Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
- Thread starter wallstreet1928
- Start date
- Watchers 252
- Status
dr.blix
Senior member
- Messages
- 2,279
- Likes
- 33
well thanks to my typing, IG ripping me off and the price not reaching my upper triangle target before reversing, i've just managed to actually open a position that is actually on my target price...cpmplete joke.
now i have to see if it will break through my initial target price and move down to 4251, my next S&R level.
i'm getting tired of calling things right and hashing the execution.
i should be 10 pts up now, not waiting to get past my spread.
now i have to see if it will break through my initial target price and move down to 4251, my next S&R level.
i'm getting tired of calling things right and hashing the execution.
i should be 10 pts up now, not waiting to get past my spread.
That series of posts that we had, yesterday with Tim. What conclusions did you draw?
I see that you put a target of 4265, so must have had doubts about the ability of the price to go lower.
I get that all the time with these SR lines and, IMO, the averages and the TL give me the more important clue, ie that this is a down trend.
How long for is anyone's guess, but it comes down to the point that I was trying to make, that you might as well put a horizontal line anywhere you like and take your trade from there but, if you go against the TL or the averages you must break them. I think that going with them is the better plan.
dr.blix
Senior member
- Messages
- 2,279
- Likes
- 33
65 was just my next S&R level split, i have 65, 58 and 51...it's respected them exactly.
i just open a position with 1:1 (i know thats crap) with the target being my next S&R, the i try to guage if it will pass onto my next S&R before closing.
what i'm doing though is closing prematurely whilst the price moves onto my next target, with me taking only a small profit.
when i let them run they always reverse...i can never get this the right way round.
i don't think i will until i get charts with volume, so i can see which moves have legs and which don't.
Fast Trader: I know a lot of guys who play the same types of trades; I don't know how much experience you have in trading but I've got to post that it's the most risky strategy you can take on in the markets. Essentially, all you'd need to get royaly F**d would be something like a terrorist attack between the close and open and you'll take a hit you might not be able to afford. Everyone in my place has to hedge their overnights (eg: Long Rio Short FTSE Future) except for the most senior traders. Just some food for thought, not trying to disuade you from your trading method!
For everyone else, still call 2 contracts Long FTSE from 4232 (Sep contract) but since there's heavy resistance at 62, short the DAX (1 DAX for every 2 FTSE) near its equivalent resistance (sold 4825) so you're hedged from the top of the FTSE Range. This is called spreading (for those who dont know) and is a really good way to stay in trades that you'd otherwise be out of whilst locking in profit from previous moves. I don't know if you guys have access to spread charts (if you do, the plot would be something like: DAX - 1.1*FTSE { 'AX U9-DT' - 1.1*'Z U9-EEI} ) Here's how the money works:
Long 2 FTSE from 4232. Meets 4255, instead of getting out (for 46pt profit = £460) you;
Short DAX from 4825 (now your in a spread), when the FTSE comes back to 32 (or if you think further let it run);
Take off DAX at 4790 (=€875) and now you're still in the same FTSE trade (currently trading 24 so 16pts offside) but you've booked in €875 profit from the spread, since the FTSE call was a daily one, I have no problem being in from 32 now but managed to make money on the interim without playing with the FTSE, rather the DAX.
It might not be from some of you but since you all seem to jump in and out of trades very regularly, it could give you something to play with that's rather safe (a spread is far safer than an outirght)
For everyone else, still call 2 contracts Long FTSE from 4232 (Sep contract) but since there's heavy resistance at 62, short the DAX (1 DAX for every 2 FTSE) near its equivalent resistance (sold 4825) so you're hedged from the top of the FTSE Range. This is called spreading (for those who dont know) and is a really good way to stay in trades that you'd otherwise be out of whilst locking in profit from previous moves. I don't know if you guys have access to spread charts (if you do, the plot would be something like: DAX - 1.1*FTSE { 'AX U9-DT' - 1.1*'Z U9-EEI} ) Here's how the money works:
Long 2 FTSE from 4232. Meets 4255, instead of getting out (for 46pt profit = £460) you;
Short DAX from 4825 (now your in a spread), when the FTSE comes back to 32 (or if you think further let it run);
Take off DAX at 4790 (=€875) and now you're still in the same FTSE trade (currently trading 24 so 16pts offside) but you've booked in €875 profit from the spread, since the FTSE call was a daily one, I have no problem being in from 32 now but managed to make money on the interim without playing with the FTSE, rather the DAX.
It might not be from some of you but since you all seem to jump in and out of trades very regularly, it could give you something to play with that's rather safe (a spread is far safer than an outirght)
Outa my gourd
Member
- Messages
- 98
- Likes
- 1
If I'm not mistaken, Dr B, you're very close to becoming Legendary. Wow, the Legendary Dr B (bowing) :cheesy:
dr.blix
Senior member
- Messages
- 2,279
- Likes
- 33
re the TL erm...'debate' split :whistling
i just don't see the point of arguing either way.
right now i have the FTSE in a down channel based on TL's i drew earlier in the morning...it's respecting it, and i could be using it to short the upper strikes with 10 pt gains each position.
so whether it is linked to S&R is irrelevant to me as it appears to work...if it walks like a duck...
i think that there's a natural divide between people who are learning (and use indicators to aid their learning) and those who have reached the 'dark-side' and no longer need anything other than price.
i think they just forget that they had to learn how to get there, like watching some one learning to ride a bike when you've been riding for years...they just don't see how anyone else can't do whet they do.
i just don't see the point of arguing either way.
right now i have the FTSE in a down channel based on TL's i drew earlier in the morning...it's respecting it, and i could be using it to short the upper strikes with 10 pt gains each position.
so whether it is linked to S&R is irrelevant to me as it appears to work...if it walks like a duck...
i think that there's a natural divide between people who are learning (and use indicators to aid their learning) and those who have reached the 'dark-side' and no longer need anything other than price.
i think they just forget that they had to learn how to get there, like watching some one learning to ride a bike when you've been riding for years...they just don't see how anyone else can't do whet they do.
Last edited:
ow do you place your trades with IG, Dr B? I use them and dont have a problem with levels. If you have a level in mind have you tried putting an order in place to trigger at your level?
As you said once previously Split, the first step is to know what direction you are going in. Resistance may cause pullbacks or even reversal, but you can't know for certain - what you can know is what direction you are trending in.
As enamoured as I am with my trendlines and pivots, its staying on the right side of the trend that I think is key.
The Trend is your Friend!
It respects them, yes, because buyers and closers of shorts have got their stops there but the TL or averages have taken over again once the price got near them.
Tim won't accept that but that is the way I see it and I have been in this trend since the first pullback after the peak. THere has to be considerable selling pressure near them, for that to happen.
Tim won't accept that but that is the way I see it and I have been in this trend since the first pullback after the peak. THere has to be considerable selling pressure near them, for that to happen.
I like that idea traceyjc, thanks for posting your idea. Ive done a similar thing with currencies using EUR/USD and USD/CHF, Ive never considered it with the FTSE and the DAX, but worth having a look at. Thanks.
Ah just to qualify my post a sec ago, as 'channel trading' is something I do actually do also - but only on trend lines from a higher timeframe. And then I double my position size and keep a stop just the other side.
As an example, the triangle we had on the daily that we were stuck in for a week. I made three of my biggest earning trades playing that trendline, and the trade appeared a bottom picking and counter trend on the 5M, made sense on the daily.
I've just discovered a great way to trade sensibly and follow your signals without fiddlin with the trade and stuff - get a nasty cold like I have now and lose all your energy and verve so all you can do are basic, mechanical stuff. Like make tea. Brush teeth. Press a button when you get a signal.
Great stuff, I can see the pullback where you got on board - me too, but I can't hang around because I have flu, so closed out for a sensible profit and I'm off to die quietly -good luck
- Status
Similar threads
