17 Sep This Week’s Trading Round Up.
Quite a few great positions were closed this week for some nice gains – all of which I’d previously discussed in earlier posts. The EUR:GBP short was the only real loss and fortunately it was just a 35 point loss.
My trading today was pretty frustrating. I’ve not had time to screen watch or analyse anything in detail, so throughout the day I’d taken multiple DOW and FTSE longs, some of which had some great gains but as I was unable to watch live I’d set limit orders but none were achieved so all but one got stopped out at breakeven except the last one, a DOW long which I closed at 21:14 BST for a 36 point gain, so that was it for the day!
Throughout the day I had more than 150+ points worth of gains that eventually went for breakeven, similar to yesterday where I had a 100+ point gain that went for breakeven. All I can conclude is that the limit orders and stop losses were in the wrong places, so there is some downside to not screen watching!
The AUD:NZD longs are really frustrating me and I’m starting to go off this trade, but I’m in 2 minds about it, one being that price action often makes you go off the trade just before it rapidly moves in your planned direction, and the other being that I should just leave the stop losses to do their work if required. I did actually briefly lower the stop loss on yesterdays (2nd) long because the spread kept widening to ridiculous levels and I feared being caught out by this as price came within 20 points of my entry. Stop loss is now back at break-even and I’m not going to adjust it again.
Chart doesn’t look too bull friendly right now, but even if it’s a bear flag there should still be one more push up left….I’ll look closer over the weekend.
As for DOW and Indices in general, Sudden big news aside I’d be very suprised to see a red close prior to next weeks FOMC, so the theme will be to buy dips, and if you’ve got the bottle and are in a decent enough profit to get stops into profit, then it’s high risk but very high reward to consider holding the position through FOMC.
From what I’ve seen on the charts today, there is nothing that stands out as being short term bearish, even though the lows will very likely get an eventual revisit.
I’ll try and get more analysis up over the weekend ahead of next week…. which is bound to be a volatile one.