I haven’t posted for a wee while and the reason being was that my mind was completely preoccupied with some other things of which I won’t bore you with. I have thought about my trading however and have been frustrated how difficult it just is. I have been attempting to trade the markets for what seems like ages yet still, I don’t seem any closer to cracking it. There are times of brilliance and times of sheer despair and frustration…. for those who have been following my blog, you’ll note that I had joined a trading academy. Unfortunately, things didn’t work out with those guys, they unexpected terminated my account and still demand payment.. I hadn’t even got the professional training which they talked about so I’m in dispute with them currently.

I have been on a few courses also and it’s about finding the time (I only have evenings to play with due to my 9-to-5 job). It would be good if I were at the stage where I could just trade but alas, I’m not at that stage as yet.

This blog generates money however through sponsorship and advertising and actually covers my trading losses (except for the monies that the trading academy are screwing me for).

Anyway, I did trade today, a short on the DOW at 11389 and got +18.

I saw a nice descending triangle form on the 5 min SP charts today as you can see… I have drawn in the descending triangle on the chart and the baseline. I shorted at the top of the triangle but as it had already made almost a triple bottom, I was expecting it to fall through netting big bucks! However, the fourth time it reach the baseline, it didn’t fall through but bounced up stronger and through the triangle, taking out my stop. I feel frustrated that it didn’t work out.. I was a nice +2 point up at one stage.

Shortly after my stop was taken out, I went long as it broke the upper end of the triangle. It was +1 up before it fell and took me out again.

Then when the price action fell back into the realms of the triangle, I went short and once again got caught out.

I have ended up with a -9 point loss today!! Ouch!

Trading the S&P is tough and I have so much better luck with Forex.. perhaps it’s time to concentrate on the Forex markets completely and forget the S&P….

Following on from the previous post, there was a breakdown of the downward pattern and I went long at 1357. The stochastics were looking good in both the 1 and 5 mins so I went for it.

However, I took profit at 1359 as the stochastics were looking to cross as you can see in the chart.. the market may well go higher as the stochastics have more to go in the 5 mins but I don’t want to risk it!

I got +2 points which isn’t a bad result!