Best Thread Potential setups

[trader_dante]

Don't you just love being stopped out of the market, twice, on 2 different trades, when 3 chart providers show the same price and your stop not being hit....only to be told by SB company that we use the Bid price and in both cases the bid prices hit the stop. Charts are only indicative?!

To avoid this problem you need to find out what price your SB provider is quoting and compare it to your charting platform e.g. MT4.

So, lets take two companies I use:

E*Trade

Right now they are quoting: 6864 - 6870 for March Wall Street and

MT4 is quoting 6865.

Therefore I can see that MT4 is quoting the bid on their charts and that E*trades BID price is 1 tick below the charting price.

if I wanted to go Long the Dow right now and I decided that 6833 was where I wanted my stop on the MT4 platform, then I must enter 6832 in E*Trades platform.

Now lets say you are not using MT4 and rather are using the charting provided by Finspreads. This is where it gets slightly trickier and people come a cropper.

Their chart is taken off the mid-point of their 10 spread quote.

So right now, their chart is showing 6868 but their quote is 6863- 6873.

Therefore if you look at their charts and decide you want a stop at 6835 then really you want to make sure you put it at 6830.

 

[trader_dante]

I've heard soooooo many complaints about CMC on this forum so I've decided that I am going to be a vigilante for a few weeks and open an account with them and take some money off them.

Natwest's white label CMC platform are giving £100 when you put in £200 so with my £300 balance, I'll begin. I will update on here from time to time.

 

[grimweasel]

Cool, thanks for that TD. I thought I must have been too tight with my stops - I just didn't fully take into account the bid-offer spread and how that translates into the charts. I use ODL MT4 and they use the offer price for the charts. Missed that one!

To be fair to them (CMC) I was incorrectly stopped out last week and they reimbursed me the difference from the stop to the high.

1hr Pin on USDYEN after breakout from descending TL. I have it on the 68 Fib level from my daily chart too. Pin high touches key 98 level.

 

[Technically Fundamental]

You're trading with £300? I imagined you to be trading millions... :-S

I'm thinking of going live with a similar amount whilst the dow is still in freefall and then going back to demo when things start calming down. What you think?

 

[Technically Fundamental]

why did gold crash yesterday?

 

[grimweasel]

why did gold crash yesterday?

Have a look at the daily charts - this would suggest a bull flag. Gold keeps doing it.
Plot an SHI channel on the chart too if you wish. I think the long term for gold is still up. This will be a short rejection of the 1K level before the next thrust up!

Try a fib projection from daily high to low. This sets targets of 1200 & 1500 for gold at least. With all this doom about, gold seems the only safe asset. Just look at the ETF demand. It has just surpassed jewellery demand for the first time. Of course, cynics would argue this makes it much more volatile this time around when we get the next correction. But who cares? If it's trending either get on board or look back in hindsight with Traders' revenge!! lol

 

[Technically Fundamental]

Have a look at the daily charts - this would suggest a bull flag. Gold keeps doing it.
Plot an SHI channel on the chart too if you wish. I think the long term for gold is still up. This will be a short rejection of the 1K level before the next thrust up!

Try a fib projection from daily high to low. This sets targets of 1200 & 1500 for gold at least. With all this doom about, gold seems the only safe asset. Just look at the ETF demand. It has just surpassed jewellery demand for the first time. Of course, cynics would argue this makes it much more volatile this time around when we get the next correction. But who cares? If it's trending either get on board or look back in hindsight with Traders' revenge!! lol

Okay. I was a bit confused. As far as I know gold is the refuge in turbulent times and it crashed despite wall st breaking 6800... Then I thought why didnt they offload at the 1k level? Maybe it was a UK position... the pound fell below 140 yesterday.

Bah what do I know lol. Still... 1200 seems vey high. Cant see that unless the euro flops but I think Spanish banks will prop up the eurozone.

 

[grimweasel]

Okay. I was a bit confused. As far as I know gold is the refuge in turbulent times and it crashed despite wall st breaking 6800... Then I thought why didnt they offload at the 1k level? Maybe it was a UK position... the pound fell below 140 yesterday.

Bah what do I know lol. Still... 1200 seems vey high. Cant see that unless the euro flops but I think Spanish banks will prop up the eurozone.

I'm waiting for the 1-2-3 this PM on the 930 level. It may bust thru and carry on but gold usually 123's. It could however tank to 899? I'm only trading gold long, so if it falls I won't be on it! Good trading!

 

[si1503]

This is one f***ing big economic crisis, gold can reach 2000, or higher. Dow could reach 4000, possibly lower! If gold is ever going back to its highs of the last century or the Dow seeing its biggest crash ever the time is now. Markets typically move further than people expect and predict.

 

[advfntrader]

I have trendline at 880 for Gold

 

[grimweasel]

I have trendline at 880 for Gold

On the daily we almost have a H&S pattern. The neck line being at the 920 region (where it is now). Let's see how this pans out.

 

[Technically Fundamental]

The dow to reach 4000?
Wouldn't that end the world lol.

Who is making all the money off this crisis?

 

[poborsky]

The dow to reach 4000?
Wouldn't that end the world lol.

Who is making all the money off this crisis?

If the dow hits 4k then that would be trader dante

 

[advfntrader]

anyone think the FTSE and DOW will explode in a relief rally any day soon ?

 

[Technically Fundamental]

If the dow hits 4k then that would be trader dante

I would advise (in a non-professional and therefore not legally responsible manner)risking your children's livelihoods on his words.

 

[poborsky]

I would advise (in a non-professional and therefore not legally responsible manner)risking your children's livelihoods on his words.

If the dow hits 4k then our children may not have livelihoods to risk!!

 

[Technically Fundamental]

anyone think the FTSE and DOW will explode in a relief rally any day soon ?

Reasons for a rally.

Scenario 1
G Brown literally slaps then imprisons some people for suffering caused by professional negligence.

Scenario 2
B Obama performs magic - I don't think America has seen the worst of it yet.

Scenario 3
The Rothschilds decide to give up on this current attempt at world domination.

Scenario 4
Iran goes to war with China

 

[trader_dante]

You're trading with £300? I imagined you to be trading millions... :-S

I'm thinking of going live with a similar amount whilst the dow is still in freefall and then going back to demo when things start calming down. What you think?

lol, I'm trading a six figure account...but I have a fetish for running up small accounts...no idea why...it's just for fun...I've got a dream of one day writing a book: "How I made $1 Billion Dollars in the Stock Market...from £40.

 

[Technically Fundamental]

Lol

I think im gonna go live with £200.

I need some good trades though because the charges are rediculous.

Can anyone recomment a decent platform?

 

[Technically Fundamental]

Short on the bund full/half/quarter hourly?