Thursday, 15 July 2010

Trades 15/July/2010

DG ( move up thru prev day high)

On 5min chart above. Despite market weakness the stock showed relative strength as it pulled back but held the previous day high as support. Entry was on horizontal resistance breakout as market began to recover. Closed at +1R.

Looking at the chart now, holding a 2nd half with stop at breakeven would have paid dividends. However, I'm still backtesting etc on 5min chart setups so not sure if a multiple exit strategy is a better option in terms of overall profits. But something to look at for sure.

No other trades today. I did look at some shorts, but the market had moved down so quickly in first 30mins that I had missed most of the move and didn't want to chase it.

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