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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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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