http://www.dailyraider.com/index.php?id=12031 ...? Perhaps. The point I am trying to hammer home is that 'life' presents us with a certain number of opportunities............you know the rest. I have worked very hard all my working life in engineering and construction, now the larger proportion of the 'wealth' that I have generated has gone to someone else! Believe it or not I don't have a problem with that, but ......... BUT .......................... ...... THIS SITUATION IS GOING TO CHANGE!
We are all aware of the current economic climate we find ourselves in, during many lunch breaks the conversation usually turns to who is at fault here. The bankers, the government, the EEC, Sepp Blatter, the weatherman and who's to blame for what!. RT is very reluctant to suggest taking the 'trading journey' because of the potential financial damage it possible to inflict on oneself, but I do suggest not going down the blame route. Instead asking ourselves 'what can we do about this situation', the only response was ' The boss wants us to work longer and harder for less' so thats what we will have to do'! Gasp.. OK guys 'Do you have the internet at home'....... yes....... 'Do you realise the potential of it? Its the greatest advance since.....?????? Just 'google' opportunities to make money..... you get ....2,020,000.000 replys, well is worth spending 10 minutes in the evening checking out a few of these replys? I going to the pub, I'm too tired when I get in from work, the dogs not well etc..etc.
So perhaps I was not too unkind...!
The trade plan and entry points: I dont think I was clear enough on this point especially for beginners.
I hope this helps to clarify and get you thinking.
The first conclusion I draw from this market is, it is reasonably stable judging by the trading range of 3.40 to 'about' 3.70 also 3.45 seems to be fairly solid support as the matched money stops abruptly and does not gradually taper down.
Entry point A would seem to be a very 'safe' place to place a lay order, we could just sit and wait.
Entry point B was my entry in this market, as you can see from the chart on the left the market has touched 3.75, turned down and already bounced off 3.55 once, so that was our signal for an entry lay order. Now the thing to focus on is money following our order on top off the £224 waiting to be matched because others will probably be doing and thinking as we are. It is difficult from a screen shot to appreciate the actual price action ticker, we all so some money to 'sit on', the £2970 at 3.50. We have some options now;
1. We could if we are content to take one tick profit, place our counter trade at 3.60 in readyness for our exit. We should also be hovering around 3.55 to either pull the order or scratch by backing at 3.55 then pull our scalp back order at 3.60 if we feel the market is going to push through our order.
2.If we are looking for more than a one tick scalp, we should be looking to our next possible exit point, probably at 3.70. Why 3.70, because the market has already been there previously!
Do not forget to be aware what is happening in the market as a whole by keeping one eye on the market overview.
Got you thinking?.........................Hope so!
Cheers
RT
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