Make Me Some Money

More trading on the DOW

admin — Mon, 16 Aug 2010 19:09:41 +0000

I was actually looking to buy the DOW if it could get above 10330 but it didn’t and started to look weak.

I shorted it manually at 10290 with a stop initially at 10314. It kinda dwindled for a while, obviously the S2 support line was providing support for it. When it start it make it’s way upwards I was thinking.. oh well, another losing trading but as soon as it hit the pivot line, it fell and tanked a good 30 odd points.

My first target was 10260 but the DOW is rather volatile and when it looked a bit dodgy, I got out at 10270 for a 20 point profit.

Amazing Luck or Skill?

admin — Tue, 10 Aug 2010 21:21:24 +0000

As per my previous post, I closed my short seeing the stochastics being at a low… However, what surprised me was when I next looked at the chart… it short up, my exit being the low point and shooting up 100 points.

I was lucky to get out where I did…. can you say it was skill? I really would like to think it is but boy, the market does funny things most of the time so I am more inclined to say that it’s luck!

Anyway, what I did miss out on was the move upwards… the pivot level is the obvious target and it hit that and had problems moving beyond it. It would have been great to have taken some points there… however, I made my profit today so shouldn’t complain!

Shorted DOW after it’s retracement

admin — Tue, 10 Aug 2010 17:37:42 +0000

The DOW was clearly in a downtrend today but when I got to the charts, it was retracing and I looked for an entry to go short. I went short around 10610 after the retracement make a double top in the 5 minute charts (also stochastics has peaked). The first support line was at the pivot point S2 but nothing happened and the market broke through this relatively easily. I was also conscious that stochastics were at a low too and would look to making some move upwards so when the market hit 10585, I took my 25 point profit.

I am expecting the market to go lower at sometime today, even possibly touching the low point of today but after a retracement up again.

Went Long on DOW as it broke resistance

admin — Fri, 23 Jul 2010 20:40:11 +0000

So today the DOW had been not doing much bouncing between 10300 and 10380. I was looking for a break either up or down to time my entry. I had an order at 10403 which was above the range but also above the round number.. round numbers are always areas of relatively strong resistance so I was mindful of that.

Additionally, the pivot was around 10429 or so which would be another hindrance to price moving upwards.

Anyway, my long was trigger and I managed to grab 25 points which was pretty awesome!

The Fake DOW triple top

admin — Thu, 22 Jul 2010 19:54:03 +0000

Wow, the DOW really made a significant move today… it shot up and by the time I got home, I had missed all the action.

However, the market had consolidated around the 10350 level. The market had made such a tremendous move that I couldn’t see it moving much higher. Hence my short, I saw a triple top form around 10350 in the 5 minute charts and sold at 10340 with a 20 point stop. However, it proved to be a fake and stopped me out.. it just broke and made a high for the day and then moved back.

This is a big signal… now we are dealing with a failed break to the upside which means the potential for some shorting. I had my entry at 10320 and waited. Then it happened, the market broke towards the downside and I had my finger poised at the buy trade. I didn’t expect a complete DOW breakdown but some retracement.. I just didn’t know where.. the first stop was 10300 (the round number) but when it fell through this it could be a lot more.

However, I got out at 10290 when I saw some support and grabbed 30 points.

In total, I got 10 points…. overall an up day even though it wasn’t much!

Thinking too much and trading

admin — Tue, 20 Jul 2010 18:05:45 +0000

Today, I’m sad to say that I didn’t listen to my instinct when it came to trading. I was being too clever and thinking about what the market was doing.

Look at the chart below. The market had hit the pivot point the first time and retraced. It then moved upwards and this was the time where I got back home and look at the market… it had retraced off the pivot and some strong movement up again towards it. I was a littl reluctant to put on the long as the pivot point was so close again when I was thinking of my entry.. 10090 or so with the pivot being just 10 points away from that.

When it hit the pivot the second time, I expected some push downwards again and then it just popped! It shot up almost vertically, first stop the next pivot line R1. It hung around there for a few minutes before it shot up again.. as I write, it’s just hit 10190…

WOW, that was a quick 100 points there!

Unfortunately, it’s hindsight, they say trading is easy in hindsight and it is…. to even stand a chance as a trader, you just have to be pulling the trigger!

Check out the last few days of daytrading results!

admin — Mon, 19 Jul 2010 22:04:26 +0000

Hi all,

I’ve not been as diligent lately updating the blog with my entries and exits and posting my results. However, rest assured I’m still trading… much more so in fact. I am running a few trading strategies all at once on different markets and it’s been working out very nicely so far.

On the GBPUSD I’ve managed to grab around 300 pips. The USDJPY, I’ve grabbed 50 pips and then some points on the DOW jones.

My profit table is looking very nice for the last few days… if only it’s always going to look like this. However, I know it’s not always going to look this good.. it’s just that the market conditions are great for my trading systems!

Trading the DOW after it’s already made it’s huge move!

admin — Tue, 13 Jul 2010 19:52:16 +0000

I came back home and fancied a bit of trading.. my trading has been going ok lately and I’ve introduced some swing trading into my repetoire… I’ll talk about that later but for now, let’s concentrate on the DOW.

So, the DOW had already made a 150 odd gain and I got home wanting to grab some profits. The trend is up on the DOW so we’re looking for long trades when the market retraces. The retraced happened off 10390 back down to 10350 and I had entered my trade a little early at 10360 where R2 support was (pivot line). The market went down a little bit before it bottomed out and headed upwards.

I took profit at 10372 however for 12 points but as you can see from the chart, it’s got to 10400 which would have been 40 points. Nevermind, I still made a profit!

Big GBPUSD consolidation channel – went Long

admin — Tue, 06 Jul 2010 21:54:03 +0000

As you can see from teh chart, there has bene quite a long consolidation channel.. it’s almost been 4 days since the market has been bouncing around 15200 and 15080.

I had two lines, 15209 and 15083 and was looking to take a position if the market went beyond this range.

The market did indeed break above my upper line and I went short with a stop at the bottom of the line, 15083 and a 100 pip limit. However, the immediate short term top was 15220 or so before the market fell.. it’s currently 60 points away from my entry annd I’m 50 pips in drawdown.

Yesterdays trade however, wasn’t good and it ended up a loser

Short entry on the GBPUSD forex market on US Independence Day

admin — Mon, 05 Jul 2010 17:49:03 +0000

I forgot that the US markets are not open today due to Independence so perhaps it probably wasn’t a good day to trade. Oops!

Anyway, I shorted the GBPUSD at 15120 as it moved below the support line. It dropped 15 pips… I’ve got a 80 pip stop and a 75 pip target on this. However, it’s currently retracing and that’s the thing on holidays. Low volume means that it takes less to move the market and could also mean that some traders go stop hunting… that’s moving the prices around to take out your positions.

In hindsight I wouldn’t have traded this with the US on holiday. However, I’m keeping my stop and limit in the market, lets see what happens…