Posts Tagged daytrading
The pivots today were all very significant in trading today.. if you look at the blue pivot line in the charts below for all trade instruments (GBPUSD, EURUSD and FTSE), you can see how the price action reacted to the pivot line.
With the GBPUSD chart you can see how the market bouced off the pivot line at around 8am... shortly after this I went long which wasn't a good trade as I ended up with -20 as the market went down. However, on hitting the pivot again, you could see that it provided no
May 5, 2011
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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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