Nice entry cause I didn't wait for confirmation!Nice easy trade there though.
Well done on +32
5244 next target me thinks.
Yep, Isn't it lovely when a plan comes together,
Good start to our plan to include short term FTSE play's.
Yep, Isn't it lovely when a plan comes together,
Good start to our plan to include short term FTSE play's.
PokerBrat
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Good stuff this morning chaps. Unfortunately, daytrading is not an option for me, but I have been short the S&P since Tuesday as it looks topped for the moment. Expecting a pullback to around the 1050 area.
Geo - was interested in your 4hr bias change set up. I've looked at the link on your signature, but wonder if there is info anywhere else about how you trade it? (other than pouring through Wallstreet's unbelievably long thread)
Geo - was interested in your 4hr bias change set up. I've looked at the link on your signature, but wonder if there is info anywhere else about how you trade it? (other than pouring through Wallstreet's unbelievably long thread)
Geofract
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Hey Mas, how's it going?
Yeah, I know... I had good intentions to swing trade, but find myself getting drawn back into the indices and FX. At this rate I'll be back to trading FX everyday
Well, actually I have to get a job... so ignore that last bit.
Geofract
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Well done. Have a good WK
Cheers Geo, have a good one yourself mate.
Hey Mas, how's it going?
Yeah, I know... I had good intentions to swing trade, but find myself getting drawn back into the indices and FX. At this rate I'll be back to trading FX everyday
Well, actually I have to get a job... so ignore that last bit.
Hey Geo,
Yea, going ok mate, head still a bit wrecked (winter on its way and all that)
lol @ getting drawn back.
So how is the swing trading equites using dailies going ? Acceptable risk (and the fact you could go days without a signal) is the major issue for me using daily bars (used to EOD FTSE using options for a year or two). With equities I could never decide which ones to watch/trade, case of too much choice I think , just ended up going around in circles. Hence sticking to indices.
Did I read you were studying Riverlands' book ? What you think of it (i haven't read it)
Having much luck out there with regards the job hunting ? few friends have said it's still a bit rough. Had to get work myself a few times when I was learning to trade a few years ago, always used to annoy me being dragged away from the markets, although having a break from it can help sometimes, helps clear the mind a bit so to speak.
Did Lap get a Job ? (only had a quick read through the forum a couple of times over the last few weeks)
Hey minch,
Know what you mean, I was long from just before 2pm , buggers clammed up a treat this afternoon , still it is friday afternoon, so not totally unexpected I guess. There again if you sit it out because it's friday afternoon, guaranteed it'll shoot of like a rocket
dr.blix
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CIAO!!
nviro cleantech have just been delisted!!
i've never seen a delisting for the reasons given though...they're making a take-over offer for another company.
does this mean that you'll be in a better position after relisting, or worse?
usually share price can take a hit after a delisting, but the delisting is usually for a more negative reason, like lack of capitalisation or dept re-structuring...
nviro cleantech have just been delisted!!
i've never seen a delisting for the reasons given though...they're making a take-over offer for another company.
does this mean that you'll be in a better position after relisting, or worse?
usually share price can take a hit after a delisting, but the delisting is usually for a more negative reason, like lack of capitalisation or dept re-structuring...
Geofract
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Hi PB, there's little bits of info here and there about how I use this pattern - but I'll post some info here for simplicity.
Firstly don't be put off by the term 'Bias', you could just as well say trend. So all these patterns are just reversal patterns. When I was day trading FX I would always trade in the 4H trend direction. As soon as a new 4H reversal pattern was confirmed, I would swap direction.
To be fair, it's not really a case of trading the pattern as such, it's more about trend analysis, and using 4H for direction. But the most obvious way to trade this pattern is to sell or buy breaks beyond point 4 in all cases. But with a large ranging security, stops could be massive.
The thing that makes these patterns reliable imho, is that the H4 trend may not change for days, so it becomes very safe to trade with it's direction. For example the FTSE 100 4H bias was long from the 5th Nov, to the 18th Nov.
What I do is wait for a new bias to be confirmed, and then look for a setup - usually this will occur the day after confirmation. I'll post a setup example next.
Attachments
Geofract
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As long as the 4H trend remains short, we can look to sell the rallies at plus 50% fib levels of previous swings. Or key levels of S/R.
Yesterdays trade is shown on the chart. The previous swing in this case was the high and low of the 19th. We sold aorund the 50% level. 5300 was a potential SBR area too.
There is more to this strategy tbh, but you can get the rough idea i hope. I can send you a link for the guy who devloped this stuff if you're interested.
Yesterdays trade is shown on the chart. The previous swing in this case was the high and low of the 19th. We sold aorund the 50% level. 5300 was a potential SBR area too.
There is more to this strategy tbh, but you can get the rough idea i hope. I can send you a link for the guy who devloped this stuff if you're interested.
Attachments
Excellent stuff Geo, nice chart example of the method.
Price retracements to key levels of S/R, giving good entries, aptly shown.
Geofract
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Ok, I guess I should have explained the idea better in the past!
I sort of wish I could trade FX full time, because this fib retracement, 4h direction strategy thing works so well. I would look to trade less pairs if I did this again though. I used to trade 11 pairs, which was nuts
dr.blix
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I sort of wish I could trade FX full time, because this fib retracement, 4h direction strategy thing works so well. I would look to trade less pairs if I did this again though. I used to trade 11 pairs, which was nuts
is it too much of a risk for you to try this then mate? you working part-time and trading part time to give you a period of experimentation with trying to make a partial income from FX?
i'm quite looking forward to experimenting with this on monday! just set metatrader4 up on a demo...does anyone know if their demo data is realtime?
