With 30mins to go until the end of the trading day it looks promising for my account valuation. It would’ve been better had I not tried to call bottom on BPs decline. I decided that the most recent low may act as support as it was just below the historical low reached in 2003. I set a buy order at 348.7 with a stop at 338.7. The price hit a low of 336.6 and I was stopped out in about 30mins. Although this ended in a quick loss it could’ve been a good trade. The idea behind the entry was sound and I would’ve trailed my stop below the low of the last 3days, had it come good, in aticiaption of a further downward movement. I think that most of the bad news may be out of the way for BP and with price reaching a historical low it could be a good time to buy. I don’t think I will bother again just yet.

With the markets seeming to be on the rise so are most of my positions. In particular my momentum divergence strategy positions are now starting to show some profit. It’s not much at the minute but hopefully it’s the sign of things to come. I also placed some trades in a demo account a few weeks ago to test the strategy more, when I last checked the account all of the positions were in profit. I may look to post a brief summary of these at the weekend.

Thats all for now,
Until next time
“May the markets be with you”

Update –  I have just added last weeks open positions here.
Also here are this weeks orders

I should also say the Laird executed yesterday and is currently showing a small profit.

If you check my open positions I also opened a position in commerz bank last week as well as an additional position arcandor.

The commerz bank position was buying at a support level of 540 with a stop set at 528. I wanted to set it at 530 but 528 was the closest my SB company would allow. I have since moved the stop and I am currently trailing it below the low of the last 3 days. I am expecting this trade to go to 650 or maybe more. Buy trailing my stop below the low of the last 3 days I hope to make as much as possible from the upward move while keeping it open for more profit. My stop is currently at 560 locking in £20 profit.

I opened a new position in arcandor as price rallied then fell back. I have brought a new position at 24 with stops on both positions set to 16. This would mean a break even for the existing position with an £8 risk on the new position. So I have an £8 risk but have twice the position if the price continues to rise.

We’ll wait and see how all these pan out. I think the momentum divergence strategy is starting off well but will it stand the test of time, I guess we’ll all find out soon  enough.

Oh and don’t forget to RATE THE LAYOUT

June 15, 2010 by Harry
Category: blog