The short entry was a good one.. however, in light of the strong uptrend I wanted to get out as soon as it hit any resistance and I got out at the round number 11600. The stochastics were also way into oversold territory so I got out and grabbed a measly 10 points.
The market however, fell further and is currently at 11583… trust my luck!! The hardest thing I think about trading is knowing when to get out.. I think it’s much more difficult than entering.
The other day, I gave up over 120 points on the GBPJPY forex pair which was also disappointing.
As I write, the Dow Jones has fallen further.. it’s now at 11577
I have my day off today and I wanted to watch the markets and not be desperate to trade. A problem is that when I come home from work and find that the markets have moved a lot with a lot of profit left on the table, I feel that I missed a fantastic opportunity and feel that I need to do something to get some of the profits.. as a result, I fire off trades from my trading platform even though there is no real reason to.. this amounts to losses and then frustration.
However, today, I entered a great long at 11520 and rode it all the way to 11600. The market went higher to 11640 however before easing off. Now the markets are consolidating and could be setting up for another move upwards.. however, the MACD and stochastics are turning for the lower in the 5 min charts and I am thinking that this could be an opportunity for a short trade. However, picking potential tops and bottoms are very dangerous as you’re going against thegrain of the momentum.. the markets have really romped up today and one would expect some sort of significant pullback.. I am thinking that it maybe now but then again, you never know… let’s wait and see…
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