Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

[Geofract]

Called them and closed, out for +40. Probably no reason to close, but didn't like trading with a duff platform.

 

[bw81]

Any thoughts on GBP/USD? Its come a long way up since yesterdays lows. Im scouting for short opportunites

 

[Geofract]

Geo, have you not got another broker who you can place an opposite trade in case you are stuck exiting your position? I have 3 companies Im registered with just in case that happens.

I have an account with IG, but have guaranteed stops on there, plus the minimum stops are 15 for eur/gbp, where as iii (city index) you can have minicsule stops if you like.

I need to chat with you guys about brokers when you have a few spare minutes if poss?

 

[bw81]

I have an account with IG, but have guaranteed stops on there, plus the minimum stops are 15 for eur/gbp, where as iii (city index) you can have minicsule stops if you like.

I need to chat with you guys about brokers when you have a few spare minutes if poss?

Yes i too have an issue with stops with brokers, I would like to be able to place as close to the position as possible but some are miles away, but on those the spreads are good and tight, so you cant have both. Its catch 22. Could do with a broker thats got really tight stops, 0.5 point spreads, and low margins

 

[Geofract]

That is pretty much exactly the set up I use - yeah, thats my thang. I find it very profitable, if you have a good trading structure around it.

I would have done pretty much the same thing as you - with the exception that once it returned through that range downward I would have entered again with a short.

What I love about the set up is you can try two or three times with small losses to catch it but once you get the direction it more than compensates. And every then and again you hit a home run, while on other occasions you may settle for small losses/gains, or (in my case) mostly b/e.

I wonder if the duration of the range matters, I think it might.

I think my entry was late, so really I could have avoided the loss easily, and then like you say re-enter once back in the range. It's a new one to me, so I guess that's why I was spooked. Practice is required I guess. USD/CAD still going down

Do you have rules for that setup Lapa beyond what you mentioned? And targets, are they based on S/R levels?

 

[Geofract]

Yes i too have an issue with stops with brokers, I would like to be able to place as close to the position as possible but some are miles away, but on those the spreads are good and tight, so you cant have both. Its catch 22. Could do with a broker thats got really tight stops, 0.5 point spreads, and low margins

Can I PM yourself and Lapa regarding brokers, if you don't mind a few Noob questions?

 

[pentlow1]

Do you guys follow the US VIX index. I do look at it daily to try and give me an idea of what the US market is thinking. It has been steadily rising from its recent low on the 29th June. Closed yesterday at 31.30 up from the low of 25.35. There is definetly more risk aversion coming into the market.

 

[bw81]

Can I PM yourself and Lapa regarding brokers, if you don't mind a few Noob questions?

Yeah no worries, Im a noob myself, but I will help all i can.

 

[Geofract]

That is pretty much exactly the set up I use - yeah, thats my thang. I find it very profitable, if you have a good trading structure around it....

There is a well known trader on this site who plays this setup as well Lapa. Only, if the price goes back in the range, the trade opporunity is gone in his eyes. Each to their own.

Mr. Newtron Bomb I believe.

 

[lapalabra]

Can I PM yourself and Lapa regarding brokers, if you don't mind a few Noob questions?

Hey I'm spreadbetting on forex - thats how much of a newbie I am!

holy - just seen ftse rocket - closed now for -5

 

[lapalabra]

There is a well known trader on this site who plays this setup as well Lapa. Only, if the price goes back in the range, the trade opporunity is gone in his eyes. Each to their own.

Mr. Newtron Bomb I believe.

Ah, really? Hmmm....

 

[h_a]

continuing jobless claim figure's results were bad but the ftse went up...i don't get it

 

[tiger2fx]

continuing jobless claim figure's results were bad but the ftse went up...i don't get it

Unemployment claims may have been bad but were better than expected. Expected at 608K, actual 565K so hence the short term reaction up in stocks.

Thats how I see it anyway.

 

[h_a]

what about this though 12:30 United States Continuing Jobless Claims (Jun 27) Low volatility expected 6883K 6710K 6724KRevised More Info

 

[pentlow1]

There is a very strong case for upside move at present

I have been stopped out @ B/E with my short on FTSE, 4170

I will just sit on sidelines until data comes out of US

Any further thoughts on the FTSE short . i feel we are not far away from serious resistance. If it gets to 4190 I will defintely short..brave talk costs nothing....The market has shrugged off the US Jobless Claims number, when you might have expected that to take it a lot higher.

 

[wallstreet1928]

bias is on the upside ........

just watch the currencies

if Euro breaks above 1.4 then markets fire to the upside

AAL, BP look good ............

DAX will push FTSE upwards ..........

but FTSE has upside high of 4170-4180 only as it can be classed as a spike

Euro past 1.4 and markets rise..

I will now wait to see the reaction on US markets when they open

I am neutral except the short on LGEN

Dax could go to 4700, currently @ 50 MA on 1hr along with R1

 

[tiger2fx]

what about this though 12:30 United States Continuing Jobless Claims (Jun 27) Low volatility expected 6883K 6710K 6724KRevised More Info

I think that the Initial Jobless Claims number is more important as market takes more notice of it than the Continuing Claims number - the economic calendar I use has the Initial Claims as Medium Impact and doesn't note the continuing claims at all.

Just my thoughts.

 

[wallstreet1928]

contemplating a short on Euro around 1.4030-50 ...stop loss 1.41

 

[bw81]

contemplating a short on Euro around 1.4030-50 ...stop loss 1.41

1.4050 will be good today if it gets there WS it was Tuesdays high

Im also looking to short GBP/USD if it gets around 16290

 

[kaisen]

I think that the Initial Jobless Claims number is more important as market takes more notice of it than the Continuing Claims number - the economic calendar I use has the Initial Claims as Medium Impact and doesn't note the continuing claims at all.

Just my thoughts.

Thought i would add a two penneth.

I think that the initial number is more important as it is a clearer indicator. I believe the continuing claims number can be mis leading. I think it does not take into account people they no longer include in the figure who may still be unemployed but are no longer elible to claim anything.
I "think" there must be some time restriction on continuing claims and suppose that people are expecting to gain employment during this period. So the number would seem to not truly reflect the whole situation.

Not checked this out but thought i heard something to this on Bloomberg.

I hope there are sufficient "i thinks" in the above to avoid anyone relying on non confirmed information!:cheesy: