Monday, October 22, 2007

Monday, October 22nd

Just starting the day, looking over my charts, seeing the CAC40 is still on October even when it expired on Friday, Looking further I see a 15min chart of the YM, which is still up from Friday. Take a look at it


See that friendly green 2nd target line at the bottom. I've no idea what timeframe I used to get that one, but it sure nailed the YM right to the spot.

Yep a 60min chart had been used to set the High and Low for the Range used with the Fib-Tool


It seems someone using my template has a lot of money to sink. ...or could it be that by accident I stumbled across a nugget explaining market dynamics

I had a few 1 or 2 tick trades when I wasn't able to trade fast enough on the FTSE. Had the regular target when it was giving only 10 or 11 ticks profit on trades and reversing extremly fast.

One 16 tick trade though here


But even there you see this sharp reversal against my initial position. Just because I had not adjusted the stop I was able to participate in the following swing up. But I have to admit I missed the following swings. Sure a shame


Higher highs while holding the lows, which are about to be broken on this latest downswing, which looks like a trend change, as the advance on the highs is flattening


Took the FTSE long 6479.5


Stopped on this spike down


As I said, this is a volatile market today. Had the stop moved after the FTSE moved down from 82 to 72 only to bounce up from there. Trading at the 85 resistance I moved the stop to 80.5 and was taken out. In hindsight


it's a bugger, but unless I manage to get my entries better, I will be stuck with these "wiggle out" trades I guess.

Long FTSE 6513


Downto 6503 and then finally another good one for +20. Did not hold beyond as the rangechart I was using was too small.

The standard R250 would have told me about the target at 6531


80$ missing to be back to breakeven on that YM disaster from Friday. Interestingly the YM just printed 13550, a -50$ exit had I held my contracts that long. But to tell the truth, I'm glad I covered my contracts last night, when I had a chance to do so at 13505 instead of sitting through that morning slump downto 13410 and back up.

Earlier I did it again. I bought the High and waited through a 20 point wiggle. Seems I get used to it. Sure not proud of it, but a phone call came in and I couldn't really concentrate. No excuse I know and it tainted my next trade (which is posted above) as there as well I bought the High of the swing and waited through the wiggle.


Taking a break now