Monday 24th November - Daily Stock Market review

GDAX

The GDAX opened with strength today, and never looked back. My long trade level of 4270 was triggered early, and was in profit all day. The GDAX closed at 4554, and I closed my position at this level, giving me a profit of 280 points. A great start to the week. My trade levels for tomorrow are 4270, 4159 and 4068, all down.

Oil

Oil followed global indices and posted a big rise today. I had a trade triggered at $49.88. Oil then rose up to over $51 and I moved my stop up to £49.97. Oil then fell and stop me out at no loss, and triggered my short trade at $49.97. Oil then rose again up to $50.80 stopping me out for a loss of 90 points. I went long at $50.79, but oil fell back again stopping me out for a loss of 120 points. Oil then rose for the rest of the day, making a high of $54.48. I had another long trade triggered at $52.08. Oil closed at exactly $54. I closed my trade for a profit of 192 points. I would usually hold on to the trade but oil rose over 9%, and I think we may see a pullback tomorrow. If a pullback does happen, and depending on where it closes, I will treat it as a buying opportunity. My trade levels for tomorrow are $49.93, $48.51 and $47.09 all down, but these levels are very far away after today’s large rise so I don’t expect any to be triggered.

Dow Jones

The Dow rose up to 8400 by lunch time, but fell back slightly before rising to 8599, triggering my trade at 8411. I moved my stops up to 8334. The Dow then fell in the last half hour of trade, almost stopping me out of my trade, and then closed at 8443. I closed this trade for a profit of 30 points. The Dow has been turned away from this level before, and after such large rises, 890 points in just two sessions, I’m exercising caution from further immediate rises. If a pullback does happen, and depending on where it closes, I will treat it as a buying opportunity. I will also keep an eye on the 20 day exponential average, a powerful indicator. This currently stands at 8576, and will look to trade this if it rises above it.