I also put in a short trade on the CHFJPY with a trailing 50 point stop loss. The market hit a double bottom at 100.18 and has bounced up to hit the 61.8% Fibonacci level. The stochastics have also crossed towards the downside. All looks good you may say.. however, I am not 100% confident of this trade for the following reasons:

• The stochastics crossed at the 60 level. A clean cross should happen either above 80 and move downwards or below 20 and move upwards
• Very strong upwards momentum

Anyway, I have committed myself so I’ll just have to ride it and see… this market is very volatile so I could make a good profit of get stopped out for 50!

Tags: 61.8 fibonacci, chfjpy, day trade, daytrading, double bottom, fib levels, fibonacci level, forex, makemesomemoney, position trading, Spreadbetting, stochastics, technical analysis, Trading, trading system, trailing stop

I missed a hell of a lot of the action today.. the market had already fallen loads and there were just a mere few scraps to be traded with.

Today was a short day so I was looking for a chance to short the S&P and the opportunity came when the market bounced off the Fibonacci level in the 5 minutes. This also coincided with the stochastics cross and I went short. I didn’t get the best price and also with the spreadbetting spreads my price wasn’t great. However, I rode it down to around 1380 where I closed… it was at this stage that the stochastics were looking to head up.. however, the MACD was also looking to cross so it could have meant a potential move lower to 1378. If unsure, best to take some profit so I did but made a mere 1 point!

Indeed the stochastics turned up and the price action shot up. There was also about 30 - 40 minutes to go and when the markets go as low as this, there comes a point where the day traders will close their trades to take profits and this should move the price higher. I felt that this was the time but I waited for a move above the previous swing high at 1383. I went long at this point and took 1 point again as I was seeing the candlestick top pattern… I also wanted out as close was so near… however, I expect more day traders to close their trades.

Anyway, here is my chart as below.. as I write there are 15 minutes to go and the price action is at 1386..  oh well!

Tags: day trade, daytrading, emini, es, foreign exchange, forex, makemesomemoney, position trading, s&p, Spreadbetting, standard and poor, stochastics, technical analysis, Trading, trading system

Remember the trade I put on at the end of last week, a short of the EURCHF where I took 40 points? For those that missed it, it is here http://www.makemesomemoney.co.uk/2008/05/30/another-eurchf-trade/

Well, I looked at it today to see what it could have been and this is what the chart looks like:

Blimey, I missed out on some serious number of pips…  about 150 or so!!!

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