Ratman's beginner's set up and analysis

Hi guys,
I've been checking on whether entering a trade on the charts you post would be profitable. I think its best we demo trade what we analyse and then give an update on it. We're all watching different markets and checking at different times so if we don't keep each other updated on the progress this is basically a pintless venture.

Peace.
 
Are you demoing Aaron or for real money? While I don't want to disagree with trader_dante because he has a lot more experience and knowledge than I, if you're not trading for real money, then being on daily is not going to be as successful at teaching patience. I'm as patient as a saint when it is demo money. I don't have that same patience for real money...yet (working on it)

I don't think it is necessary to limit to just one timeframe anyway. It might even be more useful for people to take setups on different time frames and perhaps we'd see all the shore time-frame newbs like myself getting killed :)
 
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Calinor said:
Are you demoing Aaron or for real money? While I don't want to disagree with trader_dante because he has a lot more experience and knowledge than I, if you're not trading for real money, then being on daily is not going to be as successful at teaching patience. I'm as patient as a saint when it is demo money. I don't have that same patience for real money...yet (working on it)

I don't think it is necessary to limit to just one timeframe anyway. It might even be more useful for people to take setups on different time frames and perhaps we'd see all the shore time-frame newbs like myself getting killed :)
Click to expand...

I would have agreed with you two weeks ago but in my demo experience learning to pick your trades is a lot more profitable, gives you a higher % of profitable trades. I've jumped out of trades on the hourly only to see them smash right through my targets because I hadnt looked at the daily charts. Like they say to each his own but I wish I had the patience to stick to only the daily tf.
 
Calinor said:
EURGBP Daily chart. The 38.2 Fib from quite some time ago is sitting on the 9000 which could have extra strength just by being a 1,000. I've just seen in the other thread this called as a good sell. Looks a good buy at 9000 to me, and not a sell until it flies through the trend line. I must have something wrong here ...
Click to expand...

Looks like buy to me too but i'm watching for double bottom and more confirmation however with sterling looking strong in other major pairs, i'm also keeping in mind of going short if it smashes through that support line. It has been making lower highs and lower lows recently.
 
Please post a hourly candle chart on the FTSE. I want to compare with IG markets chart. I spiked out of my stop today.
 

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Watching GBPUSD and EURGBP, considering short EURGBP if cable keeps going up and EURGBP breaks below .8980 area
 
This is worse than knife crime!

Some ****ing banker stole my money when i bought in on what later became that blue MA line. Be careful of false signals like this. If you see a lot of bearish PA then an amazing bullish streak that you think is too good to be true... it probably is.

I think the change that pin, the change in momentum on that hourly bar, and the daily trend mean we've seen the end of this current downtrend.

Only time will tell eh.
 

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Hmm? How is that a signal Aaron? And when I look at it, in the medium term we're in an uptrend, we're just in the pullback section of that.
 
PA showed a fakeout... The bar traded up the 50 then closed lower than the open

They were counting on people not to wait for the bar to close. I fell into that category.
 
From your chart, did you get into this overnight? I know the FTSE can be bet on all night, but I did this once, set a stop about 40 points away, watched the price slowly move up to my stop (even though the Nikkei and the Hang Seng were hardly moving, so 40 is a lot!), touch my stop to the tick (grrr) and then go back down to where I had entered. In other words, I believe that a spread bet would find it hard to screw you in normal hours, but overnight...I wouldn't trade the FTSE. Safety in numbers, and the spread is too big then.
 
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Aaronmalins said:
Some ****ing banker stole my money when i bought in on what later became that blue MA line. Be careful of false signals like this. If you see a lot of bearish PA then an amazing bullish streak that you think is too good to be true... it probably is.

I think the change that pin, the change in momentum on that hourly bar, and the daily trend mean we've seen the end of this current downtrend.

Only time will tell eh.
Click to expand...

Jeez Aaron, you're so miles away with that in terms of analysis (and everything else) it's hard to say where to begin..:confused:
 
Black Swan said:
Jeez Aaron, you're so miles away with that in terms of analysis (and everything else) it's hard to say where to begin..:confused:
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really? whoops!

Look at the 7 o clock bar. Possible reversal no?
Watching at the time the 8 o clock bar opened and price kept pushing up. Didnt once trade below the open. I bought in at 7835 (after slippage/stops/ig spread) when the 6 o clock bar had been topped.
As soon as the price hit the 50 level instead of finding support it was massively rejected and closed at the 7 o clock open.
I wasn't using the MA i just couldn't be bothered drawing on my chart.

Was either a fake reversal or bullish trade (which I was a part of) just failed to gain momentum for the reversal.

Does what I was talking about make more sense now?

I was emotional yesterday lol.

If it wasn't some baker then who could have the influence to push the market price up to the 50? unless it was IG...
 
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Black Swan said:
Jeez Aaron, you're so miles away with that in terms of analysis (and everything else) it's hard to say where to begin..:confused:
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If I told you how I've been trading since I went live you'd slap me. I hardly even drawn as much as a fib to be honest. Just been looking at candles like some sort of spaz. I'm getting act together now and making sure I wait for market to come to me before I even think about entering a trade. If I'm honest with myself I've been acting childishly excited and greedy. The result has been me throwing away everything I was learning and all the techniquesI was doing when I was profitable on my demo accounts and just jumping right in head first.
 
Aaronmalins said:
If I told you how I've been trading since I went live you'd slap me. I hardly even drawn as much as a fib to be honest. Just been looking at candles like some sort of spaz. I'm getting act together now and making sure I wait for market to come to me before I even think about entering a trade. If I'm honest with myself I've been acting childishly excited and greedy. The result has been me throwing away everything I was learning and all the techniquesI was doing when I was profitable on my demo accounts and just jumping right in head first.
Click to expand...

When I switched to real money my trading took the biggest nosedive, followed by my confidence. I traded like a complete idiot. It is normal ...
I got out of it by trading minimum stakes, strict rules for every trade and kept a journal with a pic of the trades.
Nicola
 
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