Day Trading & Forex Forum

minx

Ok, I've been chopped a bit with these over the past few weeks. Is todays large rise a bounce and a continuation of our uptrend? It hasn't pulled back very far this time compared with previous pullbacks. It is supported by EMA, trend lines and the difficulty closing below the 25% FibLevel. I'm now considering changing from short to long (yes, ouch! ).
Also do the laws of symmetry mean that we should have another strong up day tomorrow to fill the large red bar on the 15/7/04 ???

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FTSE Beater

Hi Minx

The breakout from consolidation says to me that we're starting another strong uptrend, and I wouldn't be surprised if it tested the previous high tomorrow

Just my thoughts

fluorspar

One of the best pieces of advice I ever came across was : To determine the trend, stick a chart on the wall and look at it from across the room. I see nothing in your chart to suggest that the uptrend is ended. To go short on this chart is to try to predict the future. This is of course so difficult as to be almost impossible. Why try to do the impossible ? Go with the long term trend paying attention to the current pattern This is how to win in any market. ( Forget ma fibs & all that other jibberish, it is no reason at all for anyone to trade their money on.. or do your very rigorous backtested results contradict this ? The market does not know or care about these things.)
If I were you, I would cover your short and look hard about your reasons for immediatly wanting to reverese. Why??
Ok, the Main Trend Is UP !! , but pick your entry with care, based on the chart not on a desire to be in the game.
And once you are in, dig in your heels, and only close out when the chart on the wall across the room changes direction.

minx

Thanks for the comments but these tools actually help me to make quite a lot of very good trades, obviously I haven't perfected the 100% successful trade record yet but I'm working on it
I'm posting my trades that dont work in order to get other peoples opinions to see what I've overlooked or if I've overinterpreted something.
I agree with you that you should always try to go with the trend as it is the path of least resistance, but like I said I've been able to catch quite a few turning points using my 'gibberish' and as long as the profits outweigh the losses I'll keep doing it.
Thanks for everyones comments!
Minx

Moneycat

I have some sesonal studies on my site, and they show hogs tend to uptrend during the summer months.

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Moneycat