I shorted the FTSE last night seeing the bearish pin bar. I was a little cautious because the trend was still up so I knew that it was a higher risk trade and the market looked like it had lost momentum on the long side. However, I was wrong today as the market rallied and took out my stop.. Oh well, such is life in trading.. upwards and onwards!
I finally closed my Crude Oil long today and made a nice 120+ points.... a good trade but it was also a fascinating experience for me with regards to my trading emotions. I mentioned that it was a premature entry which I had made on the 25th October - exactly a week ago. I was overconfident due to a pretty good week trading and put on my crude oil long at 8600. I hadn't waited for a confirmation for my entry so psychologically wise, I wasn't best pleased with myself. However, I had committed
The DOW looks like it's reached a top, a triple top in fact... in the 4 hour chart below, you can see clear resistance where the market has bounced off this showing a pin bar. Looks like there are strong sellers here in the market and a potential place to go short. I have put on a sell at 13560, looking to take this 50 points down to 13510 (which is just above the support level you can see). 50 point stop also. This is a risk of 1% on my account.
