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 Post subject: The Beginning: part 35
 Post Posted: Thu Dec 23, 2010 7:59 pm 
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Joined: Sat Nov 06, 2010 4:24 pm
Posts: 176
Location: Derby
Hi

nice steady rise on the FTSE today bringing 6000 within 'spitting distance'. Can we make it or not? Well, I think we might tomorrow, and my bet is on 6050 for year end...

Well, dare I say it, yet another good day for my portfolio with an all time record of £1500 making my profit £700 since starting in April. I'd love to say that I was doing all the right things but I'm just having a fairly good run at the moment which cannot last forever - unfortunately. Anyway no complaints today...

No major ups or downs portfolio wise, just more green than red for once. I did have a stop out today with EMPYREAN ENERGY PLC giving me a fairly painful loss of £33; however I still have another contract with this share which is just in profit. I may well sell this position tomorrow as the company has just had a fairly negative report concerning current progress.

One new position executed: DOMINION PETROLEUM LTD opened at 5.85 with a stop of 2.85 @ £5/point. This is my second contract in this share.

See you tomorrow, Big Al


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 Post subject: Re: The Beginning: part 35
 Post Posted: Mon Dec 27, 2010 8:46 pm 
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Joined: Fri Nov 19, 2010 7:24 pm
Posts: 91
Al, are you pyramiding into Dominion because your existing position would cover the losses of the new position if it stopped out? Just wondering what your criteria is for establishing a 2nd position in a share.
Merry Xmas.

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Spread Betting Trader
http://spreadbettingtrader.blogspot.com/


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 Post subject: Re: The Beginning: part 35
 Post Posted: Tue Dec 28, 2010 5:19 pm 
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Joined: Sat Nov 06, 2010 4:24 pm
Posts: 176
Location: Derby
Hi

hope you had a great Xmas!

Well I have to admit that I've broken my rules as far as DOMINION PETROLEUM LTD is concerned. Normally I would wait for the locked in profit to cover the cost of the pyramid position but, as you can clearly see, I have no locked in profit. I have taken a second position for a number of reasons; good news is coming soon is one reason; I have a 'gut' feeling about this one (wishwashy I know!) is another; I think the main reason is because of the share chart - the 50 day MA is about to cross the 200 day MA average in an upwards direction...

cheers for now, Big Al


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 Post subject: Re: The Beginning: part 35
 Post Posted: Tue Dec 28, 2010 7:30 pm 
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Joined: Fri Nov 19, 2010 7:24 pm
Posts: 91
Nothing wrong with using the MA crossover ! Just another weapon in your trading arsenal.
Good luck for tomorrow, I've missed the fun since the market closed!

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Spread Betting Trader
http://spreadbettingtrader.blogspot.com/


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