Starting it off.

Al

A very nice drop of the Pound today.
It's just above the crucial level (1.4080-1.4100, 6B M18) which may send it up for some time tomorrow.

wow

Originally posted by MarcinO

A very nice drop of the Pound today.
It's just above the crucial level (1.4080-1.4100, 6B H18) which may send it up for some time tomorrow.

Click image for original size

Yes rat. That's what I was waiting for. I hope that April will be similar to March - the first two weeks of contracted daily ranges followed by two with decent volatility.

More of my paper trading options. Traded NEM Call, CRUS Put, MO Put, QCOM Put, SWKS Put.
Bought NEM Call yesterday morning and sold it this morning for a small profit.

Bought a CRUS Put and lost almost of the entire option premium because I got in at a strong price reversal which correlated with a ML warning line. However I did not draw in the ML set until after I took the loss. I will remember to do that next time. ML Spike Line was a 1.128, 1.272 DBS.

MO Put was a wash. Pullback had 0.300 fibo.

QCOM Put was a wash - poor execution. Close to 0.382 fibo at reversal

SWKS worked nicely. Pullback had 0.300 fibo.



Al :--)

This MO pullback trade you presented, Al, is a very important concept.
Even if you realize after the fact that a major move has already starded, finding a pullback relatively in an early phase of a move is a great way to get on board.

Marcin,

Thanks. Yes, I must keep that foremost in my mind. Those pullbacks seem like a very good opportunity to get onboard a trade like the MO trade. You also mentioned the importance of patience to me previously, and I agree completely. I need to work on my patience, and improve it. I think more patience on my part would have improved my trade results of most of my trades.

Originally posted by MarcinO

This MO pullback trade you presented, Al, is a very important concept.
Even if you realize after the fact that a major move has already starded, finding a pullback relatively in an early phase of a move is a great way to get on board.

Good Trading,

Sincerely,

Al

The support I posted yesterday doesn't seem to hold at the moment. Maybe they are just teasing with obvious TL, but so far no signs of any strength of the Pound.

At this moment the move down seems done. As expected they played with TL for a while.

Nope. They are very evil - Cable set up for another leg down.

the game goes on:

Today was not a stellar paper trading day for me. I placed four option trades today and three of them expired worthlessly. I did manage to make a small profit in UAL. I broke my resolves to be patient and to enter trades at a price pullback. It cost me. Nice setup but poor execution. The pullback was to a 0.146 fibo.



Al