I read officially that we are in bear market territory, this is where the markets have fallen 20% from their highs… the state of the economy is not looking good and the financial sector especially is taking a bashing.

However, I took a few scalp trades today… I am having some real problems holding trades which is my biggest weakness in the markets… trading psychology plays a huge part and I am letting myself down when the markets are going my way.. I feel inclined to take a profit which then of course takes me out of the trade and out of the way of opportunity.

Anyway, my first trade was a short at 11313, the stochastics looked perfect for a short setup and the market had hit a short term high. The support line as you can see in the chart was the first exit point and I took profit here. I went double my initial stake as it looked like a good trade and I made the equivalent of +28 (+14 points x2)

I then placed another short as the market bounced off the support line and headed lower.. I wasn’t sure about this trade so much at this stage as the stochastics were already very low and I went in normal stake, short at 11295 and got stopped at 11304 for -9.

The last trade was a short once again, x2 stake at 11291 and I closed out at the previous short term low for +26 (+13 points x2)

My total points weren’t that high but I leveraged my profit.. however, it still wasn’t a great result in retrospect as I could have left my short in at 11313 and the market now is at 11240, which would have been 73 points. At my x2 stakes, I could have make 146 points!! Sigh…..

Tags: bear market, day trade, daytrading, dow jones, emini, es, forex, makemesomemoney, position trading, s&p, spreadbet, Spreadbetting, standard and poor, stochastics, technical analysis, Trading, trading system

I have been rather cautious with my trading as the markets seem extremely volatile whipsawing as uncertainty seems to take grip. As a result, I have been extremely selective in my trading and hence the rather less frequent updates on the website. However, on Friday, I did make a trade on the AUD/USD forex chart.

I traded this as I saw negative divergence on in the 4 hour chart on the stochastics as the market had hit a second high at around 0.9630. The stochastics also crossed and my trend signal turned red indicating a sell.

Nothing really much happened for a long time and then the market moved this Monday dropping… I closed out for +50 but the market reached a bottom of 0.9615 which would have make me an additional 50+ for a total of over +100…

Tags: audusd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, negative divergence, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog

The markets have been looking rather choppy lately and have been rather difficult to trade. Anyway, last night the only market which looked relatively clean and non erratic was the AUD/NZD chart. I went long at 1.2600 and got out at 1.2660 for +60 pips which isn’t a bad result considering the markets currently.

The stochastics action looked clean and the short term price action looked ripe for some movement up. There was some previous resistance (as you can see from the chart) at the take profit levels and hence my rationale for closing.

Tags: audnzd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog