Message For Ftse Traders......

Evening guys!
Wow what an interesting day!
There's me at work as a bank cashier witnessing events on tv about HSBC and the Indicies thinking DAMN! I want to be at home trading these markets!!!
Ah well today had a very interesting downtrend but seemed as though my trend lines and S/R lines were drawn in well and that satisfies me enough! I'm price watching right now and thinking there's a bounce off my trend line as it broke my 3600 support. Looking for a bounce off 3590/3595 at the moment.

Was going to long at 3600 but the candle sticks didn't look right and price didn't move how I wanted it to fulfill me to go long.

I see a few people have taken points today well done!

oh and WS thanks for the charts very informative.
Think everyone should do that. I will once I get a day to trade! Thursday's a defo!

Viks
 
Today was a balls day to be trading, seemed to just trickle downhill ALL DAY providing pretty much nothing to trade on.

Hopefully some more up and down action tomorrow.
 
i will go long at 3550.. 50s/t.
currently still short and looking to trail tightly.
i intend to get good sleep tonight..
gday to all.
 
dentist007 said:
ta quite often does not work.today was a good example
Click to expand...

I profoundly disagree my friend ...........

How did it not work , to the contrary ........I got punished for not utilising it properly!!

If you look at my posts today, you will see that my first trade was a failure and stop loss was hit as I was trying to force the trade. I had pre-determined the movement in my mind(market is going up) even though the market broke its support level and clearly showed a down trend.........

Those that would have adhered to technical analysis and traded what they were witnessing and not what they thought, would have made a very handsome profit......!!

When I started to trade what I was witnessing I started to make a very nice profit, and guess what guys?

It was all based on technical analysis............

don't blame the machine, blame the operator!!
 
Oh yes guys forgot to update the post with my live trades, I'm sorry for not posting my live trades as I have been busy with organising the charts for the Newbies.........not an easy job I can assure you!!

I opened these in the last 30 minutes......

Long S&P 700.........stop loss 695!! target 710!!

Long DAX 3670 ..stop loss 3650!! target 3720 and above .......

You may have noticed my stops are small compared to my usual trades.
Answer: if those levels are breached then there is no more support as my stops are based on support levels minus 5-10 points!!
 
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S&P above 700 holding is a very bullish sign for tomorrow..........

OH and Gold @ 925!! hmmmmm..............not sure whether people are liquidating there positions in order to free up some capital to put them into stocks or fleeing with their money!! haha....

I will be hunting for longs tomorrow..........but tighter stop losses!!

happy trading all
 
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wallstreet1928 said:
S&P above 700 holding is a very bullish sign for tomorrow..........

OH and oil @ 925!! hmmmmm..............not sure whether people are liquidating there positions in order to free up some capital to put them into stocks or fleeing with their money!! haha....

I will be hunting for longs tomorrow..........but tighter stop losses!!

happy trading all
Click to expand...

Oil at 925!!!!???? Hell, I'm off out to fill up my car before that price makes it through to the pumps. ;)
 
Thanks for the warm welcome WS, the only silver lining i thought i saw was the length of my contract. Im down a lot, but i thought surely the ftse would rise again to close to 4000 within 4 months. am i wrong? has the ftse hit a new low do you think?

Previously it seemed 4000 was a minimum, but i am a newbie, and could be wrong.

I want to be optomistic that the ftse will bounce back to close to 4000 before june, is it not likely?
 
zo786 said:
Thanks for the warm welcome WS, the only silver lining i thought i saw was the length of my contract. Im down a lot, but i thought surely the ftse would rise again to close to 4000 within 4 months. am i wrong? has the ftse hit a new low do you think?

Previously it seemed 4000 was a minimum, but i am a newbie, and could be wrong.

I want to be optomistic that the ftse will bounce back to close to 4000 before june, is it not likely?
Click to expand...

dude you shouldn't be doing this if your relying on the opinions of others on a forum.
 
zo786 said:
Thanks for the warm welcome WS, the only silver lining i thought i saw was the length of my contract. Im down a lot, but i thought surely the ftse would rise again to close to 4000 within 4 months. am i wrong? has the ftse hit a new low do you think?

Previously it seemed 4000 was a minimum, but i am a newbie, and could be wrong.

I want to be optomistic that the ftse will bounce back to close to 4000 before june, is it not likely?
Click to expand...

Hi zo786,

I feel a bit of sympathy for you, but you need to sort out this little mess you got yourself into asap I think.

FTSE made a new 6 year low today. Many experts, highly experienced analysists consider the FTSE will make a new low of 3100 this year. Ok, there's a reasonable possibility there will be a bounce up tommorow or Wednesday, but the trend is down, and it's unlikely we will see 4000 for sometime to come. Nobody knows for sure of course, but the odds aren't in your favour.

Take the loss on your position asap IMO, then start paper trading to learn what you should be doing, or you're gonna loose all your money.

Good luck!
 
dentist007 said:
ta quite often does not work.today was a good example
Click to expand...

TA is telling me that this is a bear market. What does it tell you? I missed yesterday afternoon because I was at work but I have been saying that the only direction of the market is down for ages.

From 1500, yesterday, the market fell, IMO, in quite an orderly way, on the 5' chart, at least. There was plenty of time to enter that market at any time before the close and the only way to do it was by looking at a chart. Without a chart, I don't know how it's movements can be visualised.

TA is not mathematical, I agree. It is statistical. Patterns work a percentage of the time.

Keep pegging away! :)
 
wallstreet1928 said:
Oh yes guys forgot to update the post with my live trades, I'm sorry for not posting my live trades as I have been busy with organising the charts for the Newbies.........not an easy job I can assure you!!

I opened these in the last 30 minutes......

Long S&P 700.........stop loss 695!! target 710!!

Long DAX 3670 ..stop loss 3650!! target 3720 and above .......

You may have noticed my stops are small compared to my usual trades.
Answer: if those levels are breached then there is no more support as my stops are based on support levels minus 5-10 points!!
Click to expand...

Good morning guys ...............

DAX target hit.....48 point profit....!!

S&P target hit ....14 points profit taken!!

Daily target hit and now i can relax for the day and keep posting my charts for the Newbies and explain my exit and entry strategy using TA
 
zo786 said:
Thanks for the warm welcome WS, the only silver lining i thought i saw was the length of my contract. Im down a lot, but i thought surely the ftse would rise again to close to 4000 within 4 months. am i wrong? has the ftse hit a new low do you think?

Previously it seemed 4000 was a minimum, but i am a newbie, and could be wrong.

I want to be optomistic that the ftse will bounce back to close to 4000 before june, is it not likely?
Click to expand...

Hi and welcome. You have my sympathy as a fellow newbie.

It is not just about whether FTSE will get back to 4000, it is whether you can afford the potential downside (a further £5,000 or so?) if FTSE goes down nearer the 3000 mark first. And even then it MAY not get back to 4000 by June. Unfortunately you made a few cardinal mistakes, especially for a newbie - averaging down, not setting a stop loss as well as betting too much are the tip of the iceberg.

If you can afford to risk a bit more first, you could take the likely bounce then sell (FTSE's looking up this morning and we could see 3700+ today). But above all you will start to feel a lot better as soon as you are out of the trade.

Ultimately you have to do what you can and want. If it was me I would try and follow any bounce up with a trailing stop loss and limit my further losses as much as possible while attempting to recover a bit.

Example - FTSE Rolling Daily is now at 3640 region, by my calcs that is a loss of about £3250. Set a stop at 3600 (max loss £3650ish). If it hits 3700 set your stop at 3650 and keep trailing it up by 50, or whatever figure you feel is right. Once you hit a level of loss that you are comfortable with (ie compared to £4K+) take the hit.

Just a newbies 2p!

cheers
Jim
 
DAX chart

I will be looking to short around 3760 with double resistance, trendline and intraday !!
 

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Morning WS, morning all.

As with yesterday I am in and out so will be posting in a limited capacity again today.

Happy trading to all
 
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