Tuesday, July 21, 2009

Trade 28 & 29 - couple of dud trades

So the rally continued for the 5th day and I got out at a minimal loss, expecting some momentum before the US session even started.

I exited the position for trade 28 the SP500 cfd at 943.1 (936.4) for a loss of $41.71.

The interesting part of the trade, is that I had forgotten that I had already entered a stop loss order at 947.4 already for the open position, and didn't cancel that order, when I manually closed the position.

This silly mistake led to an open position when I checked my account this morning - as the overnight markets had spiked up 10 points - funny enough by the time I came around to closing the position the market had fallen to 948.6 and that is where I closed it for a small gain of $7.36.

There are so many conflicting conditions right now that make it hard to take a macro approach to trading positions, so I'm just waiting for some major players to show their hand before committing to any more trades.