Agincourt said:What goes up must come down.
Maybe. But we've been saying this from 250 points further down. All my significant discomfort from both futures and options has come from being short in a rally (thru short calls), not from falls when long (or short on puts). This is one bull that I'm not standing in front of. One of the rules that has served me well is that I only go long above a 34 ema on the 3 min chart, and only go short from under the 34 ema. Sure, I miss some good trades, but it does, for the most part, keep the discomfort factor to a minimum.
I agree.
But - I only need a few points below 4180 to make a profit. We are at a seven month high right now. So, I think it is a fairly save bet that it will drop a bit, whatever, and I have a pretty tight stop.
So feeling fairly happy in the short term.
Famous last words !
But - I only need a few points below 4180 to make a profit. We are at a seven month high right now. So, I think it is a fairly save bet that it will drop a bit, whatever, and I have a pretty tight stop.
So feeling fairly happy in the short term.
Famous last words !
Roger.
I have recently got the Sharescope live programme and am trying to build up a reliable trading method.I am working on the Fibbs numbers,you have just pointed out a good rule about the 34 ema.This fits in with my idea's and its the 3 min chart that I find interesting,will start using this now.
Could we talk on another BB ,suggest General Trading Chat.
I have recently got the Sharescope live programme and am trying to build up a reliable trading method.I am working on the Fibbs numbers,you have just pointed out a good rule about the 34 ema.This fits in with my idea's and its the 3 min chart that I find interesting,will start using this now.
Could we talk on another BB ,suggest General Trading Chat.
Chowclown - I use the 34 ema on the 1 min chart as well as an aid to entry, but I am not a scalper by nature - doesn't suit my trading style - and to be brutally honest with myself, I'm not very good at scalping! . So I also use the 100 ema, as suggested by chartman for the Dow, which also approximates to the 34ema on the 3 min chart.
Fluke - apart from occasional trades on the ftse100 future, I no longer follow UK shares closely - tending to trade the US for all the reasons pointed out elsewhere on this BB. Probably a pity in some ways because there is no doubt that there have been some good profits to be made in the UK in the last 3 months in particular.
Agincourt - Fine. I guess it just depends on your timeframe, and how tight you like to keep your stops. I have a tendency to set them too tight.
Fluke - apart from occasional trades on the ftse100 future, I no longer follow UK shares closely - tending to trade the US for all the reasons pointed out elsewhere on this BB. Probably a pity in some ways because there is no doubt that there have been some good profits to be made in the UK in the last 3 months in particular.
Agincourt - Fine. I guess it just depends on your timeframe, and how tight you like to keep your stops. I have a tendency to set them too tight.
Roger
While your on this board can you please tell me the time period you use for the minute charts .EG Is it one min over one day and two mins 2days etc.Or do you use the 3 mins for all periods up to lets say 10 days.
This is bugging me,must clear this up.
While your on this board can you please tell me the time period you use for the minute charts .EG Is it one min over one day and two mins 2days etc.Or do you use the 3 mins for all periods up to lets say 10 days.
This is bugging me,must clear this up.
Fluke - I use 1 min over whatever number of days fits in the window I'm displaying. I don't think there is a lot of point in looking at 1 min for several days ago unless you are back testing some entry system in a short time frame.
Most of my intraday trades are taken off the 3 min chart, looking back over about 5 days(ish) for s/r etc. But I also like to look at other longer timeframes (esp 5 and 15 mins) to give me a bigger picture.
Most of my intraday trades are taken off the 3 min chart, looking back over about 5 days(ish) for s/r etc. But I also like to look at other longer timeframes (esp 5 and 15 mins) to give me a bigger picture.
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Morning all
What are your thoughts for the rest of the day? Having bounced off the bottom of the channel that Bonsai mentioned yesterday, this morning we reached somewhere near the top (but then 4200 was always going to be major resistance). So are we going to fill this mornings gap or go for another assault on 4200?
Any ideas?
What are your thoughts for the rest of the day? Having bounced off the bottom of the channel that Bonsai mentioned yesterday, this morning we reached somewhere near the top (but then 4200 was always going to be major resistance). So are we going to fill this mornings gap or go for another assault on 4200?
Any ideas?
Waytogo - Looks like you got it dead right. And Agincourt, hope you held on to that short for the drop ?. Good stuff.
But not only does Ftse like to fill its gaps,it sometimes like to
retest triangle tops. And it looks like its done that as well.
That triangle (across the tops and recent lows) comes to an apex sometime on Monday. Worth watching !
There is stuff to read about triangle apex issues in Prechters book.
But not only does Ftse like to fill its gaps,it sometimes like to
retest triangle tops. And it looks like its done that as well.
That triangle (across the tops and recent lows) comes to an apex sometime on Monday. Worth watching !
There is stuff to read about triangle apex issues in Prechters book.
