Wednesday, October 17, 2007

October 17th, morning trading

Good morning all.

Long QM 87.075


Long on that bounce from support. I've added COIL Z7-IPE to my setup as sometimes momentum builds first in COIL (Brent crude) and then swaps over to CL (Light Sweet crude)

Exit +9 (COIL was not following and sure enough momentum stalled in CL)


Long FTSE 6640


Exit +10 at the 34ema (downsloping)


(Sorry these last two trades haven't been posted realtime, but they both have been 1 minute trades in a fast trading environment, so I just had to concentrate on the chart)

FTSE trading further to the upside now, going to my target now....hmm. It was the price action on that Doji Bar, which got me out


Question is, is it prudent to exit there or is it better to remain int he trade and just adjust the Stop. In hindsight the answer is clear, but in the trade I'm not so sure. I will have to watch out for these bars and see whether they signal a reversal or not. They sure tell you, that there is a lot of indecision, especially considering that I'm showing Heikin-Ashi Bars instead of regular bars.

Wasn't watching the FTSE...still that's a real nice setup, so I have to put it in here:


Long CAD 1.0214


Broke the 0.98FX level down, but it wasn't a great trade, actually the market seems to like CAD above 0.98 for the moment and forced the futures down a thin market... that's the way it is


Support seems to hold for now, but it might be my first loser for the day...

Stop set at -16 (1.0198)

Covered BE+1 at 1.0215


AUD already selling down again, this might be just another bounce which is being bought in the FX market. Had a bad entry, so be happy to be out of that trade