Make Me Some Money » dow

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!

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!

False break on the DOW

admin — Thu, 01 Jul 2010 19:37:28 +0000

Well, back to trading the DOW, I was looking scalp for a few points and initially had my mind fixed on taking 30 points…

I was looking to see if the DOW would break below the S1 pivot point which was also a support line the DOW had responded to earlier. I place my entry at 9694 just to be sure it was lower than the previous low point set. The market gave me my trade and it went nicely the right direction.. I had set my limit to be 9664.

The market however didn’t want to give me my 30 points…. I could have grabbed a maximum of 24 points but when the market looked funny, I was contemplating exiting for 10 points or so. 10 points didn’t seem worthwhile for my trade size and I’d just be kicking myself if it tanked from here so I left it. I ended up losing this trade with a 15 point deficit.

However, I had a second entry.. seeing that the market had made a short term top, both stochastics and MACD looked ripe for the picking I went short. I was aware of the S1 level again but wanted to see what would happen. My stop at this point was 9470 and this time I didn’t fixate 30 points in my head.. I just wanted to ride it as long as I could, until instinct got me out. I ended up getting out with 19 points (the spread was moving so much I didn’t get as good price as I would have liked)

Trading the DOW futures market

admin — Thu, 17 Jun 2010 18:11:49 +0000

I got home today and decided to see if I could quickly scalp the DOW jones. You can see that the market fell shortly after the open and bounced back up a little. I was looking for a long trade if the market went above the previous high. I had an order at 10385 and was looking to ride it as far as possible, selling out as soon as I felt some resistance in the market.

Well, the order triggered and went up nicely… the first port of resistance was the big round number at 10400 and I got out around there. With the spread and everything else, I actually just got 12 points. The market can easily go higher or lower from here…. I am never comfortable with the Dow, it generally robs me of money!

Still, a profit is not to be sniffed at!

Daytrading the DOW

admin — Wed, 30 Sep 2009 19:17:43 +0000

I shorted the DOW when it broke the trendline at 9740 or so.. however, it wasn’t the perfect entry as the market bounced from this area of support to go north… I had a stop at 9780 which was the previous high but nonetheless, my short wasn’t ideal as short trades should be entered on a long countertrend.

I had to watch the market go against me 30 points or so before it tanked.. it went past my entry point and I took profits at the round number 9700 for 40 points which wasn’t bad. However, the market is still going down, as I write, it’s at 9672 meaning that I left another 30 odd points on the table… nevermind!

The market just dropped further and hit 9660….. double nevermind!

Buying and Selling the DOW

admin — Mon, 01 Dec 2008 21:26:25 +0000

If you look at the 1 min chart of the Dow Jones below.. you can see that the market in the yellow box wasn’t doing too much.. however, I was trading in this region, selling and buying when I should have been doing anything. I saw that the market had dropped and I was expecting to see a bounce back up to around 8500 at least… however, the adage is ‘trade what you see, not what you think’ and I failed miserably.. in total, I made two trades in this region, both lost to the accumulative amount of 70 points! Ouch!

I then went to the gym and when I came back, I saw what had happened.. the market had dropped and fell a further 200 points from the baseline 8350.. in hindsight, it looks like an easy entry.. unfortunately, I wasn’t around to capitalise on it!

I have said many times that I should leave the Dow alone.. I really need to set some rules to stick by them…

DOW JONES trade… yet more profits on the table

admin — Tue, 25 Nov 2008 19:23:40 +0000

I got in the perfect entry today after seeing the market was trending down and I got in at 8382.. I got out far too early though at 8355 so grabbed only 27 points.. the market fell as far as 8285 which was a further 70 points.. I am finding it difficult to hold onto profits and 27 points is so measly compared with what it could have been!

World Trading Time table

admin — Wed, 22 Oct 2008 22:12:56 +0000

Forex trading can be a 24 hour endeavour and depending on the time of the day that you’re looking at the markets can determine what you should be trading. Obviously, it is best to trade with the markets that are most busy as they will be liquid markets and allow you to place trades in a liquid and more true market. However, just what is the best instrument to trade at the time that you’re looking?
Well, this is the question that I asked myself and off I went to compile a quite chart on when best to trade. I have included the best Forex pairs to trade and also the various country Indices.

All times are in GMT.

Biggest ever gain on the DOW!

admin — Mon, 13 Oct 2008 20:45:29 +0000

I can’t believe it, the DOW made over 900 points in todays trading session, a gain of over 11%!! WOW, this is the biggest ever one day gain I have ever seen! Sometimes I wish I had the capital to trade these markets.. this would have been a serious payday.

The past week, we had seen the biggest drop on the US and UK (and probably other markets but I only primarily follow the UK and US markets).

I hope this stabilises the markets and that we see further upside.. however, it is possible that this is just a reactionary bounce before further downside.. afterall, the markets have fallen extremely sharply of late and hence oversold.. people were expecting a correction at some stage and this is it… we’ll see…

Binary markets and todays DOW scalp trade

admin — Wed, 01 Oct 2008 18:28:18 +0000

Last night, I found that my trading platform had 5 min UP/DOWN markets.. these are binary markets and allow you to bet on the movement of the DOW in 5 minute timeframes.. for example, you can bet if the DOW will go up or down in the next 5 minutes. I thought I would have a play and boy, was that the worst mistake.. it is pure gambling and I got my fingers burnt, I lost the equivalent of 70 points.. very bad! Anyway, I’ll try not to play with it in future as it’s not good for the bottom line.

Anyway, back home and played a quick scalp last lasting less than a minute.. the market had fallen from a double top and hit 10760. I noticed stochastics had bottomed out and so I waited to see if it would turn up and cross.. it did and I entered long. I closed out at the spike at 10800 or nearabouts for +16. The market since has got as high at 10850 but everything is so volatile, it’s best not to trade it right now.