For those who read my last post, you would have noted that I had shorted the DOW when it failed to remain above it's previous high. To me, this showed weakness in the market and a good chance to sell. I had a 140 stop on the trade and what is interesting now is that the profit on my trade now is 140 points.... if I close now, I'll have a 1% gain on my account in the bag which would be nice. I am actually holding out until around 13000 which is another 70 points away but it also depends on wh
Archive for August, 2012
.. This is an interesting chart of the Dow Jones chart under the Daily timeframe. Basically support and resistance levels can sometimes be the easiest way to get into a trade. The longer timeframes such as the Daily and Weekly charts are much more solid charts to trade off but they are for those who are more patient with their trading. I recommend the Daily charts for those who want to trade a few times a week and have other interests or a full time job. Anyway, back to the trading, f
Well, the DOW turning point I was expecting to see didn't happen and the market momentary moved lower before it powered back up taking me out for 1% loss on the account. That's the nature of trading, you win and you lose.. you just need to ensure that you win more than you lose! Hope next week brings some good opportunities!