I'm still waiting till the market shows some more clear direction. In a range at the moment and I am expecting a rally into Thursday for Thanksgiving. I maybe very wrong but I am not backing this up with a trade until I see a clear attempt in US trading today. I will be looking at the close very carefully and expect the usual volatility.
wallstreet1928 I read your posts daily and you seem to be doing just fine without critisism but it's nice for others trading to see what everyone else is up to. Keep up the posts.
OK Minime69 i keep it very simple, no complicated formulas.........
1. I use 2 day/ 1 week chart /or sometimes 1 month chart depending on how long i am holding my position. I then look for trends, support & resistance levels to trade off using 25 point stop loss at all times as its proven to be the most effecetive on FTSE and 40 points on Dow Jones.
2. I only use 3 indicators, MACD, RSI and bollinger bands as they work for me. You will need to experiment and find which indicators comply with your trading strategy!!
3. Research- I always read up on any market related news and blogs to see what people are doing.
no i relied on support level at around 4100 on 24th @ 17.30 , 25th Nov @ 8.00 & 18.00....add the fact the market has been trading in a sideways range for last 2 days it shows no real market direction with support & resistance most likely to be traded in a range.............
but FTSE seems to be holding that range at present.............4090 - 4250!!
oil sector has had a sell off hence FTSE down......but banks seem to be holding up well, I have been expecting a wild sell off there after Citi rescue but people seem to be holding there positions!!
I'll be waiting when that sell off happens and I'll go short on the banking sector Index(not shares but the index...you can trade on CMC) ..........
Went short on FTSE100 just after 9, entry contary to first hour bar again (of SB tick chart, the FTSE index chart's first hour showed upward direction): 2% target and 2% stop-loss. Target hit and position closed for 80pts by early pm, which is nice as index now rallying.
Flat now and I have no other entry point for today, unless we close above 4269 for a Key Reversal long, which seems very unlikely.
Don't overdo the exercise. I made that mistake, in 1981 or 2 it was I think. Never made that mistake twice.
No more trades for me today, my plan only shows entries at 9 and the close so I almost always automatically miss action like this afternoon's if I have had a position and exited already. Its very frustrating, but financially much better for me.