Looking at todays action it really is too hard to call at the moment.I dont want to buy at 1364 resistance but i dont want to sell it against the current trend.In view of that i dont see that i have any choice but to sit it out today,to do anything else would seem like gambling.When i was younger i used to drive fast as much as possible,whereas now i only like to do it on a nice big motorway maybe that is where i am at in my approach to trading now-more focused on risk and let the winning trades take care of themselves.I think its better to wait and see what the market tells me.Todays pattern should be a trending day but that could easily translate into an early move and sideways for the rest of the day.
I have gone short at 1386 a few minutes ago.Medium term resistance is 1383,If we go higher around 1.30-2pm i will short again there as i think we might see a a sharp turn around that time based on todays predicted pattern.
Who fancies going short around 1.30-2.30pm? I have a minor cycle turn there but it's too risky to short into this unrelenting rally so i will let it go. If the turn comes and i miss it,so be it.Maybe my 1386 short into the close will win but i doubt that.Its looking more likely that the rally will go all the way to 1410 resistance in the near future.
The intraday high 1395.9 came at 1.30pm, mmm maybe there is something to these cycles.On the other hand i didn't make any money from that.In fact i lost selling 1386 into the close.So what is the use of good research if you dont capitalize on it? Patience,discipline and money management and a good strategy is really all you need,maybe a bit of luck sometimes as well.But a good strategy on its own?-useless without the others.Guess i'd better go figure it over the weekend.
I am short 10.30 to 12.30 at 1379.9. We could close near unchanged today.That is what happened last time this pattern appeared which is why i am not betting on the close at this point,and if this bet wins i will probably leave it at that for today.
I have just taken 2 long positions for the close on tues and weds the prices were 1384.2 and 1383.9 both bets must expire at 1387 or above.So i am betting we close above medium term support on those 2 days
I am long at 1370.6 into the close, i have a cycle turn around 12.30. I also won my first bet today going short 10.30 to 12.30 (1377.6 to 1373.5)
Hopefully we have a double bottom here around 1370 as i have placed 2 longs into weds and thurs close at at 1371.0 and 1371.1.Both were double the usual stake at £10 each.I really feel i need to do something to stop the account drifting sideways at the moment.That cycle turn saw us move 5 points off the low and then strangely we returned to the low before reversing again almost all the way back.
The account goes back to breakeven with todays 2 wins and a losing trade from yesterday (long 1387) into todays close.There are 3 outstanding trades- long into weds close at 1387 and long into weds and thurs close at 1371.0 and 1371.1 (those last 2 are for £10 stake each)We have made a double top recently at 1390 and a double bottom at 1370 today,so we need to get closes into the middle of that range and above for this account to start moving into profit.On the positive side i am finding it a lot easier to trade using fixed odds.It is less stressfull and gives me more time to think about and plan my trades.I have expected and seen 3 cycle turns work out as expected so far,and fitting these in with the predicted patterns and technical levels feels like a good system.The main aim is to try and use predictive indicators rather than any lagging indicators and just try to stay on the right side of the market.Todays cycle turn came half an hour later than i expected but i waited for a corresponding technical level which turned out to be -1.272% from mondays close (1370.4- my entry was 1370.6) It was also S-3 on the pivots (1370.5) So 3 good reasons to expect a turn.