Welcome to Matt Sharp's Blog. This is all about TRADING. Trading the FOREX market and TRADING the Indicies such as the S&P and Dow Jones. We're talking "Day Trading" so we're in and out in maybe just a few minutes, sometimes a few hours but no more.
And, YES, it is PROFITABLE so take a read.......
You can IM me at "mattrsharp@hotmail.co.uk" and I'll respond asap
Both Forex and the Indicies made profts today. Forex had a couple of 15 pip winning opportunities and inspite of a losing trade on the Dow the S&P delivered a winning trade putting us just back into profit there. Video here
3 Comments
I would like to know if the trade below qualifies as a Continuation on Down Trend trade:
At around 8:15 AM there is a strong Up Bar (green) followed by a shorter Down Bar (red).
If we place a Sell Stop below the red bar, a 15 pip target would be above the previous low. After 2 black bars the profit target is touched at 9.00 AM but a fill is not certain.
If is filled then we have a 15 pip win. If is not filled then it will be a loss at 10.15 AM.
Matt didn’t mention this potential trade. If the trade doesn’t qualify why not?
Frinel, it technically does qualify, however, here’s my 2 cents. Matt cautions you to not take more than two continuation trades, and while this is technically the second, I also partially decide based upon how far along the ‘trend’ the continuation trade is. You are 160 or so pips into a downtrend, which should have you being careful on what you take at that point for a continuation trade. Me, I might take that trade but be VERY nimble in terms of moving your stop or even taking profit if you get a touch.
Thanks, Ron.
Your answer was helpful to me. Basically I have to consider the bigger picture when placing a qualifying trade.