Bad Assed Trader: Back on June 19 I posted a blog about the FTSE showing the "double top" pattern and heading for a probable fall. I said at the time that I would wait for another retracement up (which it did with an amazing show of strength - having (from 28 June to 6 July) one of its biggest and longest rallies for months/years I understand. I was then looking for a way in to trade it short but sadly the opportunity didn't present itself within my trading rules. Following that great rally there was a higher low and then a lower high (peak) showing more indecision.
I was waiting for the trend line to be broken and then for a retracement back towards that trend line before taking it short.
It seems that I'm behind the herd on this one. Other traders have not waited for such confirmation before sell sell selling. When you look at the chart here you'll see that price has fallen off the cliff and tanked. Today alone saw 250 points wiped away over the course of 9 hours.
There may yet be a retracement back up and then cautious little me may be able to step in and take a trade but I'm certainly not jumping in now.
I'm not feeling any pain from missing this trade, but this may be partly down to the fact that I've been trading the Euro (EUR USD) short today and am pleased that for once it saw sense and agreed with me so I'm over 4% up on the day - result!
To be quite honest, that's an exceptional day and I can't say I'm consistently there yet but let's think of it as progress in the right direction, eh?
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| The FTSE 100 Index at close of play today |
It seems that I'm behind the herd on this one. Other traders have not waited for such confirmation before sell sell selling. When you look at the chart here you'll see that price has fallen off the cliff and tanked. Today alone saw 250 points wiped away over the course of 9 hours.
There may yet be a retracement back up and then cautious little me may be able to step in and take a trade but I'm certainly not jumping in now.
I'm not feeling any pain from missing this trade, but this may be partly down to the fact that I've been trading the Euro (EUR USD) short today and am pleased that for once it saw sense and agreed with me so I'm over 4% up on the day - result!
To be quite honest, that's an exceptional day and I can't say I'm consistently there yet but let's think of it as progress in the right direction, eh?
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