Archive for August, 2010

More trading on the DOW

More trading on the DOW

I was actually looking to buy the DOW if it could get above 10330 but it didn't and started to look weak. I shorted it manually at 10290 with a stop initially at 10314. It kinda dwindled for a while, obviously the S2 support line was providing support for it. When it start it make it's way upwards I was thinking.. oh well, another losing trading but as soon as it hit the pivot line, it fell and tanked a good 30 odd points. My first target was 10260 but the DOW is rather volatile and when i

August 16, 2010 1 Comment Full Story

Amazing Luck or Skill?

Amazing Luck or Skill?

As per my previous post, I closed my short seeing the stochastics being at a low... However, what surprised me was when I next looked at the chart... it short up, my exit being the low point and shooting up 100 points. I was lucky to get out where I did.... can you say it was skill? I really would like to think it is but boy, the market does funny things most of the time so I am more inclined to say that it's luck! Anyway, what I did miss out on was the move upwards... the pivot level is t

August 10, 2010 No Comments Full Story

Shorted DOW after it’s retracement

Shorted DOW after it's retracement

The DOW was clearly in a downtrend today but when I got to the charts, it was retracing and I looked for an entry to go short. I went short around 10610 after the retracement make a double top in the 5 minute charts (also stochastics has peaked). The first support line was at the pivot point S2 but nothing happened and the market broke through this relatively easily. I was also conscious that stochastics were at a low too and would look to making some move upwards so when the market hit 10585, I

August 10, 2010 No Comments Full Story