Here is a brief example of a DOW day trade I took tonight and it should give you a better understanding of the simple way I approach day trading.
The way I trade and the strategies I use tend to relate to market volumes and volatility and because of this some of what I do is
If you were long over the New Year Weekend then you will have almost certainly enjoyed today's Market action with huge gap-up open's taking price outside of the previous trading range.
If U.S Indices close red today then we statistically have a possible topping signal as SPX displays a number of gap-up opens with red closes at or near previous swing highs.
However, the point of this post is really
A quick update on the projected channels outlined for both FTSE and DOW ahead of today's session.
Fortunately the FTSE channel did hold overnight and I exited the position today on the cash close at 5560. The updated chart shows that this evening's
As you will know by now, in view of the low volumes and erratic price movements across many Index's I've decided to concentrate on a little day trading during this week.
As it's now after hours and price can pretty much do it's own thing, I've just entered a small stake buying FTSE at this
Isn't it funny how Weeks have gone by and I've struggled to find anything worthy of posting, then all of the interesting set-ups arrive at once!
So, just before signing off for the evening I just wanted to present this FTSE 4 hourly chart.
It can be mentally challenging to enter trades like this when the press is plastered with bearish news, but the last couple of years should have conditioned us to ignore the news because we all know, no matter how bad the news
What a tough week it's been from a swing trading view point!
Woke up Monday morning, checked through the Watch list and the set-ups were coming together nicely, but by Monday afternoon everything seemed to be falling apart and I had one of those days where I started thinking all my TA posted last Weekend was a complete waste of time!
Here is something I'm watching for Tuesday.
When the backtest combined with all those MA's come together at approximately 5209, price's reaction could well hold clues for the direction of the next leg.