Trade DiaryWell I for one am putting my neck on the line by stating that this could be one of the lows if not the low before the year end. Whilst we may test these lows again I don’t see us going lower than 3500 on the FTSE 100. So how does this affect my trading, well I’m still long.
The Trend Continues
Putting my money where my mouth is I placed a 3 Euro buy on the FTSE last night at the US close. However as I had two positions already open I had my finger on the trigger and was watching the close as I pushed the button. As I turned to the screen I realised to my horror that I had sold thus closing my existing positions for a very large loss. It’s still too raw to fully discuss but it will be in my trades next week. This is a diary after all documenting the ups and downs.
I went on to place a 3 Euro buy which is now in profit and to reinforce my conviction I think I will leave this alone and stop pressing buttons. I am now down 35% from my high which will give you an indication of the losses I have been taking recently. I hope you are all trading safely, although that brings me to another point. I had a sell on the DOW but due to my recent follies I placed a stop. This was just triggered even though I has 80 points margin and then it sold off. I was 800 Euro out and was stopped out for 0. Stops in this market are so hard to call with swings of 5%.
Just as an aside is it time to dip back into banks?
Bank Of Ireland 1.80 Euro
Allied Irish Bank 2.70 Euro.
How low is low and do you think it’s worth a few quid, interested in any comments.
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Just wondering why you don’t raise your stop level to break even when the position is in profit. With the volatility it may mean you lose out on big runs but it could also save a big loss?
As regards banks, its too risky for me at the moment but if you compare the Irish banks charts against Banco Popular Espanol (POP), which is one I am following, you can see that they have no base. POP has a nice base at around €6.70 which has held up well from July through to September, being hit 3 times. I will look at entering a spreadbet around the €7 mark if it drops a little with a stop just under €6.50, of course on the longer contract.Although i know nothing about the Spanish banks it is purely a technical trade!