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

[bw81]

I'm currently mulling over a short on EUR/USD........?

anybody share my view .......

waiting for resistance at 1.34

yes i share your view, my only worry is its still in the deep engrained uptrend, and we would be trading against the trend.

im thinking on the lines its worth half a normal contract size with a slightly wider stop at 50 points.

 

[dawntrader1]

back from prayers too ......been monitoring your calls and analysis the last couple of days most interesting guys - thanks for educating noobs like me

 

[wallstreet1928]

Legal and general ..................

which way will it break

if it breaks on the upside can it surpass 66 ??

Legal and general showing signs of failure

short will go in place shortly .....haha!! get it shortly..........OK sad joke!!

 

[hairyman]

now do you see the value of amending stop loss to break even ......??

no risk, no stress, probability of success is always on your side

hello wallstreet,
i follow your reasoning for amending the s/l to breakeven, BUT if done too early on will result in a lot of otherwise profitable trades stopping out.
i think timing it is the crucial thing here.

 

[wallstreet1928]

UUP coming in to historical support chaps ..........strengthens the argument to short EUR?USD

I have gone short 1.3986 ..stop loss 1.4026

 

[carlos b]

could one of the wise owls poss take a look at th issue i raised in an earlier post please re TA when they get time after trading.. itching to get cracking but not sure where to start for the best.. cheers..feel a bit left out with all this analysis flying about. ;-)

 

[carlos b]

fyi from marketwatch

Dollar slides, euro tops 2009 high of $1.40

31 min ago9:18am 5/22/09
- Deborah Levine

 

[bw81]

order triggered, I am short EUR/USD at half a unit 50 point stop.

 

[InTheMoneyStocks]

The Market Hitting 3 Major Levels :
The SPY has hit three major levels. One is the pivot support line from yesterday. The second is the 20 moving average. The third a .618 Fib retrace level. All this area is a big area for this market which had gapped slightly higher and fallen off a small cliff here. Worries about the dollar continue to be the driving catalyst. If this $88.75 level breaks, watch for double bottom from yesterday. Minor support along the way will be $88.50.

 

[carlos b]

thanks for the chart and explanantion ITMS..

double pin on the 5min on the bolli signaled reversal there..

 

[Trader1UK]

Thanks for the info ITMS...

 

[dr.blix]

now do you see the value of amending stop loss to break even ......??

no risk, no stress, probability of success is always on your side

you're def right there WS.

for once i took something in, i went to move my stop to break even on ig.

it wouldn't let me! it said i was too close to the current price and actually tried to move my stop 1 point in the opposite direction! (i was around 6 points up at the time).

thanks everyone for all your info about SB stuff btw.

 

[Trader1UK]

Im short E/U 1.3999 with a 30 point stop....

 

[carlos b]

mr blix Ig does def have a trailing stop on order function along wiht back testing but i couldnt find it when i signed up.

 

[dr.blix]

mr blix Ig does def have a trailing stop on order function along wiht back testing but i couldnt find it when i signed up.

i'll have a look carlos. i just tried to edit my SL on my SB 'ticket'.

doing it that way seems to have a limit (i would guess around 10pts away) from the current price. maybe to deter scalpers?

i have so much more education to cover, and personal trading psychology hangups it's unreal!

 

[newward]

Hello Dr.. I've been reading Trading Athlete, recommended to me by a couple of traders on another forum within this site. Its good, its concentrates on structure, motivation, goal setting etc. Now all I am looking for is a good book to de-mystify TA. You do seem to have half a grounding in it though, I'd like to be where you are in terms of some of the TA you are able to do.

 

[Trader1UK]

Im short E/U 1.3999 with a 30 point stop....

Im out with +17 pips on this trade...

 

[dr.blix]

Hello Dr.. I've been reading Trading Athlete, recommended to me by a couple of traders on another forum within this site. Its good, its concentrates on structure, motivation, goal setting etc. Now all I am looking for is a good book to de-mystify TA. You do seem to have half a grounding in it though, I'd like to be where you are in terms of some of the TA you are able to do.

hey newward, good to hear from you mate. glad to hear you're getting stuck into some good reading too...something i'm going to do next week.

re books on TA, i'd recommend a really simple introduction book (i've got Tech Analysis Demystified by Constance Brown), and then a classic TA book 'Tech Analysis of the Financial Markets' by john Murphy, followed by 'Trading in the Zone' (apparently known as TITZ :cheesy by Mark Douglas.

i ain't read these last 2 yet, but they seem to be highly recommended, i'm gonna get them on the weekend.

btw, the stuff i post on here is mostly nonsense, i can sometimes spot the odd thing coming (only if it's as big as a house), but my calls are terrible.

 

[wallstreet1928]

you're def right there WS.

for once i took something in, i went to move my stop to break even on ig.

it wouldn't let me! it said i was too close to the current price and actually tried to move my stop 1 point in the opposite direction! (i was around 6 points up at the time).

thanks everyone for all your info about SB stuff btw.

you have to allow the position to go into profit of at least 10 point or more before you amend it to break even my friend

and then you can have a trailing stop loss after every 10 points there after therby guaranteeing you a return

 

[wallstreet1928]

UUP coming in to historical support chaps ..........strengthens the argument to short EUR?USD

I have gone short 1.3986 ..stop loss 1.4026

stop loss hit