Archive for the Spreadbetting Category
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 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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Welcome back to normal markets again.. I'm glad that the holidays are over and that the markets are open for business again. I have enjoyed the Betfair trading which to me seems far easier to make a profit than financial trading so I'll need to assess and look into it further.
Anyway, back to business, something which I've been watching of late is how the market responds to pivot lines. Today the FTSE price hit the pivot line 6101 and also being the round number at 6100 provided a huge amount
May 3, 2011
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