it was more than 90 points below the low of yesterday and that - in my mind - is just too far away for there to be a bounce.

 

[hungvir]

And how similar is the DOW's chart compared to MKS's one that I posted yesterday. The DOW also stayed out of the top band of BB for three days and RSI also showed strong overbought.

 

[hungvir]

Yes, I was expecting it to bounce up as well - though didn't trade it, I have to admit. The amount that the Dow has dropped today made me nervous about there being any retracement before the close.

The Trading Plan gave the initial trade as a SELL and then to look for a reversal between 6-7pm for a bounce back up. However by 6pm it was more than 90 points below the low of yesterday and that - in my mind - is just too far away for there to be a bounce.

Hi Jilly,

Hope trading's been going very well for you.

If the DOW can manage to go above 11520, then a 20-30 point bounce is possible. Otherwise, it would be a very miserable day for anyone who longs it

Best,

Hung

 

[JillyB]

Hi Hung,

Personally I don't think we'll get that bounce today. I think we will close near the low of today. However tomorrow could be a good one for a bounce. Whenever we get these sharp fall days and the index closes near to the low, then we usually get an positive day following it.

That's my prediction anyway. :cheesy:

 

[hungvir]

Blimey, I thought today is Firday already

I think you're right, Jilly. There're less than 30 minutes to go and it now stands at 11480ish. I am quite willing to buy the close price, set a stop loss at 20 point below and a limit sell at 50 point above.

Later,

H

 

[hungvir]

By the way, the trade would go against my 'buy high sell higher' strategy. But I'll give 'buy low sell high' a try Tomorrow is not Friday the 13th anyway. Just the 12th

 

[hungvir]

Well, I just looked at the DOW's chart again and decided not to take the trade. A reverse one would stand an equal chance of success if not better.

 

[Vaco]

be carefall guys,

i think the dow will go lower tommorow,

dow rarely reverses on a friday normally continues in the same direction so today we closed down for the week, and tommorow we will still be down for the week.

Also the dow rarely moves 5 weeks in a row in the same direction we are due this correction and dont make the mistake of thinking its over already, it only just started.

happy trading

 

[JillyB]

Well, I just looked at the DOW's chart again and decided not to take the trade. A reverse one would stand an equal chance of success if not better.

I would take a chance a place a buy trade, Hung. Does your dealer give 24 hour trading, or just when the markets are open?

If it's 24 hours then try and overnight buy trade. Place it around midnight and get out at 9.30-9.50am. Usually you can pick up anything from 5 to 30+ points on this.

Otherwise wait till the Dow opens. If it opens tomorrow at say 10,510 - so above todays close - then my Trading Plan gives me a buy trade for the open and hold until around 5-6pm. There is usually a pullback at around 3 or 3.30pm where you can lock in some profit, get out and get back in at a better position.

We'll wait and see what tomorrow brings.

 

[hungvir]

Thanks Jilly and Elefteros!

I'll see how it goes tomorrow and decide if to trade or not. I can't watch the open so chances are I'll miss the trade anyway, Jilly.

What I am thinking at the moment is a drop of another 100 points may be on the card in the next few trading days. If history is any guide, that is.

Good trading to all!

And here's a free ebook if you haven't downloaded it already - http://www.tradeguider.com/masterthemarkets/mtm2.pdf . The password required to open it is trade2win1.

H

 

[hungvir]

Jilly,

And I am using Finspreads and can trade 24/7. Most of the time, at least.

H

 

[hungvir]

Split,

Where have you been?! Still shopping with your wife ? I am getting worried about your wallet

 

[Peter6]

Thanks Jilly and Elefteros!

I'll see how it goes tomorrow and decide if to trade or not. I can't watch the open so chances are I'll miss the trade anyway, Jilly.

What I am thinking at the moment is a drop of another 100 points may be on the card in the next few trading days. If history is any guide, that is.

Good trading to all!

And here's a free ebook if you haven't downloaded it already - http://www.tradeguider.com/masterthemarkets/mtm2.pdf . The password required to open it is trade2win1.

H

Hung
Thanks for the reference. Unfortunately I don't see to be able to download it. Is there any other url that can be used to access it?
many thanks
P.