Message For Ftse Traders......

oiltanker said:
usually its interest rates [which means watching the bond markets] that move currencies but at the moment it safe haven buying of the dollar. all markets are pretty much moving in tandem at the moment in thin markets. apparently there are 100s of billions on the sidelines waiting to be invested once the bad bank story gets a floor.

action forex news is worth a look to get a feel. i spreadbet currencies with ig.

i trade all charts the same. Daily and 30 min to see the pattern with 2 min trigger for the retrace.[to keep stops small] but i know everyone has their own probably more successful method. it keeps me out of picking tops and bottoms which is death in forex as they are known for keeping long trends [weeks]- after all how often do interest rate changes happen and when they do it tends to be in one direction for a couple of years?

over a year ago there used to be a live fx trades thread every week- some trading gb/usd others eur/jpy etc which was helpful. some of the people on that are now T2W advisors so it might be worth to put a thread up the fx section asking about fx and see what happens?
Click to expand...

can i call you to have a chat my friend.......

please can you email me your number or you can call me in the evening after footy, around 22.00 hrs or weekdays 12.00 - 16.00

07912965325
 
wallstreet1928 said:
I'm pretty bullish for today guys especially after Bernankes utopian speech , I would keep very tights stops on any shorts today........

i will certainly be shorting like hell after the market has got over the excitement of bernankes speech!!

long barclays 104 ...stop loss 100.........target 110!!

my S&P long still exists and i have added to it t 769......stop loss 760!!

my DOw long still exists 7300...stop loss break even!!
Click to expand...

OKay guys interesting afternoon............just got back from the bob the builder job!!

long , long, long.......la , la, la...laaa!

my Dow position got taken out breakeven...........thats after being in profit of 30 points!!
but i opened another long again @ 7285 again .......stop loss 7200 , target 100 points!!

still long on S&P...target 780 or thereabouts

my barclays isn't looking good

I opened a long on FTSE @ 3840..and i have just closed for another 35 points!!

OK guys i am off now, need to pick up a few prescriptions from the hospital

happy trading
 
kitejedi said:
Hi Viks,
Re the PM here are the last 2 trades I have done. The first chart shows the FTSE as I'm looking at it and the 2nd chart shows the trades themselves. I am still refining this strat and there may be a few things wrong - fib levels drawn the wrong way round for instance - but I'm starting to feel very comfortable with it. The bulk of the info on this can be found in Trading for Wealth by William Robinson and Trader Dante's 'Making Money Trading' thread on this site, supplemented with the FF James16 thread. I'm not saying it's perfect but I feel happy with it and it makes sense. Trader Dante emphasises the importance of waiting for the trades to come to you and not to go hunting for them....
The biggest problem I have is clearing away the evil spirits which tell me to trade more than I should. These 2 set-ups alone netted 100 points but I keep on falling into the trap of looking for other trades - this inevitably loses me money!!!
Hope this helps
KJ

View attachment 49742
View attachment 49744
Click to expand...

Thanks mate had a look.
Do you always wait for the retest of the low for example and then go long?
Do you ever feel that at the retest it'll break the low?
 
vchohan said:
Thanks mate had a look.
Do you always wait for the retest of the low for example and then go long?
Do you ever feel that at the retest it'll break the low?
Click to expand...

Hi Viks,
To learn more about failed retests and minus development I'd recommend getting hold of a copy of Trading for Wealth as it's all covered in there - www.tradingforwealth.co.uk . To answer your question a failed retest is what it says it is - i.e. the market failing to retest an area of price. If price had found takers below the previous low then any retest had succeeded in finding acceptance. This brings in the concept of price aceptance and rejection, together with price extremes, which are fundamental to Market Profile. Again I'd read Trading for Wealth - this may sound like loads more work and new terms to learn but IMO an understanding of Market Profile opens ones eyes to why price is doing what it is and is essential.
Hope this helps
Flu is getting worse so I have no idea whether what I've just written makes sense or not....
KJ
 
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