Posts Tagged ftse
It was another good day on the markets.. it's funny how you get periods when your systems don't seem to work at all and then when they work, everything works nicely. A big part of that is because the markets are always changing... the go from trending to non-trading, from trending up to trending down. Most systems work for a particular type of market... it's difficult to find a system which works across all of the markets volatile personalities.
Anyway, I had two trades on the GBPUSD today...
May 6, 2011
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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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