Time to Load Up?

9 11 2010

Managed a quick intraday trade on the FTSE index. Sold after a small reversal bar at 5900 following failed break. Entry at 5893, stop at 5905 and target at 5870. Lucky stop placement here i think as price nearly shot up to stop me out. Did give me confidence though that a drop was even more likely. Toyed with adding to my trade but (lack of experience/fear?) stepped aside and let original trade play out. Did read an interesting article over the weekend that was ringing in my ears deciding on what to do. In summary it was saying that if you’re fully confident in knowing what’s going to happen then what’s the need for risk management, the so called holy grail of trading. I don’t think i actually agree with that statement but i do agree that if you’re nearly say 80-90% sure something’s going to happen, then surely it’s time to load up? I’ll stew on that. Anyway nice straightforward profit after that.

Overally in my stock portfolio, i’ve moved stops up since last week on most positions. Stopped out in DLN today after it struggled to sustain any real move following its break out. Price now ticking around between the 20 and 50 MA but still above the previous resistance. Think stop was moved up too soon.

On the watchlist: TATE, AAL, ABF, IAP, KESA, XTA

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