The CMC deal sounds good, when does it finish? If anyone is looking for a low risk SB account don't forget the VC Financials offer. I think it closes in a couple of days, £500 cashback offer, minimum 500 deposit. You can claim up to 500 on any losses withinin the first 8 weeks. I'm planning to use it for A trade setups only! (I'm not affiliated in case anyone thinks I'm selling, just looks a good deal for newbies!).
I have a question regarding timeframes, trendlines etc. When I watch the videos on inthemoneystocks, the charts only seem to show cash closing and opening i.e. 9.30am to 5/5.30pm. It appears very easy to see gaps as it hides any of the after hours futures trading. When I check my IG charts and most others I've seen, the chart covers a full 24 hour cycle thus making gaps les obvious. Do any of you filter the charts in some way to see gaps more clearly? Or do you just note the close/open candles and check if a gap has taken place?
One other thing I have seen mentioned a lot on those videos and through looking closely at my charts is support turning into resistance and vice-versa. The more times the s/r line is touched, the bigger the jump in the other direction once it finally fails/breaks. I know this is obvious, but then everything looks obvious in hindsight on the charts! Combine the above with fib levels and observing price action with pin bars etc and I wonder why I ever bother looking at indicators at all..
I took something from Trader Dante's thread that before jumping in you should analyse your charts, mark up the various s/r levels, trendlines etc and then wait for the market to come to you. I think I'm getting more comfortable with that so I aim to spend some time at the weekends preparing for the week ahead.
Would be nice to see some examples of what people do with their charts to prepare for the week ahead and how you read where the action will go based on trendlines, s/r, MAs etc. I know some of you guys have been making quite solid predictions in the area where indices are headed but it would be really helpful to see how you come to these conclusions from chart examples. Anyone fancy sharing some info this weekend? I don't mind putting something up but I expect most of you are far beyond my stage of enlightenment!!