Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
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kaisen
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My major thought is i am sick of trading with a bias rather than what i am seeing! Also how difficult it is to gauge when sentiment will change.
Sometimes the market reacts to the dollar and oil prices go up taking the market up. Then when the dollar strengthens the oil price either comes down but the market doesnt, or the oil price doesnt come down because of "future" expected demand! And then later the price comes down once sentiment changes etc etc
This all points to the need for confirmation! But often when you have "confirmation" the major move is over or starts to retrace!
Not easy at the moment.
Trending not good - hopefully it is because it is the summer months and will improve in September. US manipilation also difficult to factor in.
Difficult.
So, i am currently studying stochastic and then i will be looking at elliot waves. Hopefully this will help.
I am aware of stochastics dont get me wrong, but i will only be using them for highlighting divergences and not buy/sell signals as they often can be overbought/oversold.
I have been reading about stochs and divergence this morning which has answered why i have been having poor results using it so far.
I use key stocks as indicators along with s/r levels, geo trend lines and chart patterns and other info.
Just need to work on my......timing!
Think we are headed to retest 4900 right now and then, poss sell of if investors start getting jumping given oil price drop and gbp drop but likley to range between now and 1.30pm US data.
🙂
london_lad
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What's your stop loss and trade size? I am £2 per contract.
london_lad
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I mean £2 per point
wallstreet1928
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I'm fed up with knocking indicators, I'm beginning to think that I'm a miserable, old, git!😀
I just thought that I'd pass over this link to BSD's post. He skylarks a lot, with his girlie pictures and stories. but you have to pick his posts when he is in a serious mood. If you liked that, you'll have to search for more and read the first few, too.
It's post 1037 on this page
http://www.trade2win.com/boards/forex-strategies-systems/60972-gbp-usd-analysis-130.html
kaisen
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My stake varies a lot. I risk a fixed amount per trade so depending on where the stop needs to be I adjust position size. My stop varies too. It is not fixed 30 points or something like that, it is based on the charts when my though process is invalidated.
I tend to give my trades a lot of room initially, one we have a beak to new highs I usually start to tighten the stops slowly - and sometimes move to BE is I dont like what price is doing. Hard to give any rules for this.
for example: FTSE current stop is 4867, but once we break above 4929 I will move it to 4895.
london_lad
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papak, do you mind if I ask how much have you staked per point? I seriously am uncomfortable with the minimum £2 per point by IG and I am stuck with IG cause it is the only approved broker for my employer. I just want to gauge, that you guys are way bigger players than me. 🙁
london_lad
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btw guys, yesterday's close was 4916 right?
Fairly long tails on the 2 daily candles after the long legged doji on 24th. Think this is gonna come down again?
wallstreet1928
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wallstreet1928
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Dentalfloss
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i have been watching the paint dry ..!!!
ftse100
ftse100
kaisen
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Geofract
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Hehe 🙂
No, I'm not a fan of eur/gbp right now Kaisen, I have traded it, but stopped because the range is small and price is messy - The Lapster gets on well with it though.
It doesn't matter what the rest trades, mate, if you don't like £2. Do you trade at work?
If you trade from home you could try Finspreads for 50p. I'm not trying to beat their drum, you understand? They have never given me any problems. If they had, I would never mention them favourably.
kaisen
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Not traded it but been looking at currencies and seemed a rather nice down trend on the chart. Agreed small daily range but maybe one for longer trades.
🙂
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