Diary of a swing spread better

[chindl]

Well only 24 points to the good today from the Dow and I missed the rally at the end due to impatience, but it just constantly failed on the 64 resistance line so I lost patience and closed so I could watch the end of the first half, eat some dinner and have a glass of wine. Hey ho.

An extremely congested chart for the afternoon session. Looking back, probably over traded, especially in the chop, but got away with it.

To the action, as I said earlier, I took a very quick long on the confirmation of support on two hammer candles just after 7pm. Made the six back on that to bring me back to +13. I then made another six on a similar trade, but on a short. I entered chasing small fry as I had missed the confirmation earlier at 7.30 (believe it or not, cutting salad in the garden for dinner cos it had stopped peeing down, would be cheaper to buy it at Waitrose on't way home). I knew the bottom would be just that so left with me 6 to get me up to +19. This bottom was the start of a flag. When the flag confirmed at five past eight I entered long targeting 780, the resistance line from earlier. I lost patience and exited with a 5 point gain when I saw the RSI move into a downward momentum just shy of half eight and had me dinner . This put me at +24 for the day.

The flag pole should have been my marker rather than support. for the last trade As you can see it took the 40 points from the flag pole and then some almost immediately on my exit. Teaches me a lesson on target setting somewhat.

Another striking thing is coming to me, with the MACD settings that I have you get really good divergence indicators. The pause in the final rally with about 15 to play showed the divergence with the new lower low on the histogram just before it took off again. I'll have to watch that a bit more.

Hope everyone else enjoyed their day.

YAWN YAWN YAWN - will the Germans score?????

Addendum - Thanks Hung for lettin me know the chart upload had failed, heres the three togother now.

Second Addendum - just when I thought the Germans were saving all there luck for England, they get one of those famous last minute winners that they are so renowned. Deserved it though.

Good night
Speak soon

Chris

 

[hungvir]

They did at 91'. What a goal!!!

 

[hungvir]

And I am glad that you have another up day, Chris. I missed the last rally as well. Actually I misread the chart.

 

[hungvir]

I'll still have something work-related to do so I'll have a look at the charts later.

Cheers,

Hung

 

[Slapshot]

Slaps,

I hope you trade small enough if some tweaking still needs to be done. I am very comfy now with my stakes as I've found a 'just right' level

Good trading

Hung

Evening Hung,

Stake wise I'm quite happy although I'm going to reduce until I get my confidence back. I feel as though I've taken a bit of a kickin over the last few days.

Had a good evening though with Mr Mayall as charasmatic as ever

 

[Slapshot]

Nice going today Chris, I was only watching up till 7pm and boy was it hard work.

The thing I've found having a bit of time off tonight is the charts and patterns don't seem to be jumping out at me as clearly as they were recently. Now that either means they're not there or I'm not thinking clearly. Either way I'm going to concentrate on other things for the next couple of days and try and get a bit of clarity back.

I've felt like this before and tried to trade my way through it, the result was not only obvious but also painful financially.

Emotion has taken hold somewhat I think, whereas before I was trading my rules and it felt almost mechanical.

I'm meeting up with a few friends on Friday so hopefully a few beers will blow the cobwebs away

 

[hungvir]

Just had time to look at the chars now and I found out that your method and mine are not much different. That's good.

When I looked at CCI and RSI, it really struck me that they looked so similar (well 95 per cent of the time?). What's the rationale for using both of them?!

Cheers and good luck to England tomorrow. Let's trade to celebrate after that shall we

Hung

 

[Slapshot]

Just had time to look at the chars now and I found out that your method and mine are not much different. That's good.

When I looked at CCI and RSI, it really struck me that they looked so similar (well 95 per cent of the time?). What's the rationale for using both of them?!

Cheers and good luck to England tomorrow. Let's trade to celebrate after that shall we

Hung

As I understand it from Chartman's threads, the CCI with a value of 150 helps to smooth out any false signals that may occur through the RSI. However, different packages use different algorythms to produce the indicator and therefore can produce slightly different results.

 

[hungvir]

Thanks, Slaps! And have a break if nothing grabs you! Like you I have other things to sort out in the next few days. I am going to fly off to Bangkok by mid July and need to read up about Thailand and learn few basic sentences as well.

Have a good night!

Hung

 

[hungvir]

ADVFN is offering a month's free subscription to this. Not sure if it's any good but I am tempted to try it out.

''TradeQuant 10/100
The TradeQuant 10/100 systems gives you precise buy and sell signals on your choice of stocks from the FTSE 100. Signals are generated at the end of the day, after the market has closed. These end of day signals are for execution the following day. These signals can be viewed in your personal portfolio page and, if required, can be received automatically by e-mail the choice is yours! ''

 

[hungvir]

The DOW's hourly chart shows some signs of life but the daily chart still looks bearish. But the DOW refused to dip below 10700, the 62 per cent Fib retracement level for the last two days. Even if 10700 holds we still need to see the DOW move back up to 11300 to say with some confidence that this correction is over. That's some 500 points to go and I am not brave enough to go long overnight at the moment.

Good trading everyone!

Hung

 

[hungvir]

Hi Split,

ARM and JLT bucked the trend yesterday. I found them while searching for shares to short. Have you traded these guys before?!

Good trading,

Hung

 

[chindl]

There is also software available which enables you to connect to your home PC via a web browser over a secure connection. PM me if you want some details

Cheers

Slaps - glad you had a good evening. I sent you a PM with my mail address regarding this, very interested, Let me know.
Speak later.
BTW - won't be trading tonight, will trade til about 4-30 then make my way home. Gonna record the football on me + Box and watch it in peace when the bairns are in bed, otherwise it'll be bedlam. So, I'll be steering clear of any medium that has the ability to ruin the evening by posting a result. Mind you, if we don't win this then we should give up, but I guess the Swedes said that also.
Laters.
Chris

 

[chindl]

Well. it's taken off and headed north since the open, but it is too far from the 100 EMA for me to risk anything. Off home in a moment, may or may not watch the game live. It is possible it could be a nil points day!!
Ecuador!!!!!

 

[Slapshot]

Negative divergances all over the place but I think it's already made it's mind up regardless.

However we could have a triple top right now

 

[Slapshot]

Shorting off the third top would have worked very well.

 

[hungvir]

What a game! England could have scored many more but 2-0 is quite enough. The important thing was most of the players performed extremely well, especially Beckham. Lampard 'wasted' too many chances but we all have unlucky days, don't we.

Will see if there'll be any good chances offered by the DOW now.

 

[chindl]

England - bobbins! Gotta put the nippers to bed now so may catch last hr. Would have been a superb take just after the final whistle, pull back then straight back up through 900.

 

[hungvir]

The 60 min chart shows overbought but not the 30 min one.

 

[hungvir]

The 15 min chart also looks oh so bullished but I came late by two bars. Potential resistance is at around 10980.