New trader thinks he's seen winning bet

[nickbennett]

I'm pretty new but has the Nikkei just broken the neckline of a head & shoulders started in jun 01. If so would this be a good LONG spread bet ?? Or am I just confused....... 😕

 

[nickbennett]

Since I posted this observation of one of the most reliable signals in the chartist's book, the Nikkei has risen from 12,600 on day of post (7/9) to 13,750 on 4/10 but has subsequently dropped back to 13,227 (7/10). I believe there is more upside to come. Although none of you commented on this before does anyone have any comments now? I gained 650pts on this trade before stopping out but if uptrend continues am looking to get back in. 😀

 

[badtrader]

As long as it works for you,keep doing it.

Why did you get stopped,based on what,

 

[tomorton]

Don't agree with your H&S analysis but the odds favour continuation of Nikkei uptrend.

I would prefer to have a third day of weak performance before going long but this might not be a bad place to enter long, though with a tight stop as the US looks ambiguous at best.

I am watching the FTSE tomorrow as this has marked 4 consecutive weak days to the Nikkei's 2.

What are you going to do?

Tom

 

[TWI]

I was originally in at 12460. Still retain 1/3rd of position and looking to increase again on dip.( Always like to leave some position in a market if I think it is still in trend even on pullbacks as it makes it easier to manage. Find it harder to get fully out and still maintain a good feel for what is going on). Think Japan has good potential from here. There is a good feature on what is happening there in this weeks economist.
I do concur the Head and Shoulders on the weekly.

 

[nickbennett]

Got stopped out as was running 300pt trailing stop. As a newcomer I have no idea if this was too tight but with hindsight I am beginning to think it was. I use stops "mentally" as there seem to be a lot of intra day spikes in many shares and indices so I just check each open position at end of day. If share or index seems particularly volatile i use a very wide stop with the S.B. Company, as an emergency back-up in addition to my mental stop. Have opened another long position at just below 13500 still based on H&S and uptrend. In theory am quite confident of mid-long term gains but in reality haven't got a clue and stomach is churning like a milk maid on speed. Please give advice on stop strategies. Cheers, Nick.

 

[silviaic]

Since I posted this observation of one of the most reliable signals in the chartist's book, the Nikkei has risen from 12,600 on day of post (7/9) to 13,750 on 4/10 but has subsequently dropped back to 13,227 (7/10). I believe there is more upside to come. Although none of you commented on this before does anyone have any comments now? I gained 650pts on this trade before stopping out but if uptrend continues am looking to get back in. 😀

I'm so sorry. That's the worst that can happen to you if you're new to trading :cheesy:

I wish you good luck, and don't forget that sometimes it works but sometimes it doesn't. Be prepared for when it doesn't.

Silvia.