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!
Posts Tagged s&p
As I mentioned, I am watching price action on the S&P and I missed a great trade. If you look at the black upwards trendline I have drawn on the chart, you will see that the market used this as support as it made it's way up a few times. It then broke this support line and chopped for a bit even bouncing off this as overhead resistance... this would have been a good short or, to await for confirmation, a break below 1362. The market then just fell and there would have been some great profits
For those who follow the blog, you've noticed that the past few weeks I've not put on too many S&P trades. The reason being is that it is too easy to lose on the S&P (well, that's what I find but that could be because I'm not too hot a trader)... anyway, I have been watching every day as usual but just been really careful and I am trying to only enter if I see an entry based on price action. In the past, I have been putting on trades when I am anticipating a move as the stochastics