AAPL,ABB,ACI,AKS,ANR,BBD,BHP,BJS,BP,DRIV,DRYS,FCX,
FDG,FRO,IBN,INFY,ITU,KWK,MEE,MOS,MTL,NOV,OXY,PBR,
SI,TCK,X,
Had too much work on today, so didn't have much time for the markets. When I did manage to get started, just the one trade was made.
FRO (gap down)
Red first is followed by OR break on the 2nd. We then have sideways consolidation below the OR for next few candles. The 5th is bearish, confirms OR as resistance and is off the ema. This is our short trigger.
Entry: 45.76 Stop: 46.25
Fib Ext: 44.94
1R=45.27 2R=44.78 3R=44.29
It looked promising after entry as we fall with the ema and get to 1R. But that is as far as it goes and we get a recovery to stop us out for breakeven.
Didn't have enough time to watch all the stocks properly today. With the market down 580 points as I write this, maybe I missed some great shorts, not really sure as it doesn't always work that way. Tomorrow could be tricky as well, as the day after a big move is often choppy.
3 comments:
breakeven = stop at the entre and
50% on 1r
total=0.5 r ????
TR: Tough day as well.
Ques:
1- Considering the low value of the US dollar compared to Euros, how is this affecting your previous/current profitability?
2- If this trend continues, will it become unprofitable for you to continue to play the US stock exchange?
I guess what I am trying to get at is that $1 a few years ago was worth a lot more than today's $1, yet the game still remain the same, which is to net $1 gains per day. Because of inflation, currency devaluation, etc, is day trading doomed to eventual failure?
Thanks, Ralph
ralph.
Good questions.
1). I currently have a universal account with IB. This allows trading of products from different currencies all from one account. There is a base currency setting which is used for margin requirements and statements etc. And you can set this to what ever you want. e.g. USD or GBP etc. Essentially as I understand it IB lend the USD to trade US stocks as long as my sterling balance at the current exchange rate is enough to cover your position. So I just use it in that way. Basically you can set the base currency to whatever you find easier.
When you come to withdraw money then they do charge commission for converting USD to GBP (as I live in UK). So it makes sense to have your base currency same as the country you live in. Doesn't really affect me at the moment as I am not withdrawing any money from my trading account.
2. Timely question. I am actually currently reviewing my trading as we are coming to year end. This review will encompass most things : successes and failures this year, continue daytrading or not? which markets should I trade going forward,does my stratgey need to change, expand, etc, carry on with blogging or not etc etc.
So I will probably post my thoughts on this before the year is out.
Thanks
Post a Comment