Thanks for the replies. Interesting how these posts are tying together for me today:
I reckon when I go back to the spreads I'll start to look at using 5 minute candles, because the entry signal is inherent in the chart. (In theory, no doubt).
One aspect of discipline is sitting down every day at the times you should be there. If there ever was a free lunch it's got to be the low before the US open. The futures low at 4064 was a gift that I failed to receive, too busy eating and mooching in the garden. Perhaps a symptom of the overall malaise. couldn't be bothered to eat the free lunch, but did eat the one I paid for.
I reckon when I go back to the spreads I'll start to look at using 5 minute candles, because the entry signal is inherent in the chart. (In theory, no doubt).
One aspect of discipline is sitting down every day at the times you should be there. If there ever was a free lunch it's got to be the low before the US open. The futures low at 4064 was a gift that I failed to receive, too busy eating and mooching in the garden. Perhaps a symptom of the overall malaise. couldn't be bothered to eat the free lunch, but did eat the one I paid for.
Hi everyone
Anyone else like me finding today a particularly difficult day for trading? I have also got the hesitation gremlin sitting on my shoulder today which makes things a lot worse. Still pressing the button, but not at the right time. From the charts I should be ahead by 8 points, but am actually down 12 points plus commisions - a bad end to what has otherwise been a good week. Time to stop now, me thinks.
Anyone else like me finding today a particularly difficult day for trading? I have also got the hesitation gremlin sitting on my shoulder today which makes things a lot worse. Still pressing the button, but not at the right time. From the charts I should be ahead by 8 points, but am actually down 12 points plus commisions - a bad end to what has otherwise been a good week. Time to stop now, me thinks.
one aspect of fibs which you might like to explore.
todays fib was at 4090. If you look back to the day before yesterday at that level, you will find a pull back starting at 80
which went to slightly higher than todays fib.
In other words, todays fib not only found resistance as a
result of many traders using the same calculation but it was
re-inforced by sellers coming back in at the same level as
previously.
a form of 'confirmation' if you like.
todays fib was at 4090. If you look back to the day before yesterday at that level, you will find a pull back starting at 80
which went to slightly higher than todays fib.
In other words, todays fib not only found resistance as a
result of many traders using the same calculation but it was
re-inforced by sellers coming back in at the same level as
previously.
a form of 'confirmation' if you like.
bonsai: Point taken about being a free loader. I enjoy the thread not because I trade the FTSE 100 on a regular basis but because of the posts from yourself and other members. I see you track the intraday A/D line. I also track the same line but on EOD data.
( I trade individual stocks & my trades are always in the direction of the FTSE 100 trend) If you think its useful I can post my EOD A/D line graph.
Now for a little debate. But first let me put on my tin hat. I believe you are achieving success trading the FTSE 100. But would not your trading plan transpose to the DAX. ( My main trading vehicle as well as FTSE100 stocks) The reason is , and correct me if I'm off track, is two fold.
1) The actual price is always within the SB spread.
2) The daily trading range is always greater than the FTSE. ( The average of the last five trading is 74)
My reasoning is if you are successful trading the FTSE 100 you will make greater profits trading the DAX.
Taken tin hat off.
( I trade individual stocks & my trades are always in the direction of the FTSE 100 trend) If you think its useful I can post my EOD A/D line graph.
Now for a little debate. But first let me put on my tin hat. I believe you are achieving success trading the FTSE 100. But would not your trading plan transpose to the DAX. ( My main trading vehicle as well as FTSE100 stocks) The reason is , and correct me if I'm off track, is two fold.
1) The actual price is always within the SB spread.
2) The daily trading range is always greater than the FTSE. ( The average of the last five trading is 74)
My reasoning is if you are successful trading the FTSE 100 you will make greater profits trading the DAX.
Taken tin hat off.
zig zag
The reason that I no longer, well, almost never, trade the Dax
is purely to restrict my trading day to 'normal office hours'.
I used to trade the Dax and the Dow as well as the Ftse but
that didnt leave much time for anyone else.
All work and no play ?
And the fact of life is - I dont need to. I do very nicely just on Ftse.
The reason that I no longer, well, almost never, trade the Dax
is purely to restrict my trading day to 'normal office hours'.
I used to trade the Dax and the Dow as well as the Ftse but
that didnt leave much time for anyone else.
All work and no play ?
And the fact of life is - I dont need to. I do very nicely just on Ftse.
zig zag
on A/D line, I also track the cumulative EOD.
I occasionally put up a chart but usually cant find much to say
about it on a frequent basis.
But please feel free to post and add whatever comments you
think are relevant. It all adds to our understanding.
Don't suppose you track OBV as well do you ?
That would be interesting to see as well.
on A/D line, I also track the cumulative EOD.
I occasionally put up a chart but usually cant find much to say
about it on a frequent basis.
But please feel free to post and add whatever comments you
think are relevant. It all adds to our understanding.
Don't suppose you track OBV as well do you ?
That would be interesting to see as well.
Last edited:
barjon
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bonsai
Is it a co-incidence that the longer term fib50 (4207 - 3964) also comes in at around 4085. An added confirmation as to the importance of 4085/4090 level?
At the other end I'm still seeing 4045 as significant?
ZigZag
swop ftse for dax and our trading pattern sounds very similar. I concentrate on ftse rather than dax because of its influence on my main swing tading interest. Also vice versa since my swing trade potentials basket often informs ftse100 movement.
good trading
jon
Is it a co-incidence that the longer term fib50 (4207 - 3964) also comes in at around 4085. An added confirmation as to the importance of 4085/4090 level?
At the other end I'm still seeing 4045 as significant?
ZigZag
swop ftse for dax and our trading pattern sounds very similar. I concentrate on ftse rather than dax because of its influence on my main swing tading interest. Also vice versa since my swing trade potentials basket often informs ftse100 movement.
good trading
jon
zig zag
On your other point, I don't have any real objection
to 'free loaders' really, but there are limits.
I started this thread to both help people and to benefit
from their points of view about trading.
I just think that within reason, it should be a 2 way street.
On your other point, I don't have any real objection
to 'free loaders' really, but there are limits.
I started this thread to both help people and to benefit
from their points of view about trading.
I just think that within reason, it should be a 2 way street.
Barjon.
Just looked at your Fibbs numbers,presume these are based on closing and not OHLC.I agree with your outlook and also have done a down projection (using Fibbs method) giving a target of
3900 if this down trend contiues.Lets see what happens,can't
put a time on it though.
Just looked at your Fibbs numbers,presume these are based on closing and not OHLC.I agree with your outlook and also have done a down projection (using Fibbs method) giving a target of
3900 if this down trend contiues.Lets see what happens,can't
put a time on it though.
barjon
certainly important level
cant quite match up with your numbers
I have 4219/3952 but they produce the same result.
this was a fib that worked originally and may have produced the
previous high around 8/9 June.
But then it got broken on the susequent rally.
Once broken, twice useless is often the case.
So it may be giving rise to a short HALT rather than a major STOP.
But it was still right to take a short when we got there
albeit a very short short ?
certainly important level
cant quite match up with your numbers
I have 4219/3952 but they produce the same result.
this was a fib that worked originally and may have produced the
previous high around 8/9 June.
But then it got broken on the susequent rally.
Once broken, twice useless is often the case.
So it may be giving rise to a short HALT rather than a major STOP.
But it was still right to take a short when we got there
albeit a very short short ?
barjon
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bonsai, fluke
yeah, used "close" in post to identify the bars and 4085 rather than 4087 and bits because I like (as does the market?) whole numbers - 0s and 5s - and always think of the level as an area rather than a line. Sorry if that's got a granny and eggs flavour.
Although this fib was broken it only represents a spike on the weekly chart so I still think it has some force.
fluke - your 3900 is fib50 of end march to high move? Interestingly this is about the level (3907) of the last swing low on the way up so there's a double bit of support thereabouts if we go in that direction. We shall see.
good trading
jon
ps I've never been able to really understand why ftse obeys these rules since it relies on the movement of its constituent shares rather than direct supply and demand. But who am I to reason why!!
yeah, used "close" in post to identify the bars and 4085 rather than 4087 and bits because I like (as does the market?) whole numbers - 0s and 5s - and always think of the level as an area rather than a line. Sorry if that's got a granny and eggs flavour.
Although this fib was broken it only represents a spike on the weekly chart so I still think it has some force.
fluke - your 3900 is fib50 of end march to high move? Interestingly this is about the level (3907) of the last swing low on the way up so there's a double bit of support thereabouts if we go in that direction. We shall see.
good trading
jon
ps I've never been able to really understand why ftse obeys these rules since it relies on the movement of its constituent shares rather than direct supply and demand. But who am I to reason why!!