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

[wallstreet1928]

Today, I got caught. I shorted at, what I thought was a pullback at 0853, 5019, but that new top at 1005 scared me and I closed out. I'm going to have to increase my risk. I trade with stops too close.

what is your current stop loss level my friend

sorry to sound like i am repeating my self but 25-30 is the optimal stop loss for European indices and 40 for US indices.....especially in this volatile market

once you become more proficient you can certainly reduce it to 20 -15 points ....but anything below that i personally believe you have to be a very very good trader and have 0 margin for error .....

just my thoughts chaps

I also appreciate and respect that every trader is different and we all have our own techniques and methods

 

[SuddenDeath]

good morning, everyone,

That is great advice, Wallstreet1928, i got stopped out a lot using 10pt

 

[madoff]

anyone taking positions before nfp?

as expected, markets are range bound before nfp numbers are out

 

[Da.DesiTrader]

Alright folks, exited my aussie with 100 pips profit. Off to the dentist now, I will be sitting with my mouth open around NFP time, but then something tells me, I wont be the only one

Cheerios

 

[Splitlink]

what is your current stop loss level my friend

sorry to sound like i am repeating my self but 25-30 is the optimal stop loss for European indices and 40 for US indices.....especially in this volatile market

once you become more proficient you can certainly reduce it to 20 -15 points ....but anything below that i personally believe you have to be a very very good trader and have 0 margin for error .....

just my thoughts chaps

I also appreciate and respect that every trader is different and we all have our own techniques and methods

I close my trade, normally, at around 15 points. I admit that it makes for keeping a close watch on the screen and I'm getting a desire to do other things! This morning, though, I closed manually, at about 9 points. My entry was satisfactory, to me. I just thought that I might have gone wrong on trend direction.

Well, I was right the first time----wrong the second.

Good trading.

 

[chris1976]

if the figures are bad,will there be much of a drop considering the huge drop already of the past few days?also if good will the banks shoot straight back up?or are they on there way down regardless?

 

[madoff]

if the figures are bad,will there be much of a drop considering the huge drop already of the past few days?also if good will the banks shoot straight back up?or are they on there way down regardless?

If you try to trade the news, you'll probably lose badly. There are people out there who will know the figures way before you do. You, and everyone on this blog, is at the bottom of the food chain in terms of receiving the news.

I've seen markets shoot up on bad news and fall off a cliff on good news. As they say ... buy the rumour, sell the news

 

[Dentalfloss]

ws. mchugh calling the downside target on the rising wedge on nas 100...appprox 1040.a loss of approx 40%

 

[chris1976]

someone make a call up or down? for my free mf global ftse bet

 

[Geofract]

someone make a call up or down? for my free mf global ftse bet

Sideways? Happy now

 

[Da.DesiTrader]

Chris: FTSE will smash through 5200 this week. Go on with a stop loss around 4900

 

[wallstreet1928]

someone make a call up or down? for my free mf global ftse bet

I would personally save it till Monday and then go long

 

[chris1976]

Chris: FTSE will smash through 5200 this week. Go on with a stop loss around 4900

Ehh

 

[Dentalfloss]

an opinion only
the symetrical triangle,broke downwards.yesterday
possibly,today it will recoil after nfp,back into the triangle
ie ..you will get youre head blown off from yesterday"s down move
nfp figures massaged upwards to give a good feeling all round
i am not trading this.a great dayyesterday .so dont want to spoil things

 

[madoff]

ws. mchugh calling the downside target on the rising wedge on nas 100...appprox 1040.a loss of approx 40%

I'm in the same boat .... s&p 450 to 550. sounds unthinkable from where we are now, I know

 

[SuddenDeath]

US jobs data out at 1.30

 

[ham]

-263k

These analysts were far off.

A Bloomberg survey of analysts yielded a median estimate of -175,000 compared to a previous figure of -216,000.

 

[robinc]

Down we go......................

 

[fast trader7]

Hello,
super drop guys. I shorted the dax before the NFP and i met my weekly target. I shorted because the ADP report on Wednesday was bad though ADP is not the real job indicator,it was enough for me to make up my mind. some people may not like to trade during the news but i have always done it,mainly during retail sales,Interest rates, Zew sentiments,Aussie retail sales, and of course NFP.It is a risky strategy and not for newbies. Now i am waiting for 3pm news but i am very very careful. you should not lose money on a friday as it **** your weekend.

happy trading

 

[Thaumaturgus]

I would personally save it till Monday and then go long

I hope WS is right. If I'm not much mistaken, a 3-box reversal (@50) has just occurred and this action below 5000 does look rather like stop-hunting. I will be waiting for (EOD) breakout.