If this is just a bad day, I would say that it could recover at this level, depending on Wall Street. However, If Wall Street goes down today, who knows what will happen here? The more I play this, the more certain I become that it is all a gamble. If you are wrong, tight stops will keep you safe.
looking at the market like everything is a gamble is the BEST way of thinking because at least that way we are (almost) emotionaly detached. Find something that happens more time's than it doesn't and play the numbers like a casino.
How unpredictable is a roulette table? but yet over time the casino will win because the odds are in there favour over the long term. Why? Because the casino will keep taking bet after bet wre the individual punter will walk away. As traders the odds are in are favour. All we must do is find the courage to see it through to end and keep taking bet after bet!
How unpredictable is a roulette table? but yet over time the casino will win because the odds are in there favour over the long term. Why? Because the casino will keep taking bet after bet wre the individual punter will walk away. As traders the odds are in are favour. All we must do is find the courage to see it through to end and keep taking bet after bet!
what style of trading do you do ?
Even though i would not recomend spread betting for intraday trading i coulf give you abit of advice.
The ma's i use are simle 10,20,and 200
a for day trading and srpead betting go i advise you to know when all the news is due out on the day and avoid it!
because sb firms will warp the price in there favour so not only are you 1-2 points behind from the spread it will affectively be about 5 point against you.
Which is crap because you can make a nice bit of change from the news.
Be warned sb firms not only do it near news times, they do it all day. To the untrained eye there price is pretty close to the real price , but this is not the case because at important/potential reversal levels they will warp it in there favour.
What sb company are you with?
And if you mind me asking how much do have to trade with?
Hi Pateld4,
I'm not sure that I agree with Jay.B about spreadbetting companies but I am taking a serious look at the amount of time I spend at this. I have been daytrading the index since June and am ahead, but the days and weeks involved in, what are indifferent profits, interspersed with odd days that give worthwhile results make for a very boring existence. I, seriously, doubt that it is a worthwhile pastime. I've made more money holding a portfolio of shares, this year, than I have in intraday trading and for far less effort.
So my advice to you would be to consider whether you like the life before committing too much money to it.
Anyway, good luck to you.
Split
I'm not sure that I agree with Jay.B about spreadbetting companies but I am taking a serious look at the amount of time I spend at this. I have been daytrading the index since June and am ahead, but the days and weeks involved in, what are indifferent profits, interspersed with odd days that give worthwhile results make for a very boring existence. I, seriously, doubt that it is a worthwhile pastime. I've made more money holding a portfolio of shares, this year, than I have in intraday trading and for far less effort.
So my advice to you would be to consider whether you like the life before committing too much money to it.
Anyway, good luck to you.
Split
Dear Azimut,
The setup is as follows
Daily chart
30 min chart
3 min chart
All charts have a 50,100 and 200 exp moving average
Because i use the market analyser software I have a few other indicators like turning points, conductors etc...
i look to trade at big levels for example going long at 6200 has proven to be good...
How i trade is to look at my daily get the trend....then wait for the candles on the 30 min to eithe be above or below my MAs and then i trade
Let me know what you think
The setup is as follows
Daily chart
30 min chart
3 min chart
All charts have a 50,100 and 200 exp moving average
Because i use the market analyser software I have a few other indicators like turning points, conductors etc...
i look to trade at big levels for example going long at 6200 has proven to be good...
How i trade is to look at my daily get the trend....then wait for the candles on the 30 min to eithe be above or below my MAs and then i trade
Let me know what you think
What I have found in intraday trading is that the trend that you are going to experience in the morning will, probably, be different to what happens when Wall Street opens and neither may have any relation to what the daily trend is. In other words, it is theoretically possible to make hundreds of points during the day and the daily close may end up flat in a trending market.
Perhaps, in intraday trading, the daily trend is not of vital importance.
This is just an observation on my part. I am going to back off day trading and watch you guys so, please, keep your posts coming in.
Good trading
Split
Perhaps, in intraday trading, the daily trend is not of vital importance.
This is just an observation on my part. I am going to back off day trading and watch you guys so, please, keep your posts coming in.
Good trading
Split
totaly agree! i rarely look at long time frames as i have no favour to either side in the longterm. IM short just as much as im long in any given day. how ever if ther is a strong buy signal on a daily or 60 min chart then i might get in and hold till the end of the day and keep adding and subtracting from my position in the small dips and rallys!
This seems just a gentle pbk (unfortunately) but the trend pattern so far could mean a test of the lows even new lows...... yep that's just under 200pts.
It's early I know since we have not taken out Wed's lows (abt 308 so yahoo tells me) and yes there is a gap from tues/wed around 300-305 so that's a magnet but don't rule out a visit to 200 ...
It's early I know since we have not taken out Wed's lows (abt 308 so yahoo tells me) and yes there is a gap from tues/wed around 300-305 so that's a magnet but don't rule out a visit to 200 ...
