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8th December 2017

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Todays market discussion

Todays post here

Just closed my modest scalp 13187-13215. Trying to gain my confidence back. Maybe I should have held more.

Reloading shorts here at 7347. Still see selling the rallies as the right play. Usual stop and if 7350 breaks looking to have another go off 7370. SPX A down to 2620 B up now and C down to 2600 then santa rally is what I see

Quote from Jack 2 on 8th December 2017, 11:12 am

Just closed my modest scalp 13187-13215. Trying to gain my confidence back. Maybe I should have held more.

If you look at Dax on the daily it's just taken out the prior swing high around 13200-220 area. But not by much and is coming off a bit now. Tricky as break above and it's bullish. Based on everything else I suspect it fails though, if it can close and hold above then have to give bulls the benefit of the doubt

Morning well I made a right balls of it yday.....all the Irish border stuff didn't help......big volatility at the end yday and then the announcement at 6.50 am this morning just before spread change how very handy...... I gave my guns back .......it seemed like a good idea at the time....back to business....good luck all.

I learnt a hell of a lot yday about trading around a position.....a hell of a lot but it cost me in the end....

Im hoping FTSE gets past 7350 resistance today back up to 7370 for a massive short. Kim Jong might play with his toys again this weekend. He might even launch the market-mover missile mark 2 capable of taking out santas sled from anywhere on the globe. In other news $80M  of bitcoin robbed yesterday. Just off to check me wallet.

Quote from Mcgcapital on 8th December 2017, 12:04 pm
Quote from Jack 2 on 8th December 2017, 11:12 am

Just closed my modest scalp 13187-13215. Trying to gain my confidence back. Maybe I should have held more.

If you look at Dax on the daily it's just taken out the prior swing high around 13200-220 area. But not by much and is coming off a bit now. Tricky as break above and it's bullish. Based on everything else I suspect it fails though, if it can close and hold above then have to give bulls the benefit of the doubt

Good morning, for that reason I didn't hold more than 13215 because the price is already above R3 and looking at the bigger chart it can only go to 500, but I don't think it will happen today, I hope so, but who knows, NFP... I missed a good entry early in the morning and could not leave the position from 13187 hanging about. I just feel happier today that I still can do it, cos I was doubting myself yesterday. I thought I would never have a winning trade by my book. You know when other things happen around you it can make you a bit insecure. But I know now that I can do it and all I need is to fight a fear of stop losses and to be able to increase the stake by my strategy. But tomorrow I have an exciting thing planned so going to pack.

Quote from Candlemaster on 8th December 2017, 12:24 pm

Im hoping FTSE gets past 7350 resistance today back up to 7370 for a massive short. Kim Jong might play with his toys again this weekend. He might even launch the market-mover missile mark 2 capable of taking out santas sled from anywhere on the globe. In other news $80M  of bitcoin robbed yesterday. Just off to check me wallet.

Holy shit that's funny CM laughing my b@llo€ls off here thanks I needed it ....

Quote from anstel on 8th December 2017, 12:19 pm

I learnt a hell of a lot yday about trading around a position.....a hell of a lot but it cost me in the end....

Are you using stops Anstel? Covers are for winning trades where you expect a countertrend move and stops are for losses. If you cover losses it hardly ever ends well.. either end up trapped both ways or miles offside on one of the trades. Also, I know CM has a different strategy to me but I find it hard mentally holding into resistance or support and seeing it come back on me. It's like a cycle.. feel good when 40-50 points up and it tests the resistance.. then if it comes back down you find yourself only 20-30 points up and start thinking oh if it goes back to the top I'll get out.. then sometimes it goes right back down and before you know it you're out at breakeven, or worse, for a loss. It probably holds the levels 7-8 times out of 10 so definitely worth cashing to avoid the cycle.. can always go back in if it breaks up. It's an expensive 20 points to look for (7370-90) (and 7280-7300 too).

Quote from Mcgcapital on 8th December 2017, 12:51 pm
Quote from anstel on 8th December 2017, 12:19 pm

I learnt a hell of a lot yday about trading around a position.....a hell of a lot but it cost me in the end....

Are you using stops Anstel? Covers are for winning trades where you expect a countertrend move and stops are for losses. If you cover losses it hardly ever ends well.. either end up trapped both ways or miles offside on one of the trades. Also, I know CM has a different strategy to me but I find it hard mentally holding into resistance or support and seeing it come back on me. It's like a cycle.. feel good when 40-50 points up and it tests the resistance.. then if it comes back down you find yourself only 20-30 points up and start thinking oh if it goes back to the top I'll get out.. then sometimes it goes right back down and before you know it you're out at breakeven, or worse, for a loss. It probably holds the levels 7-8 times out of 10 so definitely worth cashing to avoid the cycle.. can always go back in if it breaks up. It's an expensive 20 points to look for (7370-90) (and 7280-7300 too).

I was in a hedge situation Mcg  going long by closing shorts and going short by closing longs.....it was a total mind **** yes I was offside... I own the mistake...my fault completely..... The volatility due to cable didn't help don't want to go into further details but that's been holding me back.....all due to one mistake I made at an earlier time......the first cut really is the cheapest!!!

It's like now ....I'm running a position naked it's got a lot of blue....too tight a stop on this and it will get taken......hedge to lock in? Don't know not yet....

Quote from anstel on 8th December 2017, 1:02 pm

It's like now ....I'm running a position naked it's got a lot of blue....too tight a stop on this and it will get taken......hedge to lock in? Don't know not yet....

Ok out at 62.3 and 62.8....

Quote from anstel on 8th December 2017, 1:22 pm
Quote from anstel on 8th December 2017, 1:02 pm

It's like now ....I'm running a position naked it's got a lot of blue....too tight a stop on this and it will get taken......hedge to lock in? Don't know not yet....

Ok out at 62.3 and 62.8....

Possible too early but when I start thinking is it going much more ive learnt to get out....there's always another trade....that's me for abit...

That was a really good gain pleased with that and my performance under pressure...

Quote from anstel on 8th December 2017, 1:25 pm

That was a really good gain pleased with that and my performance under pressure...

Good work there.. still 7290-7370 range remember.. and we're near the top of it

Quote from Mcgcapital on 8th December 2017, 12:51 pm
Quote from anstel on 8th December 2017, 12:19 pm

I learnt a hell of a lot yday about trading around a position.....a hell of a lot but it cost me in the end....

Are you using stops Anstel? Covers are for winning trades where you expect a countertrend move and stops are for losses. If you cover losses it hardly ever ends well.. either end up trapped both ways or miles offside on one of the trades. Also, I know CM has a different strategy to me but I find it hard mentally holding into resistance or support and seeing it come back on me. It's like a cycle.. feel good when 40-50 points up and it tests the resistance.. then if it comes back down you find yourself only 20-30 points up and start thinking oh if it goes back to the top I'll get out.. then sometimes it goes right back down and before you know it you're out at breakeven, or worse, for a loss. It probably holds the levels 7-8 times out of 10 so definitely worth cashing to avoid the cycle.. can always go back in if it breaks up. It's an expensive 20 points to look for (7370-90) (and 7280-7300 too).

Yes Mcg ive learnt that.....7-8 times the levels hold...it's all probabilities ....I have held expecting a breakthrough so many times and lost I can't count...a lot of this is in your head....its 90% psychology trading in my opinion....

Quote from Candlemaster on 8th December 2017, 12:24 pm

Im hoping FTSE gets past 7350 resistance today back up to 7370 for a massive short. Kim Jong might play with his toys again this weekend. He might even launch the market-mover missile mark 2 capable of taking out santas sled from anywhere on the globe. In other news $80M  of bitcoin robbed yesterday. Just off to check me wallet.

🙂 You're a funny chap!

Mcg I'm not trading actively just now ....but I don't think you should short Ftse at 70-72 area.....I'm just watching...

This could be a cup and handle on the hourly....check it out McG

Quote from anstel on 8th December 2017, 2:16 pm

This could be a cup and handle on the hourly....check it out McG

Will see how the land lies after the data

Quote from Mcgcapital on 8th December 2017, 2:23 pm
Quote from anstel on 8th December 2017, 2:16 pm

This could be a cup and handle on the hourly....check it out McG

Will see how the land lies after the data

Worth a go from here as no break of the pivot yet

Short 92.3 small

Out for 2points

Think short is still the right play for now but it's testing the downtrend very hard.. reclaim 7400 and would have to step aside

Might try again small

Trying a novel experiment :0)

Oh it's all fun and games...

FTSE is being pinned.. everything else looks like it will come off to me. Overbought hourly now, have to see what happens once it starts moving. Bears need it back below 7370 really

Once it goes if it's down will probably drop quite fast....my suspicion is it will climb...Russian roulette so I took the last bullet out ...

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