[INTRA-DAY ACTION]
FTSE opened strongly and pulled all stocks with it. Since dropping 0.5% from highs, a lot of stocks have dropped off, but from my watchlist 4 are in the red. A lot of the double bottom or wedge plays looked ok this morning, but they are really in the balance now as the move up then down.
MPI, EXPN and AGK are the bigger winners this morning from the list- however their gains were made in the opening auction and haven't really followed through. There doesn't seem to be much momentum either way this morning either.
I took a long in BAY based on lowering oil prices and KLM announcing strong passenger numbers this morning, also it bounced nicely off the support this morning. It backfired immediately as I entered at the high for the day. I have a limit and a stop in place at the moment, and I intend to see this trade out.
I feel that TLPR wants to give me a trigger to short, the only thing holding this stock at the moment is the fact that so far today, the index is blue. CBG is also trying to keep it's head above water, it's flat on an up day for the FTSE which is a bad sign for longs. ADN is holding support well, and GSK is really struggling with 1188 these past 4 days.
I'm going to leave the desk for a few hours, and let the dust settle and come back later to look at some charts for some better entry points.
Update 10:00
Market crashed really hard in the past 10 minutes. Sell signal triggered on TLPR and I have a position. My BAY position looks quite bad at the moment, if this support is breached it's a very strong signal to reverse. FTSE about to turn red on the day after being up 0.8% earlier.
Update 16:00
Solid bounce off the support for BAY which is now up 5.3% on the day. TLPR is being awkward and I'm at a loss on that at the moment, but there is still some way to go before I get stopped out.
The best performer from the list by a mile is FGP, which surprises me. It opened up and then dropped off, then bounced off a nice former resistance line at about 9:30 and has just been going up all day, currently at 6.8%.
2 monitors is really essential. Also, while I mainly use 5 minute charts intra-day for me entry and exits, the 30 minute charts look the best for short term swing trading. This is something I need to exploit in the future.
I'm glad I've learned from last week about getting nervous with the trigger. Last week I might have sold out for a loss this morning when I was down £120 on BAY, I didn't, and the position has swung to a £50 gain. BAY is currently flagging and I'm waiting for a movement out of it before reconsidering my position. If it breaks down I'm looking for support at about 203.75. Most of the airlines seem to be doing OK in the states, with many noting increased passenger numbers which is a good thing for the industry.
Nightly note:
PSN issue a trading statement tomorrow and I'm expecting a serious, serious bloodbath.
MPI, EXPN and AGK are the bigger winners this morning from the list- however their gains were made in the opening auction and haven't really followed through. There doesn't seem to be much momentum either way this morning either.
I took a long in BAY based on lowering oil prices and KLM announcing strong passenger numbers this morning, also it bounced nicely off the support this morning. It backfired immediately as I entered at the high for the day. I have a limit and a stop in place at the moment, and I intend to see this trade out.
I feel that TLPR wants to give me a trigger to short, the only thing holding this stock at the moment is the fact that so far today, the index is blue. CBG is also trying to keep it's head above water, it's flat on an up day for the FTSE which is a bad sign for longs. ADN is holding support well, and GSK is really struggling with 1188 these past 4 days.
I'm going to leave the desk for a few hours, and let the dust settle and come back later to look at some charts for some better entry points.
Update 10:00
Market crashed really hard in the past 10 minutes. Sell signal triggered on TLPR and I have a position. My BAY position looks quite bad at the moment, if this support is breached it's a very strong signal to reverse. FTSE about to turn red on the day after being up 0.8% earlier.
Update 16:00
Solid bounce off the support for BAY which is now up 5.3% on the day. TLPR is being awkward and I'm at a loss on that at the moment, but there is still some way to go before I get stopped out.
The best performer from the list by a mile is FGP, which surprises me. It opened up and then dropped off, then bounced off a nice former resistance line at about 9:30 and has just been going up all day, currently at 6.8%.
2 monitors is really essential. Also, while I mainly use 5 minute charts intra-day for me entry and exits, the 30 minute charts look the best for short term swing trading. This is something I need to exploit in the future.
I'm glad I've learned from last week about getting nervous with the trigger. Last week I might have sold out for a loss this morning when I was down £120 on BAY, I didn't, and the position has swung to a £50 gain. BAY is currently flagging and I'm waiting for a movement out of it before reconsidering my position. If it breaks down I'm looking for support at about 203.75. Most of the airlines seem to be doing OK in the states, with many noting increased passenger numbers which is a good thing for the industry.
Nightly note:
PSN issue a trading statement tomorrow and I'm expecting a serious, serious bloodbath.
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