Technically Fundamental
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Dont...
Technically Fundamental
Senior member
- Messages
- 2,810
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- 178
Dunno...
were you long or short when you got stopped out of rio tinto Mr JDTrader
were you long or short when you got stopped out of rio tinto Mr JDTrader
I'm new to charting so I'm using just basic S&R and trend lines. I look at the 3 month chart to set lines looking for touch points, two to three to show a pattern. You can see an example earlier in this thread.
Then to trade I set the the chart to 1 week view entry points at the lines I set plus watching for a change of direction or S&R beening hit on the day.
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Rio Tinto
Missed a sell here but the spread is wide on this which put me off the morning. Hit 2633 which is just above my R line so maybe a drop back to 2550 ?
9.45am Missed sell on this now at 2597
1.38pm Hit mt R line again Short 2635 limit 2600 stop 2655
2.35pm Stopped out 2655 -£20
Todays Review
In this review I have set my entry & exit points for my trend, S&R lines:
EUR/USD
R line 1.4620
Short 1.4617
S line 1.4540
Worried a bit here it drop below 1.4600 was tempted to profit there but waiting. 10am (GMT) German report comes out which will effect the EUR not sure if short is right. Locked in profit at 1.4600 but should of closed for profit lower 1.4560 just off my S line. No making yesterdays mistake on this FX its in my upper range but not buying. 1.4624 / 1.4536
S&P500
R line 1048
Short 1047.4
S line 1045
If it does not drop below 1045 this could indicate the continue in the up trend, if it goes below 1045 then it will bounce at 1040-1037. Hit 1045.2 should I of took profit here of £21, well if it falls below 1045 I think it could fall further so I'll hang in to see a further fall or a rebound from 1045.2. Showing a support level of 1045 at the moment. Just closed out my position at 1044.8 +£26.00 FTSE100 rising again and S&P showing support around 1045. Just went Long 1045.3, scalped a profit 1046.9
+£16. Short 1051.4, U.S doing well to talk up the market but big high at moment could be a sell off or hold for 1200 on S&P but I'm going short for a sell off. Locked in profit as it bounced back 1047.1 +£43.00
FTSE100
R line 5021
short at 5023
S line 4923
If FTSE moves up then it will hit my up trend line for a sell at 5060 but at the moment on my R line so I expect a drop back. see Key point below
Rio Tinto
R line 2616
S line 2514
Missed a sell here but the spread is wide on this which put me off the morning. Hit 2633 which is just above my R line so maybe a drop back to 2550. Missed sell on this now at 2597
GBP/USD
If it falls to 1.6500 it could rebound where I will be on a buy. This was a mistake by me not reading my chart right. 1.6500 was a sell line which I missed.
10.08am Key point of the day FTSE100, EUR/USD, S&P500 all fell so my shorts were right on my charts. If I took profit here I would of got £86 but yesterday I scalped to much and lost out on running profits so today I thought I would let them run. FTSE100 still had room to hit my S line on my chart the same with S&P500.
So got to learn to mix it up on profits for scalping and letting run, if this was for real cash I would of taken profit but I wanted to test my theory.
Great to see my lines on the charts are working giving me more confidence in my trading. Wednesday OFF trading as I will be working all day. Got 3 FTSE100 positions open to run tomorrow.
Any comments ? Your imput helps me get educated, finding posting here a great help me my trading helping me learn from my actions.
In this review I have set my entry & exit points for my trend, S&R lines:
EUR/USD
R line 1.4620
Short 1.4617
S line 1.4540
Worried a bit here it drop below 1.4600 was tempted to profit there but waiting. 10am (GMT) German report comes out which will effect the EUR not sure if short is right. Locked in profit at 1.4600 but should of closed for profit lower 1.4560 just off my S line. No making yesterdays mistake on this FX its in my upper range but not buying. 1.4624 / 1.4536
S&P500
R line 1048
Short 1047.4
S line 1045
If it does not drop below 1045 this could indicate the continue in the up trend, if it goes below 1045 then it will bounce at 1040-1037. Hit 1045.2 should I of took profit here of £21, well if it falls below 1045 I think it could fall further so I'll hang in to see a further fall or a rebound from 1045.2. Showing a support level of 1045 at the moment. Just closed out my position at 1044.8 +£26.00 FTSE100 rising again and S&P showing support around 1045. Just went Long 1045.3, scalped a profit 1046.9
+£16. Short 1051.4, U.S doing well to talk up the market but big high at moment could be a sell off or hold for 1200 on S&P but I'm going short for a sell off. Locked in profit as it bounced back 1047.1 +£43.00
FTSE100
R line 5021
short at 5023
S line 4923
If FTSE moves up then it will hit my up trend line for a sell at 5060 but at the moment on my R line so I expect a drop back. see Key point below
Rio Tinto
R line 2616
S line 2514
Missed a sell here but the spread is wide on this which put me off the morning. Hit 2633 which is just above my R line so maybe a drop back to 2550. Missed sell on this now at 2597
GBP/USD
If it falls to 1.6500 it could rebound where I will be on a buy. This was a mistake by me not reading my chart right. 1.6500 was a sell line which I missed.
10.08am Key point of the day FTSE100, EUR/USD, S&P500 all fell so my shorts were right on my charts. If I took profit here I would of got £86 but yesterday I scalped to much and lost out on running profits so today I thought I would let them run. FTSE100 still had room to hit my S line on my chart the same with S&P500.
So got to learn to mix it up on profits for scalping and letting run, if this was for real cash I would of taken profit but I wanted to test my theory.
Great to see my lines on the charts are working giving me more confidence in my trading. Wednesday OFF trading as I will be working all day. Got 3 FTSE100 positions open to run tomorrow.
Any comments ? Your imput helps me get educated, finding posting here a great help me my trading helping me learn from my actions.
hmmm you should look at the dailies more- it'll stop you scalping and churning your money away.
But seriously though you should check out some of the few good threads here which are really good for daily price action traders.... http://www.trade2win.com/boards/first-steps/26947-making-money-trading-135.html
check ' oztrader ' on youtube
type ' james16 forexfactory' into google
i did this and within 2 months i was a whole lot better...now im building up funds for day trading later on in life trading price action off dailies via spreadbetting, i do not plan to trade this way forever mind you
But seriously though you should check out some of the few good threads here which are really good for daily price action traders.... http://www.trade2win.com/boards/first-steps/26947-making-money-trading-135.html
check ' oztrader ' on youtube
type ' james16 forexfactory' into google
i did this and within 2 months i was a whole lot better...now im building up funds for day trading later on in life trading price action off dailies via spreadbetting, i do not plan to trade this way forever mind you
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Ok thanks for the heads up will check it all out, please explain what you mean by dailies :|
dailies- daily charts, daily time frame one bar is one day, the signals are much much more reliable than 5m or whatever, if you are into bounces off trendlines i really think you should get into price action off daily charts- read and watch those links i gave you and have a think about it 
dailies- daily charts, daily time frame one bar is one day, the signals are much much more reliable than 5m or whatever, if you are into bounces off trendlines i really think you should get into price action off daily charts- read and watch those links i gave you and have a think about it
Ok thanks will do.
I will continue this week on my current charting but next week change to daily as you suggest, this is all in demo mode so trying out ideas.
Just started checking out the links.
montmorencyt2w
Senior member
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Thing is, on dailies you will almost certainly need biggish stops and a reasonable size account. No problem on demo of course.
You will also need the patience to wait for the signals (at the right place).
You will also need the patience to wait for the signals (at the right place).
Yeah
Thats ok on my demo £7k plus but when I trade live from £500 I will only be trading one trade at a time as I'm not going to risk my margins.
At this level I can't operate money mangement of 2% of my account but will be very picky on entry points to maximise profit while minimising risk thats the balance I'll have to trade with at the start.
On CMC the NTR for FTSE100 is 50 and I will only be trading £1 per point which is greater than 2% lol.
Thats why I'm taking nearly a month on demo to try and see what works for me plus I got a Full Days Trading Course with CMC in October. So I'm hoping the effort I put in now will reward me later. :smart:
Morning
Just checking before going to work. Overnight FTSE100 pushing higher which is still within my range and is signalling a sell off but if that does not happen we could see new highs to 5150 with a drop back to 5080 today.
My short could be in danger at 5051 but if my chart is right short is right to be in, we shall see.
Cadbury pushing higher now is the time for a buy and cut my loss but will let it hit my 800 stop its just short of that. It may drop back not heard any news on this yesterday.......
Just checking before going to work. Overnight FTSE100 pushing higher which is still within my range and is signalling a sell off but if that does not happen we could see new highs to 5150 with a drop back to 5080 today.
My short could be in danger at 5051 but if my chart is right short is right to be in, we shall see.
Cadbury pushing higher now is the time for a buy and cut my loss but will let it hit my 800 stop its just short of that. It may drop back not heard any news on this yesterday.......
Just got in from work to see my short go north.
3 positions stopped out 5100
1) -£63
2) -£43
3) -£40
-£146.00
Now I should be thinking what went wrong but I had this nailed from the off. If you have been following my posts you'll see my short was right from 5017-4984 then posted that I coould of taken profits and if it was real cash I would of done but I let it run as the previous day I scalped to much.
So then it came back up and here is when I made two mistakes taking two more positions short as it had hit my R line but I should of read the chart as this was now a buy signal indicating a rise to 5150 if it broke 5100 which it did today and I said it will drop back so I have taken a short 5127 stop 5177 limit 5050 which I may move to take more profit if it drops as I expect to a large drop if it follows the trend I have traced to 4950.
We will see.......
3 positions stopped out 5100
1) -£63
2) -£43
3) -£40
-£146.00
Now I should be thinking what went wrong but I had this nailed from the off. If you have been following my posts you'll see my short was right from 5017-4984 then posted that I coould of taken profits and if it was real cash I would of done but I let it run as the previous day I scalped to much.
So then it came back up and here is when I made two mistakes taking two more positions short as it had hit my R line but I should of read the chart as this was now a buy signal indicating a rise to 5150 if it broke 5100 which it did today and I said it will drop back so I have taken a short 5127 stop 5177 limit 5050 which I may move to take more profit if it drops as I expect to a large drop if it follows the trend I have traced to 4950.
We will see.......
1066 near hit looking for the turn now to go short also watching FTSE100 to see if it follows
Its stalled on the up is this the fall ?
