wallstreet1928
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Yes welcome, welcome my friend.....
Yes welcome, welcome my friend.....
wallstreet1928
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I just thought I post some more pretty pictures for you all!
The interesting thing about channels, trend lines, etc, is the fact that it's so subjective, to the point where I imagine no 2 chartists would have the lines drawn in the same place.
I have a 3 min chart, that looks like crochet, with trendlines everywhere... I shan't post it, it's a real mess! Anyway, I managed to get 4 out of 5 trades right today, some bye finding bounces of trendlines. The only issue I have, is that I feel like I'm trading on probabaility, and I'm not sure that's sensible?
What do you think WS, and others who work in this way?
Have a fab evening all!
edit: 15min on left... daily on the right
I'm going to give you an honest opinion and please don't take this personally my friend
BUT..... I also appreciate/respect your strategy and it may well be working for you and I encourage you to keep up with it if its providing you with profit.
1. I am unable to discern what you are doing with the chart on the left because your trend lines as mentioned already are incorrect and seem to be drawn everywhere without any discernible trend. I also believe 3 min chart will not give you any consistent pattern and I personally prefer minimum 10 min chart to 1hr chart to get rid of all the noise.....
BUT, please don't get me wrong, if it works for you then keep up with it.....
2. Yes, you are right that trend lines are subjective and can be interpreted differently by each individual. I advise you to study a technical analysis book as mentioned earlier in a post by a fellow trader .
Jock Strap
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Went short on FTSE at 3898.5 last night, "quick" 34 point gain. :clap:
Jock Strap
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Hi hairyman & morning all
I have paper traded loads of systems, both sb and cfds. I need to pick Wallstreet's knowledge of CFDs as from paper I could not see the real benefits of CFDs over SB. I currently use Etrade for spreadbetting as it was quick to open and they seem pretty good so far, simple software and user friendly charts, and pretty good fills even when volatile. I am looking to spread it around (excuse the pun) and am looking at opening accounts with IG and MF, so any advice from anyone is welcome!
If you don't like the word, don't use it! I simply say I am trading (or retired!)
Jim
Geofract
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Hi WS, thanks for coming back to me on this post.
All my channels (not trend lines as such) are drawn from the high to high, or low to low, and are further a parralel projection, to the next point of aligning lows or highs. I've attached a marked up sheet, just to make it a little more obvious. This does seem to work for me, at least so far. Not to say I always get the turning points right though.
I truly thought everybody drew their channels in that way. But, I am keen to learn how you would draw them? Can you send me a screenshot please? If I have been doing it wrong for all these months, that would be a revelation, so get posting that screenshot, you might make me some money
I have a few TA books, but please advise on any you particularly recommend?
Cheers, Ollie
P.s. My new Strat, is to give all my money to Tom Tom to invest!!
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wallstreet1928
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haha.........yes indeed my friend you can trade in any direction
Morning all
thanks for the reply geo and thanks for the advice WS.
think i may have a TA book let me have a look later. If i do Geo I'd be more than happy to send it.
If i have it it'll be an e-book so I can send it.
What's everyone's status this morning.
Viks
thanks for the reply geo and thanks for the advice WS.
think i may have a TA book let me have a look later. If i do Geo I'd be more than happy to send it.
If i have it it'll be an e-book so I can send it.
What's everyone's status this morning.
Viks
oiltanker
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interesting confluence of 3850 round number, pivot at 3847 and 38 fib of yesterdays main move.
pros might have their stops above yesterday high? so a break of that they will likely to reverse?
as long as 3882 holds i'm looking for a short. ideally around the 3875 area.
pros might have their stops above yesterday high? so a break of that they will likely to reverse?
as long as 3882 holds i'm looking for a short. ideally around the 3875 area.
wallstreet1928
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Hi WS, thanks for coming back to me on this post.
All my channels (not trend lines as such) are drawn from the high to high, or low to low, and are further a parralel projection, to the next point of aligning lows or highs. I've attached a marked up sheet, just to make it a little more obvious. This does seem to work for me, at least so far. Not to say I always get the turning points right though.
I truly thought everybody drew their channels in that way. But, I am keen to learn how you would draw them? Can you send me a screenshot please? If I have been doing it wrong for all these months, that would be a revelation, so get posting that screenshot, you might make me some money
I have a few TA books, but please advise on any you particularly recommend?
Cheers, Ollie
P.s. My new Strat, is to give all my money to Tom Tom to invest!!
Aaah, now that is much better .................I can actually see what you are doing now !!
yes very good chart, you are better than me my friend, I should learn off you.
I prefer the follwoing time frames when analysing
1 r, daily
3 month, 4h
1 month 1 hr
1 week 1 hr
2 day 10 mins
wallstreet1928
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morning all
Jock Strap
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Anyone reckon if one of us placed a very large trade "by mistake" we'd be allowed to cancel it??
All my losing trades are mistakes after all...
All my losing trades are mistakes after all...
oiltanker
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yes i had a sell signal at 3860 but i didn't want to short into a pivot only 10pts away. hopefully something will come out after the 9.30 news.
Geofract
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You're pulling my leg now, right!
Ok, well I'm glad it makes some sense now. Apologies for the arrows... obviously I don't have auto pop-up arrows appearing on my chart as I trade. Actually I have to continually re-assess where the channels are, look for areas of confluence, and re-draw lines fairly constantly.
So my TA approach is not madness after all? God, you had me seriously doubting myself then!
Thanks for the tips re: TF's. I have yet to find one I'm completely comfortable with. Currently I use 15 min as filter, and 3 min for entry, and I always consult the dailies in the morning.
15/3 min seems to work ok, when I am just trying to scalp 10-20 points, but like everything it's constantly under review. I will give some other TF's a try though.
Ollie.
Morning everyone btw!
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wallstreet1928
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Long 3860 ..stop loss 3830 .......target 61.8% retracement and prev high 3890!!
wallstreet1928
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long DAX 3940 ...........stop loss 3910
Jock Strap
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Gutsy move, good luck!
I was thinking of trading, but I think I'll wait for 9.30 and make a coffee!
I'll treat is as a learning experience instead. On paper, I'd have gone short at 3865...
Bloodhound
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Good morning everyone. Feeling like death warmed up again today but looking forward to what the markets bring us after 9.30am....
KJ
KJ
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