Archive for July, 2010
![Went Long on DOW as it broke resistance]()
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 aw
July 23, 2010
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![The Fake DOW triple top]()
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 bac
July 22, 2010
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![Thinking too much and trading]()
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
July 20, 2010
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