Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

[wallstreet1928]

Volume.....................alert!!

reason for Fridays volatile session answered............

I have just realised that the volume on Friday was very low, almost 1/5 of the previous sessions hence the reason for the crazy swings.

 

[Dentalfloss]

wallstreet
congratulations to you on this thread

GUZELS of ££££££££££££ and $$$$$$$$$

KEEP UP THE GOOD WORK

 

[Dentalfloss]

elliot...the biggest problem is getting the wave counts right

 

[wallstreet1928]

1 week 1 hr chart analysis

 

[Bloodhound]

1 week 1 hr chart analysis

Nice chart!! Have you noticed that the trendline the FTSE is currently resting up against is replicated on the Dow and S&P? My strat for Monday is to pay close attention to this and how price reacts to it. I am looking for the market to gap up the other side of this and then for it to become a support level. If continues to act as resistance then I may close my long position....

 

[vchohan]

please visit his site and feel free to call him for a chat.......I can assure you it will be very rewarding!!

Trading for Wealth - W. Robinson

Thanks mate will be having a look at that!

Viks

 

[vchohan]

If you chaps are trading longer time frames and therefore expect a greater returns, would you not agree and increase your stop loss from 20 to say 50.

greater the return = greater the risk ...........does it not? hence 50 stop loss!!

you are going for 100-200 point on 20 point stop loss?

You're right there but firstly I want to test if the analysis I'm doing is correct but I think you're right in saying to widen my stop loss. I'm not using a trailing stop loss on this either as they don't facilitate for it (iii) as far as i'm aware. I'm going to do some more analysis on this.

I'm going for 40points profit with the 20point stop loss.
Got to do some back testing now.

Viks

 

[Bloodhound]

Hi Viks,
FWIW my attitude to stops is to place them where I know that, if price reaches them, my trade strategy has failed. You can gear your money management around this. To give you an example I placed a long trade at 3510 after the double bottom and failed break of 3478. As far as I am concerned, this view will be invalidated if price goes below the failed break level at 3469 hence this is where my stop is. The stop is large but it has to be there because that is where the set-up tells me to place it. From a money management point of view I just trade it at a smaller level.
Hope this makes sense and helps?
Rob

 

[vchohan]

OKAY................here we go, analysis for the following week starting 9th March 2009 !!


Analysis on 3 month, 4 hr chart, to get the bigger picture

I believe we may break out of the following trend line and trade sideways like we have been doing in the previous 2 months, from Jan 26th to Feb 19th. I then believe we will go downwards from there as to what Sir William and others predict according to the Elliot Wave Theory to 3000.........

Now if we use the previous break out on my chart below , low 4000 on 26th Feb to double top high of 4330 on 28th Jan & 9th Feb.......that's a total of 330 points and that may be the case again.

Now I believe in order for the break out to be confirmed we will need to take out 20 MA, which coincides with downward sloping trend line on my chart around to 3580.......

so assuming for simplicity sake we use 3500 as the break out we could see 3850 or if we use 3580 as the break out we could see 3900 -3950 as the high using the previous break out of maximum 330 points!!

I hope everybody is still with me here.........

I will post the other time frames tomorrow or should I say today...haha!!

That is a fantastic chart WS and the idea of Weekly analysis is excellent. Chart shows a lot and nice explanation.

Viks

 

[vchohan]

P.S When you said 'who' you doing this weekend I assume you mean 'how' you doing this weekend. I am more than happy to share my views on the market but there is a limit to what I will disclose!! ;-)

hahahahaha I meant how! But if the who is someone famous brag and let us all know!

Viks

 

[trader_dante]

Good thread and I will try and comment when I get more time.

Forget the haters. I've had enough of them. I've suffered derision from a few trolls on this board claiming my methods are too simplistic and regurgitated crap. I've also had the private messages. I've been threatened for not helping people one on one and had others complaining that I am giving too much useful information away for free!! One cannot win.

Just ignore them and post away. Your help will always be admired and respected by the right people.

Good luck and good posts.

Tom

 

[vchohan]

Hi Viks,
FWIW my attitude to stops is to place them where I know that, if price reaches them, my trade strategy has failed. You can gear your money management around this. To give you an example I placed a long trade at 3510 after the double bottom and failed break of 3478. As far as I am concerned, this view will be invalidated if price goes below the failed break level at 3469 hence this is where my stop is. The stop is large but it has to be there because that is where the set-up tells me to place it. From a money management point of view I just trade it at a smaller level.
Hope this makes sense and helps?
Rob

Ah I see!! Thanks for that Rob that's exactley what I need to hear. Are you still in your long position at the moment?

Ok let's say there may be a break of 3600 resistence, for example, where would you enter the trade and where would you put your stop?

Viks

 

[vchohan]

Good thread and I will try and comment when I get more time.

Forget the haters. I've had enough of them. I've suffered derision from a few trolls on this board claiming my methods are too simplistic and regurgitated crap. I've also had the private messages. I've been threatened for not helping people one on one and had others complaining that I am giving too much useful information away for free!! One cannot win.

Just ignore them and post away. Your help will always be admired and respected by the right people.

Good luck and good posts.

Tom

Honestly I can't believe people are doing that on here Tom. Forget them they obviously have the wrong mindset, with greed, selfishness and fear. Advice is advice they can take it or leave it. We're all here to learn and to help each other become better than great traders!

Viks

 

[minime69]

just seen this thread as i dont usually log on at weekends.

good luck and i for one look forward to reading your post.,

and if anyone has a problem with your advice or thread then they should stop reading and go be the pond life they are rather than send stupid PM's out of pure jealousy, no one is forcing them to read and if they disagree with your analysis then they should do the opposite and let the market decide.

good work and dont stop WS

 

[Bloodhound]

Good thread and I will try and comment when I get more time.

Forget the haters. I've had enough of them. I've suffered derision from a few trolls on this board claiming my methods are too simplistic and regurgitated crap. I've also had the private messages. I've been threatened for not helping people one on one and had others complaining that I am giving too much useful information away for free!! One cannot win.

Just ignore them and post away. Your help will always be admired and respected by the right people.

Good luck and good posts.

Tom

Now I am very nervous of posting as I am an avid follower of your 'making money trading' thread. I only hope I can do it justice!!!
Bye for now
Rob

 

[trader_dante]

Now I am very nervous of posting as I am an avid follower of your 'making money trading' thread. I only hope I can do it justice!!!
Bye for now
Rob

Rob, never be scared of posting. We're here to learn and we've all got things to learn - even those that are teaching are always learning.

I used to get riled up when I saw I was being criticised but the thing is, I know that what I teach is profitable - if I wasn't making money off it, I wouldn't be on here all day trying to teach it.

Pin bars and inside bars etc ARE simplistic. And I hear people voicing the opinion that its like trading for dummies and they don't work. And all I think each day is "wow, this dummy just made another 70 ticks pretty effortlessly..."

I don't want to be clever. I just want to make money.

One must remember, that if it works for you, forget everyone else. People will always criticise.

I made a post a long while back and I'll repeat it here:

I am so tired of people telling me what does and doesn't work.

If it's not someone telling me that Fibonacci levels don't work, it’s someone telling me that candle patterns don't work, that trendlines don't work or that indicators don't work. That stop hunting will kill you. Counter trend trading will kill you. News trading will kill you. Risk taking will kill you.

That you can't make money if you only have a small amount to start, that you can't make money unless you are wired into the news, that you can't make money day trading, that you can't beat the computers that automate trading, that you can't make money if your stops are too large, that you can't make money if your stops are too small. You can't make money if you spreadbet, you can't make money if you pay commissions, you can't make money unless you sit at your pc 24 hours a day.

It is all rubbish perpetuated by people that can't make money themselves so they vent their frustration by telling everyone else that they can't make money either. At the end of the day I CAN make money and guess what? I make it doing the things I've been told "won't work".

Listen to your own experience, not other peoples. Find out what works for you and just do it. There is no such thing as CAN'T.

 

[Bloodhound]

Ah I see!! Thanks for that Rob that's exactley what I need to hear. Are you still in your long position at the moment?

Ok let's say there may be a break of 3600 resistence, for example, where would you enter the trade and where would you put your stop?

Viks

Firstly please don't give me credit for what I have learnt from Trader Dante and Sir William!!! TBH I wouldn't like to give advice on a break of 3600 as for me the set-up has already happened. A break of 3600 would be my trigger to move my stop to break even. That said I am very aware of the trendline which you can see in this chart and this is, to me, as important as 3600. I will be watching how price reacts here like a hawk as IMO an inside bar pattern developing above it might give an excellent signal to go long or, in my case, to add to my position. If this were the case then I would use the bottom of the outside bar as a stop as, if price breaks this, then the set-up will have gone wrong. Not unsuprisingly a break of the bottom of an outside bar would coincide with price failing to break through the trendline. This is all guesswork at the moment as we don't know what will happen tomorrow morning, but I am trying to prepare myself for how I may react to different price action scenarios. Weighed against this is the danger of an inside bar breaking smack into 3600 and stalling there. Decisions, decisions......




Hope this helps?
Rob

 

[Bloodhound]

Rob, never be scared of posting. We're here to learn and we've all got things to learn - even those that are teaching are always learning.

I used to get riled up when I saw I was being criticised but the thing is, I know that what I teach is profitable - if I wasn't making money off it, I wouldn't be on here all day trying to teach it.

Pin bars and inside bars etc ARE simplistic. And I hear people voicing the opinion that its like trading for dummies and they don't work. And all I think each day is "wow, this dummy just made another 70 ticks pretty effortlessly..."

I don't want to be clever. I just want to make money.

One must remember, that if it works for you, forget everyone else. People will always criticise.

I made a post a long while back and I'll repeat it here:

I am so tired of people telling me what does and doesn't work.

If it's not someone telling me that Fibonacci levels don't work, it’s someone telling me that candle patterns don't work, that trendlines don't work or that indicators don't work. That stop hunting will kill you. Counter trend trading will kill you. News trading will kill you. Risk taking will kill you.

That you can't make money if you only have a small amount to start, that you can't make money unless you are wired into the news, that you can't make money day trading, that you can't beat the computers that automate trading, that you can't make money if your stops are too large, that you can't make money if your stops are too small. You can't make money if you spreadbet, you can't make money if you pay commissions, you can't make money unless you sit at your pc 24 hours a day.

It is all rubbish perpetuated by people that can't make money themselves so they vent their frustration by telling everyone else that they can't make money either. At the end of the day I CAN make money and guess what? I make it doing the things I've been told "won't work".

Listen to your own experience, not other peoples. Find out what works for you and just do it. There is no such thing as CAN'T.

All I can say is that the moment I started understanding the psychology of the market place through market profile concepts, ditched my indicators, moved to higher TF's and started following price action was the moment I started making money

(That's not to say I am anti indicators or lower TF's, as I believe, as you have said, it is all about what works for the individual)

 

[wallstreet1928]

Good thread and I will try and comment when I get more time.

Forget the haters. I've had enough of them. I've suffered derision from a few trolls on this board claiming my methods are too simplistic and regurgitated crap. I've also had the private messages. I've been threatened for not helping people one on one and had others complaining that I am giving too much useful information away for free!! One cannot win.

Just ignore them and post away. Your help will always be admired and respected by the right people.

Good luck and good posts.

Tom

Mr Dante I am very honoured with your presence on this thread and I am so happy you approve of it.

thank you once again my friend

I look forward to your posts and advice

 

[wallstreet1928]

Nice chart!! Have you noticed that the trendline the FTSE is currently resting up against is replicated on the Dow and S&P? My strat for Monday is to pay close attention to this and how price reacts to it. I am looking for the market to gap up the other side of this and then for it to become a support level. If continues to act as resistance then I may close my long position....

Interesting.....

I haven't don analysis on S&P yet....

I will be doing further analysis tonight, I have a semi final cricket match to attend now

so speak to every one later

P.S. I thought I would show off some of my cricketing skills with my beautiful front foot cover drive I did in the Summer. I play for Heaton Mersey cricket club in the cheshire league .........