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Wednesday, June 18, 2008

Stock market, stock trading , June 18, 2008,

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Stock traders and investors,

The gap down open of today confirmed what I wrote yesterday. 10 minutes ago, NDX touched area of 1953 which is 40 points from where I wrote that I have shorted just less than 6.5 hours of trading ago.

1. I took half of my remaining position off with NDX in area of 1953 to 1954.

2. The market is now in the hand of sellers BUT the gap might be filled. So, I am stepping to the side to wait for bounces to play it from short side.

3. If I were an investor, I would step aside, till the market is in control of buyers.

12:15PM: A note

This is not about stock trading, but about forex trading ( currency trading)
I hope you enjoyed the profits of yesterday's trade. I took it off when its visit to 167.30 as I could not watch it frequently because of time constraints.

NOW THE POINT:

At 12:15PM I am starting to re-enter on short side. Traders of this pair should now be confused (both longs and shorts are confused). But smart money is NEVER confused. The sellers that are almost sure to bring it down real hard, are now in 168.10 area.

But I am scaling in in pyramid formation as the top may form before 168.10, due to other strong sellers at miles: 167.60, 167.70, 167.90.

I am then now scaling in. And as I may not be able to watch it, I will leave orders at above levels to complete half of my position on short side.

The "enemy" (buyers of this pair) are now in area of 167.33. And once defeated, the defeat might lead to a hard down move. So if it goes up to 168, and I load up on short side, I will not be shaken out but taking small profits or small stop losses. I will give it time to make its move, and I would target 166.50 as a first main station for a down move. That is the view currently, but views change because smart sellers and smart buyers are always on the move. The only thing that should not change is that we make money and we keep moving to areas where armies of sellers (or buyers depending on case) are entrenched and are on our side, so that we emerge victorious

Happy trading


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Happy trading,

1 Comments:

Blogger WizeTrade said...

This couldn't have been said any better.

June 18, 2008 at 12:27 PM  

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