isatrader
Senior member
- Messages
- 2,963
- Likes
- 135
Well done mate. Looks like a you've had a really good week. I haven't been able to trade much at all as have been freelancing. Am back tomorrow so will see if I can find anything decent to trade.
Well done mate. Looks like a you've had a really good week. I haven't been able to trade much at all as have been freelancing. Am back tomorrow so will see if I can find anything decent to trade.
isatrader
Senior member
- Messages
- 2,963
- Likes
- 135
Watchlist Additions
Ok, my current thinking is that this correction is going to take a few weeks to play out at least. Quite a few stocks have broken down, but there's almost always a retest of the breakout level except in extreme cases, so a short term bounce may occur soon IMO. Maybe tomorrow, judging by the up move late in the US session tonight. So I think that this will be an excellent shorting opportunity, so I will be looking to get short if there's some breakout level retests. So I've focused my scans tonight on recent breakdowns, specifically triple bottom P&F patterns and picked my favourites, I need to look more in depth at them all, but they are all exhibiting similar patterns on the P&F chart which looks bearish to me, but some may have bottomed. So I'll need to filter them down some more.
See attached below.
Ok, my current thinking is that this correction is going to take a few weeks to play out at least. Quite a few stocks have broken down, but there's almost always a retest of the breakout level except in extreme cases, so a short term bounce may occur soon IMO. Maybe tomorrow, judging by the up move late in the US session tonight. So I think that this will be an excellent shorting opportunity, so I will be looking to get short if there's some breakout level retests. So I've focused my scans tonight on recent breakdowns, specifically triple bottom P&F patterns and picked my favourites, I need to look more in depth at them all, but they are all exhibiting similar patterns on the P&F chart which looks bearish to me, but some may have bottomed. So I'll need to filter them down some more.
See attached below.
Attachments
Thanks for the comments and the research isatrader, looks like another late one for you!
The week has been good, it could have been AWESOME if I had kept that 7430 short!! (Note to self; stop kicking yourself!)
I think we'll get a decent bounce over the next couple of days. The NAS is already getting good support at 2300. Maybe there could even be another attempt at the highs!
Just got to be patient and wait for someone to put a bag of money on the table in front of you - so to speak!
The week has been good, it could have been AWESOME if I had kept that 7430 short!! (Note to self; stop kicking yourself!)
I think we'll get a decent bounce over the next couple of days. The NAS is already getting good support at 2300. Maybe there could even be another attempt at the highs!
Just got to be patient and wait for someone to put a bag of money on the table in front of you - so to speak!
isatrader
Senior member
- Messages
- 2,963
- Likes
- 135
It's always a late one for me. I work better at night as less distractions.
I think you should stop kicking yourself. You've had an excellent week scalping when most people have had a losing week in longer term positions. I could look at winning positions like FRES.L where I nailed the exact bottom and then sold for a small profit instead of letting it run and others like TALV.L where I let an excellent short term trade turn into a loser. You're always going to be right at tops and bottoms if you trade every day, but it's very hard to hold it, especially if you are scalping every day.
Maybe an option would be if you have a high conviction trade that you only take half of the profit and then let the rest play out over a longer time frame. Then you could continue to scalp as normal. It's hard to do and frequently leads to break even trades, but catching the bigger moves can make up for it.
With regards to the market. From what I've been reading 1325 on S&P 500 is the key level to watch now. If it gets through then a run at the highs is expected and if it doesn't get through 1325 then a retest of the 1300 level. Like I said last night, I personally think the market has shown a character change, as previously the down moves were rejected after a few hours or so, but the last few days the bulls have been very weak. So although we are short term oversold and I expect a bounce, I think IMO the change in behaviour shows broader weakness, so I'm going to try and position for a short on the bounce.
new trade
LONG DAX, 7159, £2/pt. Stop: 7149, Target: 7180
Thanks for the feedback isa. I do keep trying those longer term trades (I think I mentioned it in the past) but its still something I need to work on psychologically. Anxiety about loss steps in as soon as the price turns against me, even if the trade is in guaranteed profit (>b/e)!
LONG DAX, 7159, £2/pt. Stop: 7149, Target: 7180
Thanks for the feedback isa. I do keep trying those longer term trades (I think I mentioned it in the past) but its still something I need to work on psychologically. Anxiety about loss steps in as soon as the price turns against me, even if the trade is in guaranteed profit (>b/e)!
