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

[lapalabra]

US Industrial output falls less than forecast adding to signs the worst of the recession is over.

Should give FTSE a boost.

I'm loving your consistency Manya! Do you still have something left in the middle?

 

[Mr. G]

TCA Trading, can you explain that in english? what is daily TF? and what sell orders for today's close, you mean stop losses?

Daily TF = Daily time frame. I work (mostly) on daily charts as opposed to intra-day i.e. I'm not day trading although if I get in to a trade I may get taken out same day, either thru a stop loss or if profit target met. Probably better to say I'm not scalping.

A sell order under today's close would be a stop order place at today's closing price

 

[Mr. G]

As long as went don't break above the swing high of the 1st of July? Or would you still look to go short? Just curious, as I would like to go for the swing trade daily setup, but only if we don't break above the last swing high.

Geo

A break above July 1 high would cause me to re-think. Ideally i'd be looking for a close below 4294 today. If we're between 4294 and 4350ish then would probably do half usual size.

 

[Manya1983]

Sorry Lapalabra, I dont understand?

Something left in the middle?

 

[Mr. G]

Unfamiliar with swing trading dynamics, is the third up day in a downtrend supposed to be fierce?

If we don't close above that July 1 close then that means we are still in a downtrend and that sell order looks a good idea.

It's Marc Rivalland's variation on Gann's method. Gann swing trading was more about trend changes whereas Marc looks for continuation patterns too so, depending on your viewpoint, could be viewed as agressive. Day trading is a bit fierce for me so all depends on your risk profile I guesss......

 

[lapalabra]

Other indices really pushing for it with NASDAQ above 1480 and oil nudging that 16085

 

[lapalabra]

Sorry Lapalabra, I dont understand?

Something left in the middle?

Sorry mate, tired, poker term, any positions still open?

EDIT: And I don't care how immature and silly it is, if we reach 4340 I am shorting! Too much trendline traffic there for me to do anything but!

 

[Manya1983]

Ah ok. Only the one of two FTSE positions which I opened yesterday at 4,200. I've obviously locked in some of the profits by moving stop to 4,295.

Lets see how long I can ride it.

 

[Tickdoc]

Is volume still thin? This morning DAX was moving but very little volume behind it...one of the major downsides of the platform I use...

 

[london_lad]

This forum is great for newbies like me. Its like having multiple trading partners. We should make this a sticky and come here on a daily basis. I will bookmark it for sure.

Btw, FTSE just broke the trendline, looks like its going up. Am thinking going long at the next dip.

 

[london_lad]

long at 4329 now.

 

[dr.blix]

i hope you're all doing fine and dandy today gentlemen, harvesting all those little pips and points :cheesy:

i'll be joining you again 2moro for my regular IG donation session.

 

[lapalabra]

@SD, so how would you look at this viz a viz daily range?

4265 open, 4330 current, so 75pts and range of 50 = 50% over range?

 

[ian23]

my system has me short at 4333, short term though

 

[pentlow1]

I cannot bear this...I so want to short this market but I feel that i would just standing in the path of a speeding train, with the obvious outcome. So all i can do is sit on my hands which i find very difficult. All my signals point to a correction! As someone said "being out of the market , is taking a position" so i will continue to sit it out.......
Am I alone in this view or should I buy the market against my better judgement and go with the flow?

 

[lapalabra]

Should I buy the market against my better judgement and go with the flow?

If you are seriously asking that question then the answer is obvious.

 

[fraggermcg]

I've been burnt so many times trying to call the top on a day like this. All I've learnt from my experience other than "the trend is your friend" is that the FTSE isn't going to turn regardless of technicals if the US doesn't turn - at the moment I can't see any sign of the SPX slowing down its rise!

 

[pentlow1]

If you are seriously asking that question then the answer is obvious.

I just need someone to tell me not to be prat, thank you!!!

 

[kaisen]

I've been burnt so many times trying to call the top on a day like this. All I've learnt from my experience other than "the trend is your friend" is that the FTSE isn't going to turn regardless of technicals if the US doesn't turn - at the moment I can't see any sign of the SPX slowing down its rise!

Resistance at 93 on SPX held..... currently.

 

[london_lad]

my system has me short at 4333, short term though

Hi Ian,

Based on what system / tech analysis?