Originally Posted by piker View Post
SPX Re-entered Long 1110.9
Closed -3.7 combined, to be frank I don't like the price action in stock indexes, I will probably be on sideline for now in indexes
Shame. Think you had a good basis for a longer term trade and target here. How quickly are you trying to realise returns generally? Days, weeks, months?
I like cutting stops, I never add to losing trades or move stop based on emotions. I would rather seek another entry. My thaughts on this matter are that if price failed to pull away and returned to your entry and lower that means it wasn't start of a real move, longer term charts are not based on random price action, but on longer term outlooks of people that understand fundamentals. I don't, so I have no choice but respect stops below low of Current reaction low on the chart of signal
Robster, I just realised u were asking about SPX, I was talking about gold. As I said pa is not convincing enough
Trade was closed 1106.8 -0.5% capital
Sorry I didn't post much I was busy short term trading, it's not what I enjoy doing, I am trying to pull away from eye balling price action. I am a **** short term trader, money management saves my skin.
Anyway, +1.82% capital on short term.
Limit order to buy gold spot 1098 with stop @ 1089, risk 1% capital (£11 per $1)
Ditto buy level and stop for me too.
I had a look at the stock indexes over this weekend & I decided that I will be playing Nasdaq 100 from the long side upon a break of 1816.5 with a stop at 1775 which is a couple of bucks below current reaction low on 8 hour frame. Target will be around 1960 which is taken of weeklys as next resistance zone. I will allocate 1% capital as risk for stop allocation.
The reason I like Nas & dislike SPX is because SPX has been in a congestion period for a long time now, INDU is locked in a megaphone type price action (which technically is bearish when lower low is blown, not yet happened) & the Nas is in a nice ascending triangle, histogram points to strengthening price action & last thing I noticed is that Friday volume was strong in the Nas, the last time we observed such huge daily exchange was probably back in March 2009 when Nas put in a second bottom. I don't normally look at volume, but this paired with other factors made me think that a breakout is more likely than a breakdown.
Filled Long 1,817.00