Skim, what do you think of this?

[stoploss please]

Oats

Yes, watch out for those splinters.

You all made a fair point, which made look a bit further into my analysis and came up with plan B. I should have done this at the begining.

 

[Bigbusiness]

I am still trading with spread bets. I have tried filling out the forms for IB but it took me a week to find my NI number and after filling out the online application, it just said I had applied for the wrong account and I should start again. That was just step 1 and I gave up in exasperation looking at all the stages I had to go through.

Trading on a 10 minute chart, I should be looking for larger moves and might continue with spread bets. I also think this will apply quite well to the Euro/USD and the FTSE that have low spreads and less bias. Do you think it is wise to try with spread bets or should I try IB again and try and tick all the correct boxes?

 

[ChartMan]

Hampy . That is because this thread is about trading ES. There will be those that rarely or never look at dow, for the reasons stated by you, and there are those that do. I'm sure there will be references to the DOW when it's appropriate, much the same as I make reference to ES in the DOW thread when it's appropriate. As a "pattern" trader, I favour the DOW as it does seem to show TA patterns more clearly, although I'm sure the same is true of ES from time to time. Some, like Skim, pay little attention to TA formations and therfore will gain no advantage or have no real interest in looking at the DOW.

 

[hampy]

Skim + Chartman,
Thanks for your reply's. As you both probably know I am new to T2W, TA and short term trading, so excuse me if I sound a little confused.
I assumed this thread and therefore Skim's trading methods revolved around classic Ta patterns in conjunction with ES volume, but no use of other indicators.
Chartman's reply suggests otherwise. Nonetheless I am finding this thread in particular and T2W as a whole brillliant as I try to make the move from amateur longer term investor to short term trading, eventually for a living! Thanks
hampy

 

[Skimbleshanks]

Hampy:

In my view, the hardest thing about trading is finding what suits you - a bit like having to kiss a lot of frogs before you find a prince. :cheesy:

There is no right way, just a way. And that's why ChartMan's Dow thread, and this one are completely different. The objective, hopefully, is to open your eyes to the different ways of skinning a cat. (With apologies to ChartMan and all other cat lovers. )

 

[ChartMan]

Skin a Rabbit instead. Less personal.

 

[stoploss please]

10 minute chart analysis

Hi

Here is my initial tighter 10 minute chart analysis.

As you can see, we had resolution to a H&S pattern that started on the 13/10. We may have the begining of an inverse H&S forming however, I would like to see the hight of the next peak before I can firm up my view. I am trying to find an opposing pattern for this time scale but not found any yet. Does anyone have any ideas.

Cheers
Andy

 

[options]

Looks like you are building another wood pile. Might block your view of the trees.

 

[neil]

Decisions

Neil

Right now I am long of a ham sandwich and a glass of coke. This posting was only my opinion of what could happen if various scenarios pan out. Both patterns are possible and both could fail. What I am trying to do is to try and find what are the possibilities for the longer term patterns and then apply fib and S&R to find the where the turning points might be. As I only trade intra day, it is good to know how the overall picture looks and how it could develop. However I do not really think you can predict how a days trading will pan out as there are too many unknowns predict.

Kind regards
Andy

Well excuse me. I thought you put up the chart as a decision making tool. You can always set a stop. You don't have to be right all the time.

 

[rossored]

Hey! I'm trying to compile this damn thread into one document and people keep adding to it!!! Stop it!!!

 

[stoploss please]

Hi Neil

I was just sharing what I was seeing in my charts. I wish I could take a position on Friday for Mondays open but I am not that good right now. Fence sitting sounds good me until Monday afternoon. However, I think it is a good exercise to look at the charts and see if you can spot some sort of direction. Posting them on this forum means I cannot back track if I get it wrong.

Cheers
Andy

 

[rossored]

Okay, I've now posted a summary of this entire thread on the "indices" forum.

Please read the comments I've made in preparation for next week. :cheesy: