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CFD Diary

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Gday all. Welcome born2win to the CFD racket. Another interesting day on the markets. Early rally stifled by late selling (is it sign of fund managers unloading into strength?). Took three new trades today. Went long (PBL) early at $21.20. It has corrected a bit since the early May highs and todays bounce corresponded almost to previous resistance turned support. Also went long (ANN) at $12.20. Spotted a short late in the day in (BSL). It closed for the first time since March underneath the 15 day EMA and it looks due for a bit of a correction after falling through short term support. Got in at $11.56.

I exited (CCL) today on my initial stop. Was never a good trade and was just holding on. However both (LLC) and (WAN) had very good days. So trailed stops on both of these. All bodes well for a busy day tommorow.
 
Gday all. Just did the one trade today. Exited (LLC) for 1.1% profit. Very weak day today so shorts are looking good. Trailed the stops on (PBL) and moved the stops on (WAN) and (BSL). (TTS) still at initial stop but if it trades below $4.86, will trail stop lower.
 
OK then. Started the day by buying back (BSL) shorts for 2.4% profit. Entered into three new trades today, however my entry levels were not so great. Went short (MGR) at $5.13, posted chart earlier regarding this chart. Also went short (WDC) at $20.25, after it broke through 200 day EMA only to close the day relatively strongly at $20.37.

Went long (TAH) right at the end of the day at $17.65. It is currently in a rising channel and the last couple of days is bouncing off the lower trendline of this channel. A possible target around $19. Moved stop in (TTS) short trade to nice little earner. Currently short TTS, WDC, and MGR, and long PBL, ANN, and TAH. Still think the market is looking short term sick, so happy with my shorts.
 
Re: CFD Diary - yahoo chat

Hi

I downloaded Yahoo Chat

Username tmmick642000 -- add me

Looking forward to chatting sometime soon

Michael
 
Busy day today. My shorts were all stopped out due to the strong market. Got out of (TTS) at $4.78 for a 2.2% gain. However my (WDC) and (MGR) trades hit my initial stops which made a bit of a dent to my overall P/L. Ah well, also exited (ANN) for small loss.

Went long three new stocks today namely (MBL) (a great bullish engulfing reversal candlestick pattern, by far my favourite to see). Furthermore, today's action coincides pretty closely to the 50% fib retracement from March to May highs. Looks like about to enter Wave 5. Also went long (OXR) which may have already entered Wave 5, it had a nice bounce off short term uptrend support and looks set for higher levels. Finally went long (BHP) after it broke through short term resistance today. Lets hope its up in the States!
 
lachlan

Is it too rude to ask your actual figure of profit and loss thus far....your trading frequency is what I'm aiming for and am just curious how it is working for you. Also, do you use Profitsource?

regards
Moxy
 
Lachlan6 said:
Busy day today. My shorts were all stopped out due to the strong market. Got out of (TTS) at $4.78 for a 2.2% gain. However my (WDC) and (MGR) trades hit my initial stops which made a bit of a dent to my overall P/L. Ah well, also exited (ANN) for small loss.

Went long three new stocks today namely (MBL) (a great bullish engulfing reversal candlestick pattern, by far my favourite to see). Furthermore, today's action coincides pretty closely to the 50% fib retracement from March to May highs. Looks like about to enter Wave 5. Also went long (OXR) which may have already entered Wave 5, it had a nice bounce off short term uptrend support and looks set for higher levels. Finally went long (BHP) after it broke through short term resistance today. Lets hope its up in the States!
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Lachlan6,

I read your post around this time last night and would have said somthing but thought not my place.

I thought you were a little two preemptive in your longs on BHP and experientially MBL, as I look to trade MBL with cfd's a fair bit.

I really felt for you today mate just hope you had tight stops.

Regards
Joseph
 
Yep Trade It. Got slammed today. The one thing I have probably learnt about yesterday's longs is that it completely contradicted my overall bearish belief of the market at present. I still think that both longs were still valid trades and I can't resist bullish engulfing patterns (MBL), but when your heart says the market is weak and you go long a whole heap of positions, it is slightly contradictory. Ah well, we all learn from trading and I learnt that the hard way today.

Was stopped out of (BHP), (MBL) and even (OXR) at my initial stops. Having this happen in one single day REALLY hurts your overall P/L and has wiped out all my profits made in the last month. The good thing though was todays rally in (TAH) so I trailed the stop now to a break even level. I suppose the other lesson is that this is a drawdown, and I have to stick to my trading plan (and not be so Bullish when your heart is telling you otherwise!!!!!). Cheers, Lachie.
 
Gday Moxy. Overall down a little because of today however have been in the black all month. I spose the other lesson to learn is, don't overtarde. Sometimes I cant help it, my finger can be trigger happy.
 
Lachlan6 said:
Gday Moxy. Overall down a little because of today however have been in the black all month. I spose the other lesson to learn is, don't overtarde. Sometimes I cant help it, my finger can be trigger happy.
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Hi
When you put a stop loss, do you put guaranteed stop loss?
 
Gday The vadd. 99.9% of the time I don't put on a guarenteed stop loss. Answering this is multi faceted, however it stems from the costly nature of placing g/stops in the first place. I think if you placed one on every trade, it would actually cost you more in the long run rather than just copping the occasional big downward/upward gap against you. Furthermore, now I only trade in the direction of the trend, and generally, the gap will be in the direction of the trend. Very nice if you are on the right side of it.
 
Howdi all. Took three trades today in a market defying all my short term bearish beliefs. It may take a little longer for this to play out, but today was definently a significant one with a break to the upside of recent consolidation.

Hence I went long three stocks. (GPT) at $5.26, (OXR) at $3.33 and (MAP) at $4.21. All are showing nice signs of rising, but I especially like (OXR) which has entered a Wave 5 and I have placed a wide stop with projected target at $3.74.
 
Howdi all. Sorry been a little distracted of late, studying frantically for uni exams. Have the three open positions at the moment. Long in (JHX), entry $9.56, long (OXR) entry $3.33 and long (SRL) at $4.17. Market looking jittery at the moment, with DOW falling out of short term uptrend channel from March and below 15 day EMA. Cannot ignore diverging RSI forever. Our market was very resiliant however today on back of weaker DOW.

Interestingly, it seems our market is really only being supported by the (XMJ) and lesser extent (XEJ) at the moment, and the (XFJ) has gone sideways since mid-April. In fact interesting chart the old (XFJ), sitting at precarious levels at the moment. 7200 is crucial support, if this breaks, then it will certainly pull our market lower.
 
Lachlan6 said:
Gday The vadd. 99.9% of the time I don't put on a guarenteed stop loss. Answering this is multi faceted, however it stems from the costly nature of placing g/stops in the first place. I think if you placed one on every trade, it would actually cost you more in the long run rather than just copping the occasional big downward/upward gap against you. Furthermore, now I only trade in the direction of the trend, and generally, the gap will be in the direction of the trend. Very nice if you are on the right side of it.
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Lachlan
I trade CFD myself and if holding an overnight position, I ALWAYS take out a guaranteed position. I don't know what % your gearing is as % of your trading capital, but trust me, if your stock gaps by more than 10% out of your favour, .3% extra commish on the entry will be the last thing you are thinking about mate.

Seriously, I suggest you have a really good think about not using the derivative protection.... Just my opinion however....

Cheers
Reece
 
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