Posts Tagged daytrading
I went long on the DOW the other day, see the daily chart of the Dow below... it had hit support and the second time it did so, there was a pin bar pattern indicating strength with the buyers. The second day, you can see continued strength but today, there has been some selling. I went long at the break of the nose of the pin bar and my stop is 5 pips under the bottom of the pin. The trend is down however but this is a reversal play. It is risky considering how weak the market is but this could
May 25, 2012
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The markets have taken a bashing of late and extremely oversold. Silver has had 10 straight down day and you would expect a bounce. Two nights ago there was a pinbar showing support and then the following day, a green bull bar. I bought at the close of this bar at 28.05 and it rode up nice today. I closed out today at 28.76 for 71 points.
I closed for two reasons... the market is still in a downtrend and after a weekend, anything can happen with the markets.
It was nice to grab 71 po
May 18, 2012
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People ask me if it's possible to trade with a full time job and the answer is YES, absolutely! In fact, for people starting out trading, this is ideal. One should never give up their full time job for trading as it just adds added pressure if you're relying on trading to pay your bills. I personally think that you only have a chance in making it as a trader if you are able to trade initially with money which 'means nothing'. When I say 'means nothing' I mean, this money you're not reliant o
May 11, 2012
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