Well it’s the end of another week. Is it just me or does time really seem to fly past these days. It’ll be Christmas before you know it! I must be getting old I think.
On to the matter of trading. I had an old order execute today. I’m not sure if I posted about it a while ago but I placed an order for the bank of Ireland. Buy at 44 stop at 34. I identified a possible support level dating back to march 2009. The thing is looking at the chart now I’m not so sure about the trade. The support level doesn’t look strong enough to bounce off. With this in mind I think I will probably look to exit the trade as soon as I can on Monday morning.
You’ll be glad to hear that I have come up with a solution to my stop issues for persimmon. I have decided to employ a trailing stop at 1.5x ATR(14). When I decided this the price of persimmon was around the same as the open price so I moved my stop accordingly. You can see my new stop level on my spread betting trades page.
When the day started I thought it was going to be another good day of gains for persimmon with it heading up to around 371. Sadly the day did not finish how it started and the position ended up closing the day slightly down. Still the position is still open and Monday is another trading day so anything can happen.
That’s really all from me for today. I hope everyone has a good weekend.
I may make further updates to the site over the weekend so keep checking back to see what’s new.
Until next time,
“May the markets be with you!”
Spread betting beginner