Thanks for posting a chart WS, what times do you use on commodities? My charts look different to yours.
Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
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Thanks for posting a chart WS, what times do you use on commodities? My charts look different to yours.
dr.blix
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before i'd short i'd like to see if it hits 235 and rejects the little down t line from the 1.15pm peak.
it's on the flip side of it's little rally trend line so it's looking better re a short.
also 21ma as res on a 15min TF.
how spot on was i with my previous 232 target?!! lol
it's on the flip side of it's little rally trend line so it's looking better re a short.
also 21ma as res on a 15min TF.
how spot on was i with my previous 232 target?!! lol
One 10 minute bar just closed above 904 on the S&P for the first time today
sujithsstorock
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wallstreet1928
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Happy trading for the afternoon chaps ...........
I'm off to teach a few of my friends how to trade.......any good websites for starters that your familiar with please PM me the links.....
I still have a short opened on FTSE @ 4227 ..........could have got a better entry on the short but I was too busy working
I'm off to teach a few of my friends how to trade.......any good websites for starters that your familiar with please PM me the links.....
I still have a short opened on FTSE @ 4227 ..........could have got a better entry on the short but I was too busy working
tennisball
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Hey WS what are you using for your S/R levels in that - are they weekly? Daily strange hours? They dont match mine thats all
Set a limit order of 4,250 on one of my FTSE positions which has now been met. A nice 150 FTSE pips in the bag over two days.
Have left the other order open, running a tight stop at 4,225. Hoping the Asian sessions gives it some legs. I dont anticipate any fundamental bad news to see any wild swings.
Have left the other order open, running a tight stop at 4,225. Hoping the Asian sessions gives it some legs. I dont anticipate any fundamental bad news to see any wild swings.
Dentalfloss
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what next..??
Dentalfloss
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the area above the horizontal red line is the bulltrap zone
Dentalfloss
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the reversal column on the nas.the retrace from an oversold position.a couple of "x" s in the rising colmn will make the nas quite bullish
SuddenDeath
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good morning everyone.
SuddenDeath
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@ Lapalabra, do you think opening range breakout (ORB) is a good strategy for forex.
I'll be looking to close my remaining long FTSE position today. I'm setting a limit at 4,285 as I see resistance around 4,295. Although I don't expect much of a big retractment some profit taking might occur. It might head back to 4,250 before rallying back up again.
I think so, at least so far I do! I have been working on it for a couple of months trying to set down rules/situations/etc, not perfected by a long way but it suits me.
Did not work well on yesterdays EURGBP and took a loss there, but I've added a couple of things to my rules/management from that experience.
Still early days, but what I like about it:
* the risk is cheap to catch what could be a strong hourly/daily direction
* stops/ r/r are well defined
The losses are low, unless price continues to swing back and forth within that opening range, eating out your stops. Can happen, but that can be managed. % wise in probability (feel shaky saying that though), the pair will trend away from the range if not straight away, then at the second instance.
Trying more than twice I realise is where you could start to gather losses - I think as Geo said there is someone who is more knowledgable on this strategy who thinks once price returns to range the trade is over. I returned to my charts after he said this and I can see how in the long run this may be a safer and more profitable rule to follow.
On EURUSD - I was trading a breakout of 14000 from analysis last night, this was not ORB.
**I have closed this now @ 14032 for +30**
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SuddenDeath
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Barring an unfilled gap, expect ftse to struggle to CLOSE...
.. above 4267 (+30) the VIX is very low 25 lowest close for 6 months, which means complacency, the cost of hedging a position is very cheap, it also means that volatility or daily ranges will be low, if the ftse has gone to 4236, I would want to short when the range is 50 or more. on Momentum ftse once it breeched 4168(896 sp500) meant that a sustained rally up was possible.
Re Opening range breakout, have you considered finding the average range on a cross and instead of using the first hour high/low but a percentage of the average range.
OK your turn, what are we looking like for FTSE today
.. above 4267 (+30) the VIX is very low 25 lowest close for 6 months, which means complacency, the cost of hedging a position is very cheap, it also means that volatility or daily ranges will be low, if the ftse has gone to 4236, I would want to short when the range is 50 or more. on Momentum ftse once it breeched 4168(896 sp500) meant that a sustained rally up was possible.
Re Opening range breakout, have you considered finding the average range on a cross and instead of using the first hour high/low but a percentage of the average range.
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