Order on for Persimmon

Not much happening on the trading front today. I have placed one order although I think it may be a few days or weeks before it potentially gets filled. The order is for persimmon. It’s a buy order at 341 with a stop at 331. looking at the chart it looks like there is a potential support level around 340. The price has been falling back from it’s most recent high of around 410 and I think this could be a new trading range for the stock. The 410 level was also hit back in May which adds to the evidence for 410 being a potential resistance level. The 340 level has already been confirmed twice as 343 and 339 have been touched before the price started to rise. It’s probably a long shot but for the 10pts risk with a potential reward of 70pts I think it’s worth trying.

I had the chance to move my stops again yesterday. I managed to move 888 and F&C. 888 is now at breakeven and F&C has locked in some more profit. Of course this could all turn out to be sour grapes if I get caught out by slippage. They are both relatively low priced stocks so I don’t think the extra cost of a guaranteed stop here is justified.

I got all excited last night when I seen that someone had registered for my new forum. My excitement was short lived though as it turned out to be someone trying to SPAM the forum.

I have added a new feature to the new site. It’s a position size calculator. I know most of you probably find it easy to calculate your position size based on your account size and stop distance, but if you struggle or you just want to give it a try take a look at my calculator. I developed it myself. I think it’s fairly straight forward and easy to use, if you have any problems using it please let me know.

I haven’t read or seen much about Mr. Osbornes budget cuts yet but they so far seem to have had very little affect on the markets. In fact I think the FTSE100 hasn’t moved much all day. I guess the city boys new all about what he was going to say before he even said it. That’s why I don’t bother trying to trade the news, It’s just too hard to predict what will happen based on the news. Plus, unless you have a good streaming news service  you usually find out the news too late. Even if you have  good stream of news when you think someone else already knows the news before they report it to you, you are already too late to make any associated trade. I’ll stick to losing my money based on my own technical analysis. You never now one day I might start making money 😉