Hi Viks,Anyone here using WD Gann method for swing trading?
Oh right so you're swing trading on a 15min chart. I would've thought hourly or 30min charts at the most.
At the moment I intraday trade with 5min chart and am currently looking at 1hr chart for the swing trade.
Anyone here using WD Gann method for swing trading?
Looking at support on the hourly at 3980 resistence at 4040.
Any others have any different? Also have a resistence at 4060.
Viks
Ollie,A question for the experienced people watching this thread: Are we now technically in a downtrend, due to yesterdays breach of the swing low on the 23rd Janaury?
I am using Daily charts, with 15 min for entry on swing trades. My method is based on Marc Rivalland's swing trading book. His methods are quite similar to Gann, though with a few variations. But with the FTSE up and down all over the place of late, I have stuck to day trades.
A question for the experienced people watching this thread: Are we now technically in a downtrend, due to yesterdays breach of the swing low on the 23rd Janaury?
Cheers,
Ollie
Thanks Tim and Tomorton for your answers and charts, much appreciated.
As a newbie, it’s good to know that my understanding agrees with the experts. I wonder if we will see more range bound activity, below 4000, and above 3650 (that being the swing low of the 27th Oct) before breaking lower... we shall see. For what’s it’s worth, my 1st fib target for a downward move is 3675, the 2nd is 3,505
Looking again at my charts, the swing low of the 2nd feb was breached this Tuesday, so that could have been a short entry point. Though I will ask the experts again; is it wiser to wait for a 3+ bar pull back for an entry?
I had a quick look at Rivallands site, he’s been in downtrend mode since 14th Jan, which makes sense, though the swing high of the 6th feb had me in an uptrend. Anyway, he has a continuation of trend signal on the 10th feb, due to the breach of 4243. Could somebody explain that signal if possible, I can’t quite understand that?
Thank you gents,
Ollie
Hi Ollie,As a newbie, it’s good to know that my understanding agrees with the experts.
Very observant of you! My profile is indeed out of date now. I was a full time day trader of U.S. uquities throughout 2008, but made a decision to stop trading in December as I wasn't making any headway. It was disappointing but, looking on the bright side, my account remains completely in tact and I did a whole lot better than many so called professionals! I'm due to start a new job on Monday, so my trading will revert back to being an evenings and weekend type of hobby. I've completely re-evaluated my whole approach and, as things stand currently, I look set to swing trade U.K. stocks using weekly charts. Ever so slightly different from scalping the likes of AAPL and RIMM via direct access on a 1 minute chart!Your profile says you're a trader by occupation. May I ask if this means that you make a living from it, or is your profile out-of-date and you are currently a consistently unprofitable trader by occupation, with a separate means of bring home the bacon? )
A very good question and I'm bu88ered if I know the answer. I guess one simple one might be to plot an equity curve and if it trends up - you're profitable and if it trends down - you ain't.What is a consistently profitable trader? Any timeframes?)
I don't really like the idea of following someone else's calls for the reason that you are always beholden to that person, company or website etc. If I made money doing this, I'd live in fear that one day the service will stop or they'll hike up the fees etc. As a short term bit of fun to make some pocket money I guess it's fine, but I wouldn't take it more seriously than that. I want the satisfaction of cutting my own key to unlock the riches of the market, rather than having to rent or borrow someone else's.ps Have you seen the Dow signal service thread, where people seem to be doing ok (wondered about it myself as another possible stream... a bit of diversification of methods ie follow someone else lol)
Hi Ollie,
Experts at what? Second thoughts, don't answer that!
Joking aside, depending upon your definition of an expert, I'm not one on account of the fact that I'm not a consistently profitable trader. On the other hand, arguably Tom is one, as I believe he is a consistently profitable trader. Either way, don't be fooled into thinking that a longstanding member with lots of pretty coloured dots below their name is meaningful in any way. Sadly, it isn't!
tim.
update
Following the new swing low all our three traders are in play long from around 4152.
Billy has moved his top to break even.
Sam has taken half off the table at 1:1 (+116) with stop on remainder at break-even. He will look to re-instate the closed half on a pullback.
Clarence has lifted his stop to below (10 points) Friday's low with the intention of trailing it up if the move continues.
Me? I've got a small swing position running from 4155 with stop at breakeven, but I'm concentrating on intraday favouring longs. Such is current volatilty, that's been quite productive even on down days.
good trading
jon
I've got support at 3740, but I'm hoping that it won't go there in one day, although it's not beyond the bounds of possibility.Any analysis on any shorts or longs anyone is looking at?
Viks