Archive for May, 2012
It just goes to show that you never really know where the markets are going. I had moved my stop up a bit as the previous stop under the pin would be a full 2% loss if it hit. Moving up the stop to a previous low meant a loss on this trade would be 1%.
Well, the markets fell extremely quickly today and took me out of the trade. Of course, it was disappointing and I would still be in my trade if the stop was below the pinbar but even if I was and saw the strength of this fall.. I would h
May 30, 2012
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Remember the DOW trade from last week which I've been following? Today, back to normal trading volumes, the DOW finally showed some strength. It pushed up and closed at the top which is bullish.
You can see where I have drawn resistance, I'm expecting prices to reach here and will take my profit below this level at 12750. I've also highlighted where the pin bar is which brought this trade to my attention.
I don't particularly use indicators but you can see that MACD is starting to turn
May 29, 2012
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The trade from last week didn't do anything today. There was very low volume in the markets today as the US stock market was closed early due to a public holiday, Memorial Day. However, the price action doesn't particularly look that great! You can see the strong pinbar push up as the bulls propped up the price. The day following, some more bulls were present but since then, weakness on Friday and today, not much. However, we shall see what happens when the markets open again tomorrow.. hope
May 28, 2012
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