S&P trading commentary – 31st August – choppy markets
Hi all,
Hope you all had a good day so far! Have a look at the 4 min chart today
Can you see what I see? If you can’t see anything, it’s not a problem.. I can’t see anything either! It was a very choppy day. My first two trades went ok but I had to close early both times as the market just wasn’t behaving itself, in these scenarios, sometimes it’s just best to leave the market but like a fool and his dog, I thought I could trade it. Everything always makes sense in hindsight of course but in the heat of the moment, you don’t always see what you think you should be seeing.
I’m sorry that I haven’t annotated the chart today, I’m extremely exhausted from the week and just want to sleep and relax a bit!
For those who are still interested, my trades were:
1. Short at 148200. The resistance was 148400 and the market made a top today of 148375.. however, I missed this time and wanted to get in, market looks like it wanted to go lower so I was prepared to take the risk. I targetted 148025 which was just a round number 148000. I took profit at 148075 for +5 prices.
2. Short again below the resistance level of 148000. If I kept the first trade running, I would be in the money still. I shorted at 147975 with a limit order at 147525 (yep, quite optimistic!) but the indicators (I use just price and stochastics) looked like prices wanted to go north. I took profit at 147800 for +7.
3. Long above 148000 at 148050. However, I got stopped out at 147850 for -8.
4. Ok, another short below 148000. I got in at 147875. This was at +10 profit at one stage but I though it would run more so I left it. Unfortunately, it ran back the other way and stopped me out at 148100 for -8 again.
5. Fifth time lucky… long above 148000. It wasn’t going down so it must be going up with a target of 148375 (todays high). This went through my stop by 4 prices reverse and shot up. It would have made my target too! Oh well, I ended up stopped out at 147950 for -6.
Total for the day -10 prices!
