(08:00 +1 @4424 -1 @ 4407 -15)
(08:00 +1 @4422 -1 @ 4407 -17)
(Preparation study suggested market could behave today in a similar fashion as yesterday, ending up. I placed orders to go long at open at top of yesterday's Value Area, with a view to hold for the day. Market gapped open breifly holding at 4414, which was Fib1 retracement. Suddenly there was a spike down, possible someone covering a position, which forced me out.
I am unsure whether this trade would have been executed live, because on the graphs it appears that my entry prices never traded.)
08:15 +1 @ 4409 -1 @ 4403 -6
Thinking that spike had been a one-off and that the market may had bottomed and that a top formation had completed i went long once more.
10:04 +1 @ 4412 -1 @ 4414 + 2
On a move up I scalped convinced the level of 4414 would be tested.
10:34 +1 @ 4419 -1 @ 4419 0
Price was pushed past Fib1 level and I expected it to reach yesterday's early highs, after positive UK CPI figures.
10:59 +2 @ 4414 -1 @ 4420 & -1 @ 4418 +10
Bounce order expecting 4414 to hold after last hour of battle ended above it. Profit taking at 4420, Trailing stop hit moved up to 4418
11:23 + 1 @ 4414 -1 @ 4411 -3
Repetition of previous trade. Stopped out
At this point I noticed how the session was indeed playing out quite similar to yesterday, and believed the US might skew the market to the upside like yesterday.
Also noticed a convergence of resistance levels of head and shoulders neckline and 50% retracement around 4440, thus providing a target.
12:44 + 1 @ 4391 -1 @ 4399 + 8
Positional trade for bounce off lows
13:05 +1 @ 4399 -1 @ 4393 -7
Wanted to buy on dip after exiting previous position.
14:26 +1 @ 4399 -1 @ 4392 -7
Expecting push higher to inminent. stop target was at 93 but flipped too quick to 92.
14:58 -1 @ 4387 +1 @ 4386 +1
Scalp towards level.
15:00 +1 @4386 -1 @ 4397 +11
15:36 +1 @4386 -1 @ 4391 +5
Convinced we were in for a repetition of yesterday's drive back up, went long at low level of 4386 after it had been tested several times. Added to position as I had missed this opportunity several times being onside but not exiting due to higher expectations.
15:50 +1 @4396 -1 @ 4395 -1
Thought we were once again pushing higher
16:02 +1 @4386 -1 @ 4386 0
16:06 +1 @4386 -1 @ 4382 -4
16:11 +1 @4387 -1 @ 4384 -3
Several wrong assesments, decided to risk no further to the upside.
Market then took a down turn, so I regard this as a sensible option.
(-24 if we count 1st trade?)
+8
Tuesday, June 12, 2007
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