[INTRA-DAY ACTION]
It's a real snooze fest this morning, nothing on my radar is even close to an entry point at the moment. I've rotated off BP and EZJ and have drafted in Xstrata this morning. I needed to diversify a little bit off the oil plays today as oil was yo-yo'ing yesterday. Xstrata have good exposure to mining and metals which were buoyant yesterday and it opened up 2.5%. It's the only thing remotely close to an entry as it tails off the early move near resistance with a bull flag at the moment.
Elsewhere, BAY is showing negative divergence on similar lows. It is a long way below even the 20EMA so could be a low risk trade, I'm waiting for a nice candlestick there.
Due to the quiet market I've had an opportunity to scan through some charts in the hopes of finding something decent for a 2-3 day swing trade. I came across Dairy Crest, which I talked about over a 2 week period maybe about 3 months ago. Check out this sensational comeback with a picture perfect cup and handle breakout..
It looks even better on the actual price chart, but the Heikin-Ashi with the great colour scheme is better for the web. Interestingly, the Parabolc SAR more or less called the bottom of the move and gave the 'long for a retest' entry before the engulfing, MA cross or MACD. I just checked the stochastics, they gave an entry the day before the SAR did. I wonder if DCG will struggle at the current price range which has been resistance on the right hand side. This chart is an excellent lesson in technical analysis and pattern spotting.
This move occurred after I changed my trading style from Swing to intra-day. When I start back at college, these are the kind of setups I will be waiting for. The huge sell offs in May and June due to oil have recovered and re-tested. It will be interesting to see if the bottom is re-tested, which could results in some choppy swing trading. I had to change to intra-day from Swing as there was no bottom in place to work off longer term.
Midday update:
Terrible day today, everything is flat. Lost money on BARC with too tight a stop. Both of these factors have brought me to the final decision to stop trading the UK markets. They are an absolute joke and don't deserve my attention.
I will get a nice lie in at least.
Usual hitlist today, although I'm expecting a sizeable sell off in the US today - which is why the UK market is so nervous today.
Elsewhere, BAY is showing negative divergence on similar lows. It is a long way below even the 20EMA so could be a low risk trade, I'm waiting for a nice candlestick there.
Due to the quiet market I've had an opportunity to scan through some charts in the hopes of finding something decent for a 2-3 day swing trade. I came across Dairy Crest, which I talked about over a 2 week period maybe about 3 months ago. Check out this sensational comeback with a picture perfect cup and handle breakout..
It looks even better on the actual price chart, but the Heikin-Ashi with the great colour scheme is better for the web. Interestingly, the Parabolc SAR more or less called the bottom of the move and gave the 'long for a retest' entry before the engulfing, MA cross or MACD. I just checked the stochastics, they gave an entry the day before the SAR did. I wonder if DCG will struggle at the current price range which has been resistance on the right hand side. This chart is an excellent lesson in technical analysis and pattern spotting.This move occurred after I changed my trading style from Swing to intra-day. When I start back at college, these are the kind of setups I will be waiting for. The huge sell offs in May and June due to oil have recovered and re-tested. It will be interesting to see if the bottom is re-tested, which could results in some choppy swing trading. I had to change to intra-day from Swing as there was no bottom in place to work off longer term.
Midday update:
Terrible day today, everything is flat. Lost money on BARC with too tight a stop. Both of these factors have brought me to the final decision to stop trading the UK markets. They are an absolute joke and don't deserve my attention.
I will get a nice lie in at least.
Usual hitlist today, although I'm expecting a sizeable sell off in the US today - which is why the UK market is so nervous today.
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