Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

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SuddenDeath said:
..the 20 trigger level, at the same time the RSI (period 5) was above the 35 reading needed to give a valid buy signal (the higher the stronger the buy signal)

Kaisen glad it worked for you.

Morgan Stanley just reported bad(expected) numbers FTSE tanked
Click to expand...

Thanks for that. On the Finspreads chart the Stchs is set at 14,3,5. The readings were K 69, and D 84. Why do you use RSI 5 rather that the default of 14? Sorry to be a pain but its only from guys like you i seem to be able to get straight answers. Much appreciated.
 
papak said:
Hi Ian, still what I dont understand is this:
If you make a living from scalping then I assume you must trade more than $1 p/p.
So if you normally trade let's say 5 p/p why dont you trade 1 p/p for swing trades? This way you can have 50 points stop instead of 10 points on a scalp, and still risk the same money?
Click to expand...

Yes you are right, the problem is i am doing swing trades on the south african top 40 using options/ wave warrants because i do not want to risk overnight positions with future contracts in fear of total wipe out. I have traded swings successfully using this method for 3 and a half years now and usually follow my stops. On the south african market there are often very big gaps and they usually fill within a day or two and so i very seldom have a breakdown in strategy as i have had with this rally where i lost control of the trade. There was a sudden gap up and i held with the view it whould close only to see it go higher for another two days. I only mentioned it as to be informative to other traders on the consiquenses one suffers for not sticking to ones strategy - loss of oppertunity and the stress that can make one make bad trading dessions while in such a possition.
 
woolley said:
Good morning
I am Not making a living scalping are you making a living swing trading? where can I find /read more about it ?
Click to expand...

Hi Woolley,

Yes I do this for a living.
My approach is probably a bit different from a lot of others as I work a lot with Time Cycles.
Amongst others I combine Delta with Fib Time to determine when the market is due for a turn. Then I step in once the turn is in (I dont try to make a perfect entry right at the bottom) and get a little chunk out of the whole move.

Some books I would recommend are:

The delta Phenomenon by Welles Wilder - defines how markets move in cycles, and how to find those cycles, short to long time cycles.

High Propability Trading strategies by Robert Miner - explains Fib Time and Fib Price very well !

A very different book is "Trading in the Zone" from Mark Douglas - all about psychology of trading.

Hope this helps,
papak
 
Hi Ian,

Aha I understand. Shame they dont do spread betting I suppose like here in the UK?
Good luck anyway!
 
papak said:
Hi Ian,

Aha I understand. Shame they dont do spread betting I suppose like here in the UK?
Good luck anyway!
Click to expand...

Ag it was a bad trade to start off with, did not use my normal entry and came of a very good run so i was over confident and cocky, lessons learned but am afraid it was not the first time so it will probably not be the last. I find that i am more in control of the short ftse trades as i do not loose focus of what has to be done in such a short time span. My day swings have had some problems especially if i went out drinking and try to exit while being hung over or worst still drunk. I tried scalping before in such a state and lost 600 pound in one session so i vowed never to trade while drunk again.😀
 
ian23 said:
Ag it was a bad trade to start off with, did not use my normal entry and came of a very good run so i was over confident and cocky, lessons learned but am afraid it was not the first time so it will probably not be the last. I find that i am more in control of the short ftse trades as i do not loose focus of what has to be done in such a short time span. My day swings have had some problems especially if i went out drinking and try to exit while being hung over or worst still drunk. I tried scalping before in such a state and lost 600 pound in one session so i vowed never to trade while drunk again.😀
Click to expand...

seems like reasonable advise! 😆
 
Hi Guys,
I have been following this thread for a while.

I received an email about this book, downloaded it, read almost all of it and found it good. All known concepts but in one place in a nice concise manner.
http://www.rockwelltrading.com/free-ebook

Thought others would find it useful, its free to download. I hope I am not breaking any rules,if yes then moderator please delete my post.

Regards
 
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