Thursday 24th March

by Liam 19:10 5 comments

Had a hard time reading the charts today and this resulted in my first loss using trigger numbers. There was a lot of high volume bars and what appears to be the smart money trapping people into bad positions and gunning for stops. I happened to be one of them!

Decided to short Eddie as it approached a trigger number on No Demand. I was correct short term as it drifted down and I was in profit but I failed to notice it was moving down on decreasing volume. After a while it pushed back up and through my stop. Not to mention the overall strength in the back ground. Lesson learned anyway!

Eddie 5min

The only other set up I saw today was on Cable, high volume trigger on the left of the chart, price back down on the first test but I didn't consider the volume low enough to be a proper test so stayed out. It would've hit the target with relative ease. I even had second chance to get in but chose not to take that as well. This move was short lived as well though as the chart then plummeted back down and through the trigger. It's now moving sideways as the day comes to an end.

Cable 5min

Still very happy with the trigger numbers, I guess we can't win them all. That's something like ten positive calls to the one loss. Pretty good ratio if you ask me. 

I'll leave it at that for the day,

Cheers,

Liam