Archive for May, 2011
Yesterday, I showed how the FTSE fell when it reached the pivot level and dropped like a stone. Today, the market started below the pivot and as it was heading back towards it (that's the blue line in the chart below) at 7.45am UK time and then retraced, I saw that as an opportunity to enter short... so I did. The market did go as low as 6022 from my entry price at 6041 before shooting up... up to the pivot and then some more to take me out for -20! Oh well, I guess it can't always work!
May 4, 2011
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I found a brilliant little tool that scans your website and figures out what it's all about from the words are frequently used and draws a nice little graphic. So if anyone now asks me what my blog is about, I'll just show them the below picture:
May 3, 2011
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I had a really nice short in the GBPUSD market today with a trailing stop. I closed out early for 56 pips however when the market was retracing.. it retraced 25 points before it fell heavily (another 50 points) to 16500.
My actual exit is a trailing stop loss and it would have not hit it before it fell. The old trading adage 'cut your profits short and let your profits run' is a key principle to be successful in trading and I'm annoyed by myself that I broke the rule.
The chart is shown be
May 3, 2011
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