I got in the perfect entry today after seeing the market was trending down and I got in at 8382.. I got out far too early though at 8355 so grabbed only 27 points.. the market fell as far as 8285 which was a further 70 points.. I am finding it difficult to hold onto profits and 27 points is so measly compared with what it could have been!
I took a quick scalp trade on the DOW.. I don't tend to like to trade the DOW due to it's volatility but I saw a quick opportunity. The black lines represent resistance lines. The large black slanting line shows the price action breaking out of the downtrend pattern and the horizontal black line, the immediate resistance. As it broke I put on a quick long and rode it up 30 points to take a profit... phew!
Last night, I found that my trading platform had 5 min UP/DOWN markets.. these are binary markets and allow you to bet on the movement of the DOW in 5 minute timeframes.. for example, you can bet if the DOW will go up or down in the next 5 minutes. I thought I would have a play and boy, was that the worst mistake.. it is pure gambling and I got my fingers burnt, I lost the equivalent of 70 points.. very bad! Anyway, I'll try not to play with it in future as it's not good for the bottom line.
