Monday, 29 April 2013

Discretionary trading

It's been a while since I've traded intraday, I seem to be pretty busy but know that I need to make time for it.

I haven't settled on a strategy per se, so in the meantime I'm going to see if I can carve out a style all of my own, using a discretionary approach, something I've not really tried before...

I'll be doing this on a SIM account for now.

Earlier looking at NASDAQ futures compared to EUR/USD, AUD/JPY and AUD/USD some divergence appeared suggesting a potential turn down;

1 month timeframe chart

The divergence on the above chart suggested focusing on the downside.

Looking at the intraday chart for NASDAQ futures, I went short on a trendline break at 2868.  The NASDAQ was also weakening relative to DOW 30 futures;

The market sold off 5 points, I closed the position.  The market rallied to another area that I felt may offer resistance at 2867, and was rejected by the next trendline therefore I went short again, the market sold off another 5 points before I closed the position. 

Up 10 points for the day.

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