Posts Tagged trading blog
Today, I saw the perfect Head and Shoulders pattern on the S&P and got very excited. Look at the diagram, the 3 red dots signify the shoulders and head. I have read about this pattern in technical analysis books and in most cases, they signify a reversal pattern. I was looking at the chart moving up to at least 1388!!
Anyway, I went long at the second shoulder.. the market moved 2 points up my direction.. it was looking good and then tanked, breaching the limits of the second shoulde
May 28, 2008
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I went long at the break of the previous high in the S&P at around 1378... I actually got in at 1379.48 due to the spreadbetting spreads which you pay rather than their commission charges... they move their spreads about meaning that you can lose half a point (in S&P terms) per transaction... and upto a while point when doing a round trip.
Anyway, the market went up and I got out at 1381.53 (I actually closed when the chart reached 1382 which was my target exit) for the equivalent of
May 27, 2008
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Most traders have a few or just one trading setup which they execute over and over again. A trading setup is when there is a predefined condition on the traded instrument which signifies and entry and exit. The most successful traders are those that know their trading setup has a positive expectation overall and are disciplined enough to run the same trade over and over again when the conditions are right.
I have read a lot of trading books and I think the key to becoming a trader is firstly
May 24, 2008
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