Ratman's beginner's set up and analysis

This is a discussion on Ratman's beginner's set up and analysis within the First Steps forums, part of the Reception category; This is my thread for beginners to post what they think may be a potential set up, discuss their analysis ...

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Old Mar 18, 2009, 3:18pm   #1
Joined May 2008
Ratman's beginner's set up and analysis

This is my thread for beginners to post what they think may be a potential set up, discuss their analysis and they came to their conclusions and also any other tradig related questions. Hopefully some of the more schooled traders on the site will visit and help us oot a bit and tell us if we go wrong. This way I can stop bombarding Trader_Dante's potenial set ups thread with questions and posting my set ups which the proper traders do not find helpful in the slightest.

As this is a free website and we are all members, people who talk sh*t are also welcome here because I actually don't mind having to click the next button a few times to get to the serious stuff.

Input from the more experienced would be welcomed and much appreciated.

Get posting and lets learn to read charts you bumbuclaarts... or am I the only newb left who actually wants to learn?
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Old Mar 18, 2009, 3:32pm   #2
 
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A high probability area to sell Cable.

38 fib, retest of h&s breakout.

Above it is descending TL and 50%.
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Old Mar 18, 2009, 3:34pm   #3
 
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Check out the Three Ducks Technique.







Not to be confused with the Four Spring Ducks Technique which is Audi's slogan.
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Old Mar 18, 2009, 3:47pm   #4
 
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With a thread title like this ... how could I not visit!
I will be back with ideas

Hey Aaron, I have noticed that you are really good at plotting support and resistance levels which is something a lot of people are not. I think of SR levels as traffic lights or stop signs at crossroads and I need to know where they are. But once I get there I need the signal for what is happening and which way to go.
I really think if you were to learn candle patterns (whether bars or japanese candlesticks) that you would do really well. They really do give the signal of where we are going next.
You are very smart and committed, somehow I don't think you will be running a newbie thread for too long.

Nicola
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Old Mar 18, 2009, 4:08pm   #5
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Technically Fundamental started this thread Im learning candles now... I've barred myself from lines till I can read candles. It's a lot easier to make calls but I'm finding it hard to knowing when to cut and run. I was at about 40% profit on my only two trades for the day

crude hit the stop at 4750 i was in at 4784 looking to break 4800 in out of crude now i dont think its a learners market lol

gold im in short at 905.68 looking to bottom out 900

any opinions?
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Old Mar 18, 2009, 4:30pm   #6
 
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Quote:
Originally Posted by Aaronmalins View Post
Im learning candles now... I've barred myself from lines till I can read candles. It's a lot easier to make calls but I'm finding it hard to knowing when to cut and run. I was at about 40% profit on my only two trades for the day

crude hit the stop at 4750 i was in at 4784 looking to break 4800 in out of crude now i dont think its a learners market lol

gold im in short at 905.68 looking to bottom out 900

any opinions?
I don't trade gold because it ate all my pips when I was learning. It looks like a head and shoulders on the daily at around $890 and sitting on an ascending trendline, which is the bottom of a channel. It could go either way from here but I like it down.

I do trade crude and I am short WTI May contract with a target around $48 initially. Afer two very bullish days it would normally retrace back some because it really is stuck in a range. The $50 is a very powerful round number resistance and I don't see it breaking it up right now.
With regards to holding the trades, if you mark the SR levels correctly and add trendlines then it is easier to set targets and look to see what happens when you get there. US crude had options expiry yesterday so it was quite a day and looked like there was a bit of a squeeze.

Nicola
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Old Mar 18, 2009, 4:33pm   #7
 
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I forgot - it is oil inventotories ... I am short because I was expecting a build but watch out for oil inventories this time every wednesday.
Nicola
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Old Mar 18, 2009, 5:29pm   #8
 
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Hey Guys!

I think Aaron's levels are good because he uses the closing prices (ie the line charts) for his levels. There are many who will argue till they are blue in the face as to which method is correct but I prefer using a line chart to plot my levels. Try it. City types used to use line charts before candles/bars (so I'm told) so the old and experienced traders are probably still using a line chart for plotting?!

Then plot your fibs from candle swings and you'll usually find they match up a lot tighter than using the wick. After all ,my view is that the wick shows rejection. The other way of course, is just to use the candle body bottoms/top. Try it and it might fit your style??
Grim
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Old Mar 18, 2009, 5:30pm   #9
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Technically Fundamental started this thread I knew there was something up in crude yesterday... If was going off it's head.

I've cut and run after I won back all my losses on that gold trade lol.. I can't believe I got out at 893! That wouldn't have happened if I'd used a line won back all my losses on that gold trade lol.

Stayin out of that for a while now.

Anyone have any idea why gold is tumbling if all the indices and bank sector are dropping? what is everyone trading?
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Old Mar 18, 2009, 5:40pm   #10
 
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Gold has been following the indicies lately....
Personally mate, I wouldn't touch oil - only my opinion but I find it too volatile and twitchy at the moment and there's no disernable trend to speak of. There are easier markets to trade. Oil and gold are stalked by some very professional traders and are very prone to fakeys etc. Gold is a small market and can be 'manipulated' by large trades, very easily and oil is very much a supply/demand /world news commodity.

All I'm saying is that I think there are easier ways to start out trading than losing all your precious funds on oil / gold. Others with disagree, just my opinion. Nicola seems to have the oil trading nailed, so if you do insist on playing, speak to her!! ;-)
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