[INTRA-DAY ACTION]
Going to miss the start of the day due to a hospital appointment, and because of that it could be a very interesting day. I'm holding GM into open tomorrow, which is bad enough in itself. However it's made worse by the fact that CMC markets don't allow you to create stop or limit orders when the market is closed - can you believe that? Of course you can.. they're crooks.
My mental stop at $9.9125 has now become a non-existant stop, which even when I can place the order, can only be as tight as $9.82. These are two easy methods that bookies use against you - they say you should not have your stop closer than a few percent away - but that completely eliminates the risk management gospel that they preach in their seminars. Absurd!
Anyway, apart from my GM woes my hitlist is the same as yesterday. I've also found a neat little tool from the NYSE website called MarkeTrac which although delayed, looks quite good.
I won't be back from town probably until 5pm GMT so hopefully the market has stabilised and is showing a few clean entries. Fingers crossed that GM rockets up 4158% too.
15:45 update:
OK GM is moving up so that's all good. My TSO trade from yesterday would have been a nice winner, but I missed the signals there while away. X and RIG showed some strength at open but have tailed off. I'm not seeing much else on the board, waiting mostly to see if GM will get passed $10.11 cleanly with a golden cross and some nice other indicators. Seems to be stalling somewhat at this range today.
15:55 update:
I did not expect this from GM;
I took an early exit from the trade for a confidence boosting profit. I didn't expect that rally at all, and although I believe GM will climb higher, I've got to have a celebration today to get over last week.
17:25 update:
Excellent exit in GM - it's dropped back below my entry price. I'm putting up a chart of GM at the moment because it's interesting. We have a battle between support and indicators. I think every indicator on there says sell, but GM is at the $9.95 support area which has proved to be very strong for the past few days.
Not on the picture but there was just a nice hammer after the selling so that's 1-0 to longs against shorts in this war.
My mental stop at $9.9125 has now become a non-existant stop, which even when I can place the order, can only be as tight as $9.82. These are two easy methods that bookies use against you - they say you should not have your stop closer than a few percent away - but that completely eliminates the risk management gospel that they preach in their seminars. Absurd!
Anyway, apart from my GM woes my hitlist is the same as yesterday. I've also found a neat little tool from the NYSE website called MarkeTrac which although delayed, looks quite good.
I won't be back from town probably until 5pm GMT so hopefully the market has stabilised and is showing a few clean entries. Fingers crossed that GM rockets up 4158% too.
15:45 update:
OK GM is moving up so that's all good. My TSO trade from yesterday would have been a nice winner, but I missed the signals there while away. X and RIG showed some strength at open but have tailed off. I'm not seeing much else on the board, waiting mostly to see if GM will get passed $10.11 cleanly with a golden cross and some nice other indicators. Seems to be stalling somewhat at this range today.
15:55 update:
I did not expect this from GM;
I took an early exit from the trade for a confidence boosting profit. I didn't expect that rally at all, and although I believe GM will climb higher, I've got to have a celebration today to get over last week.17:25 update:
Excellent exit in GM - it's dropped back below my entry price. I'm putting up a chart of GM at the moment because it's interesting. We have a battle between support and indicators. I think every indicator on there says sell, but GM is at the $9.95 support area which has proved to be very strong for the past few days.
Not on the picture but there was just a nice hammer after the selling so that's 1-0 to longs against shorts in this war.
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