I just dumped that Coffee trade at market price of 262.75 This thing has a floating spread not fixed, but is typically .40 on each side, so a huge spread, hower thankfully the chart showed a drop of .20 but the platform price was delayed in updating the floating spread ot this drop, and so i cashed in at above market price! Ive just looked at the actual entry and exits levels when including the floating spread, and my average entry was 262.25 / closing price was 262.40. I initially had a target market price on this of 263.64 (263.24 exit), however after watching this move in a ridiculously tight range for the last 3hours, with numerous times it pausing completely for 5-6minutes, and being unable to break through the 1st diagonal-reistance line at 262.73 (despite attempting it 4x over 3hours) something about this market & trade just didn't seem right to me... :/ I still managed to clear a net profit of £12 on this trade though, so get to buy extra chinese takeaways next week just thanks to this trade.
Ive decided that im going to move my journal over to Forexfactory.com since Elitetrader is now like a ghost town with barely even 20 members on the entire site who actually post daily, and so i feel like im just talking to myself here! lol Im doing my sums now though to workout how much money ive made since i restarted trading on the 25th July, and so will post the numbers on here in a few minutes.
Starting capital= £260 Capital added over the following 7weeks= £1,829 Capital withdrawn during these 7 weeks= £1,662.50 Total money made from profitable trades= £2,548.60 Total money lost on trades i closed for loss= £855.50 Total profit earnt over the 7weeks= £1,693 Im very pleased with this return on my starting capital. I came extremely close to make £2,500 - £3,000 more profit, however i chickened out of holding 2 oil trades & 1 aud/usd for a few hours longer to my inital profit target, and as a result missed out on ALOT of money, however i was initially aiming to earn just £50-£60 extra per month from this account, as i already have a fulltime career and income, and so any profit made from trading was just pleasure-spending money. And so turning £467 capital into £2,160.50 in 7weeks (and trading maximum £2 - £3 per point) is something that im quite happy with. Im going to withdraw £500 later this evening as ive currently only got about £200 in my bank account, but hopefully will earn my next £500 over the next 3-4weeks. Now see you all over at Forexfactory.
As i cannot create any new threads over at forexfactory until im no longer a 'junior member' there (requires me to post in loads of other peoples threads 1st) i will continue my journal on here for abit longer... Im going to short-sell the S&P instantly when it opens at 11pm tonight, its close was 1217.9, so i will try getting a sell in at the 1217s. My target level of this trade is 1206.5, and id like that to be hit today if possible, although ive got no issue with holding this for a day or 2 if required. The reason im making this trade is that the market is very overbought merely on the ''lack of bad news'', rather than on any actual good news or fundamentals. It closed just below some strong resistance levels (on the yearly chart), Dow has risen almost 600points in 1week without any big down move therefore we are now due some, and especially since the ECOFIN meeting over weekend was quite crap as no new policies were agreed on. So im pretty confident about making this trade.
Just to add note to this trade exit, that once again i was totally and completely spot on being able to notice purely from the style and momentum that the price was moving in on the tick-by-tick chart that something just wasn't right in this market.. So i dumped the entire trade at 262.75, and look what happend next..... The market crashed down to 255, which at £4 per pip would have been a loss of nearly £600!
Grrrr S&P gapped down to 1203 on the open, so i was unable to nab this trade!! Im also having a problem that Etx's trading platform isn't letting me cancel my sell-order (set at 1,217).... I phonedup and told them, but the guy just told me that its because its ''due a fill''.....
I dont even know what that means, lol. I had a bit of luck with the US market myself. Like you, I thought we were due a drop. I recently opened up a spreadbetting (you made me want to open one, lol) to trade alongside my futures account. I shorted the ES near the close with a take profit of 40pips, but when it opened it gapped down much lower than my take-profit was, and so they filled me at the price it was when it gapped down, so I netted about 100 pips rather than the 40 or so that I actually 'deserved', lol.
Ive just bought Aud/Usd at 1.0203, target set at 1.0303. Have also set a 2nd buy order to go in if it drops to 1.0162
I added to my trade at 1.0189, although am glad market did find support just above 1.0163 My average entry point is 1.0200, and have lowered my profit target down to 1.0264. Id be surpised if thats touched today, although hopeful that i don't have to hold trade beyond tomorrow. Market seems to have made an upside-down head and shoulders formation down here, and so if we now rebreak above the 1.0224 level il move my stoploss to just above break even.