dc2000
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why you not happy?
why you not happy?
DaddyJohn
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Just not reading the markets as well lately. I go through a few days sometimes when I just can't read it. Trying to switch from scalping to swing is creating some inconsistencies in my trading right now and p&l is suffering.
DaddyJohn
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market currently at 5350.. why would I buy FTSE at 5420? unless it was to close out a short from higher up? I can see how 5420 might show committment from the market on the way up .. but I thought we were currently thinking market is coming back down into range? If I thought market was going back up to 5420 I would be buying 5350 right now or lower.
Dick Lexic
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Got a good reason, for taking the easy way out
Got a good reason, for taking the easy way out, now
cause i'm a DAY TRADER..... , one way ticket, yeah!
It took me sooooooo..... long to find out, and I found out
Dick Lexic
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lets see if 59 can hold
dan1986ccfc
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Thanks Martin,
Reading this thread daily I'm still struggling to understand what you all mean and where all these figures come from
ordinaryguy76
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Thanks Martin,
Reading this thread daily I'm still struggling to understand what you all mean and where all these figures come from
Don't worry too much. Every newbie (including me) believes at first that experienced traders know more. The reality is, they don't - they just predict, but they can be wrong as much as you can be wrong. It's all about whether you can guess what "the herd" and/or "the powers that be" will do next.
Try to analyse charts - daily, hourly, 10 mins, 5 mins. Take the numbers into account, but try to figure out your own support / resistance levels etc. Personally, I tend to use Bollinger bands, moving averages, RSI and momentum.
Read a lot - some very good books are quoted here, like "The disciplined trader".
SuddenDeath
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Thanks Martin,
Reading this thread daily I'm still struggling to understand what you all mean and where all these figures come from
Hi is there any website that details the taylor/linda rashke method, the book reviews of linda rashke books are very mixed.
Dan and og76 - experienced traders have put in the screen time that's all. It takes a long time to be able to read the markets, and pros get it wrong all the time. On days when they are not reading it well, they try and limit the damage. And days when they are reading it well, they make as much hay as they can while the sun is shining.
As for methods, being able to determine the market structure is the most important. Once you have determined whether it is trending or ranging, and what type of trading or ranging it is, then you just apply your rules to those circumstances and work the probabilities.
Good to have you here, and hope you learn lots.
As for methods, being able to determine the market structure is the most important. Once you have determined whether it is trending or ranging, and what type of trading or ranging it is, then you just apply your rules to those circumstances and work the probabilities.
Good to have you here, and hope you learn lots.
Yesterday's indecision carried through to this morning with the first 25 minutes being a classic wicks and tails price action. Ideally you should sit that out, unless you are comfortable trading the wild swings.
When the price finally broke below the opening low of 5344.5, you could be forgiven in thinking that we would go on to make new lows. The FESX had broken through its support, but the ES hadn't and it had a very strong support level at 1201.50 that held. When the down move failed to have any follow through, it was clear it would have to test the highs.
I still don't see it doing too much today. The euro news is just persistent and inconsistent. Market can't make its mind up, so will continue to trade unconvincingly.
When the price finally broke below the opening low of 5344.5, you could be forgiven in thinking that we would go on to make new lows. The FESX had broken through its support, but the ES hadn't and it had a very strong support level at 1201.50 that held. When the down move failed to have any follow through, it was clear it would have to test the highs.
I still don't see it doing too much today. The euro news is just persistent and inconsistent. Market can't make its mind up, so will continue to trade unconvincingly.
Absolutely right.
Absolutely right. I use Bollingers and averages,too, but only because they are convenient. Bollingers depend on the averages and timeframes. How do you get to the bottom of that? In any case, a Bollinger can, either, bounce or signal a continuing trend.
I'd like to know your views on that.
ordinaryguy76
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I just dive in and hope I'm right
For example, today 7:00-7:10 am FTSE Cash 5 mins: RSI below 25 and two bottom shadows on candles just within / outside 8 period bolyband. I went in and got 15 pips in 20 mins. Perhaps lucky ?
Similar, you could get on around 10.30 - RSI was closing to 70 and two top shadows. Did not go in as RSI was below 70 and was unsure how this would play out. It's nearing cash close from yesterday.
dc2000
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Thanks Martin,
Reading this thread daily I'm still struggling to understand what you all mean and where all these figures come from
Ok dont worry about all the figures they are just areas where some are looking to take trades others on this thread use bolly bands ma and rsi the thing to do is to get comfortable with the markets you wish to trade know how they move and what can be expected then deceide over what time period you wish to hold the trade and most importantly what risk you are prepared to take per trade and what profit you aim to get
Trading is a waiting game
its like knowing you need to buy cornflakes but waiting until tesco asda etc have an offer on then buy bulk but sometime you may need to switch and buy rice crispies there may not be offers on so you just buy the odd box to tide you over.
I just dive in and hope I'm right
For example, today 7:00-7:10 am FTSE Cash 5 mins: RSI below 25 and two bottom shadows on candles just within / outside 8 period bolyband. I went in and got 15 pips in 20 mins. Perhaps lucky ?
Similar, you could get on around 10.30 - RSI was closing to 70 and two top shadows. Did not go in as RSI was below 70 and was unsure how this would play out. It's nearing cash close from yesterday.
Yes, we are doing, more or less, the same thing. It's the "more or less" that makes the difference because the volatility is such that we would always have different results.
I only use Bollingers and averages. The other stuff complicates my thinking!
I suppose you work like me. Overbought or oversold entries and get what we an out of it.
dc2000
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there was one Ooooo its on the tip of my tongue arrrrggghhhh
Trade 2 Win!!
Swing Trading: Rules and Philosophy
