Firstly let me apologise to regular readers of this blog. I have had no time since returning on Thursday to update with anything of any meaning. It was my birthday over the weekend and we had family visiting which is always a busy time. Things should start to quiet down now and I should be able to dedicate some time to trading over the next few days. That said I am away all weekend again so there will be no updates then and then I am off on holiday on 19th August for two weeks so I probably wont be updating over this period either. I return on the 4th September so you can expect a normal service to resume form then onwards.
With being busy I’ve not really had much time to do any trading. I have placed one new trade on Meggit. This is a stock that I have some familiarly with as I have some regular shares with them as my father works for them. He gets stock options and the last one we took out 5 years ago matured in June. For me this is the best way of buying shares as it’s risk free.
Normally you get quoted a discount price that you will potentially purchase the shares at in the future. The good thing is if the price is below your quoted price you don’t have to buy them. Hopefully the price is way above your quoted price and you make decent return with zero risk.
We did alright on the options that recently matured. We sold the majority of them as soon as we could and kept some for potentially more profit.
With having shares I keep my eye on the price of the stock and recently it has been trading in the range 280-320. I took the opportunity to buy at 283 with a stop at 273 below the support line. We’ll see how it pans out.
I have been looking more at proRealTime and I have spotted a new indicator that I have not seen before. It’s the SuperTrend Indicator. Has anyone had any experience with this indicator? Does anyone use this indicator for their own trading? If you do please get in touch. It seems very interesting, offering an indication of the potential trend and giving a dynamic position for a stop order.
Moving on to my other positions. I have open Luminar, premier foods and shanks. These are all momentum divergence buys. The shanks position is showing a small profit and has now been open for over 10 weeks. I should possibly close the trade as it’s gone no where in 10 weeks, so I should move on and look of other trades. I’m in two minds what to do here as the chart is starting to look promising. The price has seemed to struggle to pass 105 recently but with it hitting 110 and now sitting at around 106 could the 105 resistance be broken and now act as support? It looks like it could be ready to make a serious break from this old range and possibly move up with some momentum, after really doing nothing for the last few months. I think for now I will hold the position and see how it goes. How I said I go on holiday on the 19th so I will probably give it till then and take a view in what to do before I go away. Any thoughts and opinions on this are more than welcome.
Anyway that’s about all from me for today. I may have more time later to look for some new trades. If I do I’ll try and post with any interesting findings.
Until next time
“May the markets be with you”
Spread Betting Beginner
