Well here we are, it’s Saturday the markets are closed so not much to talk about. Wrong! Plenty to talk about so we’ll start with a summary of my own trading since my last update in Wednesday. Well not much has happened on that front. So far my ‘punt’ on ARM seems to be paying off. It was well over 30 points in profit before slipping back slightly yesterday. I suspect the fall back is because it’s just broken back through the £6 barrier. What always seems to happen around these round numbers such as 100 or 1000 is price goes up through them, then falls back below them before rising back through them again and then continues to rise. I have no Idea why this always seems to happen but that is what I have observed in my few years that I’ve been trading. It’s not an absolute sure fire fact, if it was then I would just trade these and make a fortune, however more often than not that’s what seems to happen.
My other open positions are just ticking over. There hasn’t been much by way of trading opportunities that match my strategy criteria so I’m still waiting. I mentioned on Wednesday about trying to create a sideways trading strategy. I have a little time today and tomorrow so I think I’m going to look into that further. If you have any suggestions for me please do share them over in the spread betting forum. I’ve created a new topic in the spread betting strategies section, any help or suggestions are welcome. It would be nice to bounce ideas off each other. I’m a firm believer that if we share ideas and try to help each other out we can all become better traders. Please do joint the forum and take part. If you do register please e-mail me also as I will need to activate your account. This is a necessary step to keep the spammers out.
Moving on. What about the FTSE hey. Nearly back to 5400. Will it pass this level? I have no idea but I just don’t really see how it can. With all the doom and gloom of the Eurozone etc is a sustained rise really on the cards? In fact you may have noticed that Chris has been commenting on is post that he wrote a while ago. He thinks that the FTSE will spend the next few months trading in the range 5500-4800. I have to say I’m inclined to agree. I’ve also started a topic over on the forum to discuss the FTSE and where it might be heading. I would love to hear your thoughts on where you think the FTSE is heading. You can join the conversation at the topic What will the FTSE 100 do Tomorrow? It’s just me an MelSummer that are discussing the issue at the moment but the more the merrier in my view.
Ok so that’s about it for my end of week summary. It’s going to be an interesting week next week, with the FTSE almost at it’s resistance level where will it go? Will a break out occur? I guess we’ll all find out next week. See you back here Wednesday, and I hope to see you over on the forum in the mean time. If you would like to register you can do so here.
Until next time,
“May the markets be with you!”
The Spread Betting Beginner