I thought I would post where the S&P ended up when I closed my trade early at 1382. I took 2 point when there was 8 for the taking!! Arrgh..

Anyway, it’s good to look back on the charts and see where it went wrong. The obvious exit would be when the S&P crossed below the 80 line in the stochastics and the MACD crossed.. this would have been at about 1386 which would have been still, a lot further than where I got out!

Tags: day trade, daytrading, forex, makemesomemoney, position trading, Spreadbetting, stochastics, technical analysis, Trading, trading system

I went long at the break of the previous high in the S&P at around 1378… I actually got in at 1379.48 due to the spreadbetting spreads which you pay rather than their commission charges… they move their spreads about meaning that you can lose half a point (in S&P terms) per transaction… and upto a while point when doing a round trip.

Anyway, the market went up and I got out at 1381.53 (I actually closed when the chart reached 1382 which was my target exit) for the equivalent of 2 points profit which isn’t bad.

However, as always, I took profit early and the market has hit a short term peak of 1385 and is now retracing but could look towards going higher again from here as it has gone beyond the previous days high. Still, a profit is a profit!

One thing which I need to be careful of is that I am and trading off the indicators more than the price action. It is the price action which is determining the indicators and not the other way round so I need to be aware of this. The indicators are great once you’re in to gauge whether the market is running out of steam and an exit point.

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I haven’t turned on my trading platform for a while but I did so this morning after reading a blog by a 21 year old student (who looks 15 in his picture). He trades the EURCHF and uses a simple stochastics indicator. Have a look here http://forexsmarts.blogspot.com/

Anyway, using his system, there was a long entry at 1.6172 this morning. The market did get to 1.6215 earlier today and then fell back. I am still in the trade with a 50 point stop and a 150 point target price!

Let’s see what happens!

Tags: day trade, daytrading, forex, makemesomemoney, position trading, Spreadbetting, stochastics, technical analysis, Trading, trading system