Archive for July, 2008
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 whic
July 9, 2008
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I entered this trade after seeing downtrend pattern in the 5 min charts looking to turn. The stochastics were also oversold and looking to head upwards.
In the 1 minute chart, the 20 minute moving average line (which was functioning as resistance) became support and I traded off a bounce and got in at 11244. The market soon shot up and bounced off 11300 and I closed out at 11286 for +42.
The market has since reached 11360 which is another 74 points which I missed out on!
I bagged my pro
July 8, 2008
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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 si
July 7, 2008
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