isa's short term trading journal

[isatrader]

Re: Gold Pivot?

Gold has caught my eye again today. It has broken out of it's recent downtrend, after bouncing on the 2 year trend line this week. I think if it can close the week strongly tomorrow then I will look to play it again next week.

That was last weeks quote, and gold is consolidating nicely above last weeks close. So I'm watching for a good weekly close this week above the 2 year trend line to get back into physical gold. Attached is the spot price chart.

 

[SlipperyC]

Currently short the DAX, from 7324. £5/pt. Stop: 7340. Target: initial 7280, secondary 7215.

Couldn't post earlier, was busy. Had set a limit short last night as I thought the DAX might have another pop at the resistance area this morning.

Stop now moved to 7320 for +4.

 

[SlipperyC]

DAX hovering at 7280. Support or not? Time will tell.

If its still here in an hour I will close the short as the DAX may have another go at 7320 area on US open.

 

[SlipperyC]

11.55am Closed DAX short at 7285 for + 39.

Now LONG from 7286, £3/pt. Stop: 7275, target: 7315.

 

[isatrader]

11.55am Closed DAX short at 7285 for + 39.

Now LONG from 7286, £3/pt. Stop: 7275, target: 7315.

Good trading SlipperyC Have you recovered the small losses from earlier in the week?

 

[SlipperyC]

12:22. DAX stop to b/e+1 (7287).

 

[SlipperyC]

Yep. That +39 pts this morning more than covered them so am Green for the week.

Still expecting some big moves in the next couple of days.

 

[SlipperyC]

1.25pm; limit sell DAX set at 7320, £5/pt. Stop 7351.

Lets see if we get a spike from the US jobless figures at 1.30pm

 

[SlipperyC]

Limit sell cancelled. Bit of muted reaction!

DAX long still open.

 

[isatrader]

Talvivaara Mining Rolling Spread

I've added to my position in Talvivaara Mining (TALV.L) on the pullback the moving averages. Earnings announced next Thursday.

Trade

Talvivaara Mining Rolling Spread
Direction: Long

Entry Price: 613.73
Spread: 3.37

Stop: 579.4
Target: 700

Account Risk: 0.42%
Potential Account Profit: 1.06%
Risk Ratio: 2.51

 

[SlipperyC]

Was stopped out of previous DAX long for +1. Stop should have stayed at 7270.

Now short on DAX from 7330, £5/pt. Stop: 7352, target: 7280 initial, 7215 secondary.

 

[isatrader]

Stock Watchlist

Today's short term watchlist of FTSE 350 stocks for me to review at the weekend for next weeks trade.

Barratt Developments Plc (BDEV.L)
Hargreaves Lansdown (HL.L)
Millennium & Copthorne Hotels PLC (MLC.L)
DS Smith PLC (SMDS.L)

Yesterdays picks still looking promising
Centrica (CNA.L)
GKN (GKN.L)
Whitbread (WTB.L)

Dropped
Severn Trent (SVT.L)

 

[SlipperyC]

DAX short update:

I committed the cardinal sin (again) of moving my stop up on the DAX short to 7360 from 7352 as I noticed it was creeping up. I was more confident in doing this because of the negative divergences I noticed in AUD/USD, DOW and NAS.

Luckily (!), Mubarak ignored Obama and stayed in power which helped my short this morning.

Still in, looking for a drop below 7280.

 

[SlipperyC]

DAX short. Stop moved to 7315 (+15).

 

[SlipperyC]

11:30; stopped out of DAX short for +15.

Re-short DAX, 7325, £5/pt. Stop 7340. Target; 7280 initial, 7215 secondary.

 

[SlipperyC]

1.20pm; Grrr. Returned from meeting, DAX short taken out!

Hindsight; obviously should have gone long at 7285 support area.

Set a limit short for 7340, £5/pt. Stop @ 7360.

Its either going to blow through 7350 area and make new highs OR its going down. I know what I think, lets see what happens.

 

[Splitlink]

1.20pm; Grrr. Returned from meeting, DAX short taken out!

Hindsight; obviously should have gone long at 7285 support area.

Set a limit short for 7340, £5/pt. Stop @ 7360.

Its either going to blow through 7350 area and make new highs OR its going down. I know what I think, lets see what happens.

You have two choices, like the rest of us.

I made some money, this morning, shorting FT and closing the trade. It's very crucial now, near the top, but I am closing my trading down for the day.

Very interesting thread.

Good trading to you all.

 

[SlipperyC]

DAX short: 7330, £5/pt. Stop: 7360. Target: 7215

Attached is an image of what may be happening on the DAX, I've added a red sloping line to show the potential downtrend beginning.

 

[isatrader]

I'm not going to take any new positions today. BG Group is ticking up again and TALV is flat, so just looking for my pick for next week. 3-4 of the short term watchlist I posted last night are looking promising for it. So will see if I find any others today and make a decision over the weekend.

 

[leonarda]

DAX short: 7330, £5/pt. Stop: 7360. Target: 7215

Attached is an image of what may be happening on the DAX, I've added a red sloping line to show the potential downtrend beginning.

I see where you're going from your chart, but there is also a higher "low" and confirming higher "low" on the RSI. I would also say you're fighting a "strong" market that goes down only fleetingly on bad news and heads higher.
"let that trend be your friend..."

can't say i'm doing much better though, I am still down -9% YTD...